Jenkins v. Dugger

HAMILTON, Circuit Judge.

The Appalachian Publishers, Inc., a Virginia corporation engaged in the business of publishing a newspaper at Johnson, Tenn., was adjudicated a bankrupt on March 12, 1934. On February 15, 1929, the bankrupt borrowed $100,000 through the Grace Securities Corporation of Richmond, Va., underwriter. The loan was evidenced by 7 per cent, serial bonds of varying denominations, payable at stated periods of two years or more, and secured by a lien on certain real estate and improvements, machinery, fixtures, equipment, and other personal property owned and used by the bankrupt…