Legal Opinion
In Re Saugus General Hospital, Inc., Debtor. Philip L. Sisk, Receiver of Saugus General Hospital v. Saugus Bank and Trust Company
Court of Appeals for the First Circuit
Decided January 20, 1983No. 82-1420PublishedCited by 32 opinions
1Opinion of the Court
BREYER, Circuit Judge.
This bankruptcy appeal requires us to determine the setoff rights of a secured creditor under Massachusetts law. The creditor-appellant, Saugus Bank and Trust Co. (“the Bank”), set off about $83,000 contained in a general account and a payroll account of the debtor, Saugus General Hospital (“the Hospital”), against a $134,000 Hospital debt that was secured by a mortgage on the Hospital facility itself. The Hospital’s receiver, Philip Sisk, contested the setoff and sued to recover the deposits. In our view, Massachusetts law allowed the Bank to set off funds from the…
2Cases cited18 opinions
- Studley v. Boylston National BankSupreme Court of the United States · 1913
- United States v. Little Lake Misere Land Co.Supreme Court of the United States · 1973
- Johnston v. Holiday Inns, Inc.Court of Appeals for the First Circuit · 1979
- In Re Applied Logic Corporation, Bankrupt. New Jersey National Bank v. Daniel Gutterman, as Trustee of Applied Logic Corporation, BankruptCourt of Appeals for the Second Circuit · 1978
- Constructora Maza, Inc. v. Banco De PonceCourt of Appeals for the First Circuit · 1980
13 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Normand Josef Enterprises, Inc. v. Connecticut National BankSupreme Court of Connecticut · 1994
- In the Matter of Texas Mortgage Services Corporation, Debtor. Texas Mortgage Services Corporation v. Guadalupe Savings & Loan AssociationCourt of Appeals for the Fifth Circuit · 1985
- In Re BriggsUnited States Bankruptcy Court, E.D. Michigan · 1992
- United States v. Central Bank of DenverCourt of Appeals for the Tenth Circuit · 1988
- United States v. Fleet Bank of MassachusettsCourt of Appeals for the First Circuit · 2002
27 more not listed; retrieve them via the Exa API.