In re Rider
District Court, N.D. New York
In Bankruptcy. On motion to confirm composition. At the argument it was conceded that the accepting creditors did not represent a majority in number and amount of all the creditors whose claims have been allowed, but only such a majority of those whose claims were allowed at the first meeting of creditors.
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In Bankruptcy. On motion to confirm composition. At the argument it was conceded that the accepting creditors did not represent a majority in number and amount of all the creditors whose claims have been allowed, but only such a majority of those whose claims were allowed at the first meeting of creditors. At the date of the argument, September 19th, not less than 30 creditors had proved their debts aggregating $8,554, and but 12 or 13 creditors representing $4,210 had signed the composition agreement. The claims of Holmes Eider. the father of the bankrupt, for $2,600, and of his…
1Opinion of the CourtCoxe, District Judge
(after stating the facts as above). The; effect of a composition is to supersede the bankruptcy proceedings and reinvest the bankrupt with all his property free from the claims of creditors. As an abstract proposition, considered for a moment apart from the provisions of the statute, it is entirely clear that a condition so plainly in derogation of common-law rights should nol; be permitted, unless it is reasonably certain that the creditors approve and that they will fare at least as well as they would were the (‘State administered in the usual course. It would be manifestly unfair and…
2Cited by11 opinions
- In Re Victory Const. Co., Inc.United States Bankruptcy Court, C.D. California · 1981
- Matter of Herndon Executive Center, Inc.United States Bankruptcy Court, M.D. Florida · 1984
- In Re JeppsonUnited States Bankruptcy Court, D. Utah · 1986
- In re Atlantic Const. Co.District Court, S.D. New York · 1915
- American Improvement Co. v. LilienthalCalifornia Court of Appeal · 1919
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