Legal Opinion
Littlewood v. Kyle
District Court, E.D. Pennsylvania
Decided March 23, 1938No. 19312PublishedCited by 2 opinions
1Opinion of the Court
DICKINSON, District Judge.
Leave was granted to submit briefs, a ruling being in the meantime withheld. The case is the usual one of a claim in reduction of income because of a bad debt loss.
The Fact Situation
The plaintiff was a director of the Manayunk Trust Company. It showed symptoms of financial weakness in 1931. The Directors agreed to make it a loan of $150,000, payable after its deposit creditors. The plaintiff contributed $12,500 and made the Bank a loan of that sum. The Bank failed the same year and upon an appraisement made of its assets they were found to be of less value than the…
2Cases cited1 opinion
- Tiller v. United StatesCourt of Appeals for the Tenth Circuit · 1929
3Cited by2 opinions
- Reed v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1942
- Peoples Federal Savings & Loan Ass'n v. United StatesDistrict Court, D. South Carolina · 1970