Worth v. Field
Court of Appeals for the Fourth Circuit
Appeal from and on Petition to Superintend and Revise, in Matter of Law, Proceedings of the District Court of the United States, for the Western District of North Carolina, at Greensboro, in Bankruptcy; James E. Boyd, Judge. In the matter of the Worth Manufacturing Company, bankrupt.
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Appeal from and on Petition to Superintend and Revise, in Matter of Law, Proceedings of the District Court of the United States, for the Western District of North Carolina, at Greensboro, in Bankruptcy; James E. Boyd, Judge. In the matter of the Worth Manufacturing Company, bankrupt. From a decree of the District Court permitting Marshall Field & Co. to recover from the estate interest on certain bonds pledged as security, Hal M. Worth and others appeal, and also file a petition to superintend and revise.
1Opinion of the Court
ROSE, District Judge.
The bankrupt is a North Carolina corporation. Tn 1902 it mortgáged its property to secure $100,000 of 6 per cent, bonds, to which semiannual interest coupons were attached. It sold $26,000 of these bonds outright, and pledged, without selling, $52,000 more to secure various sums borrowed by it. The controversy at the bar involves the coupons from 1902 to 1913 on $15,000 of these pledged obligations. Shortly after the execution of the mortgage the bankrupt pledged these $15,000 of bonds to a New York firm, to which it owed precisely that sum. For 7½ years, or until about…
2Cited by3 opinions
- In re Central of Georgia Ry. Co.District Court, S.D. Georgia · 1945
- First National Bank v. Kay Bee Co.Appellate Court of Illinois · 1936
- Heath v. Port of ParaDistrict Court, S.D. New York · 1920