Legal Opinion
In the Matter of Summit Hardware, Inc., Bankrupt. John A. Schwemler, Trustee in Bankruptcy v. Everett L. Foote
Court of Appeals for the Sixth Circuit
Decided April 19, 1962No. 14548PublishedCited by 4 opinions
1Opinion of the Court
WEICK, Circuit Judge.
This case involves the question whether a factor’s lien on inventory taken as security for the payment of a loan was valid under Ohio law as against the creditors of the bankrupt borrower.
The material facts, with one exception, were not in dispute.
The bankrupt, Summit Hardware, Inc., an Ohio corporation, was engaged in the business of selling hardware at retail. On December 17, 1957 it negotiated a loan from the factor, Everett L. Foote in the amount of $25,000 to finance its operations and pay creditors. The loan was evidenced by a promissory note executed by the…
2Cases cited9 opinions
- Lewis v. Manufacturers National Bank of DetroitSupreme Court of the United States · 1961
- Holt v. Crucible Steel Co. of AmericaSupreme Court of the United States · 1912
- Robert v. Clapp Co. v. FoxOhio Supreme Court · 1931
- In Re Tele-Tone Radio Corp., Etc.District Court, D. New Jersey · 1955
- C. C. Constance & Sons v. LayOhio Supreme Court · 1930
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3Cited by4 opinions
- Lewis E. Solomon, Trustee of the Estate of Northwood Millwork, Inc., a Corporation, Bankrupt v. Northwestern State BankCourt of Appeals for the Eighth Circuit · 1964
- Zara Constr., Inc. v. BelcastroOhio Court of Appeals · 2022
- In the Matter of Summit Hardware, Inc., Bankrupt. John A. Schwemler, Trustee in Bankruptcy v. Everett L. FooteCourt of Appeals for the Sixth Circuit · 1962
- National Acceptance Company of America v. Southwest Automotive Warehouse, Inc., Roy Bass, Trustee, Etc.Court of Appeals for the Fifth Circuit · 1969