Rusnak v. Commerce Trust Co.
Court of Appeals for the Seventh Circuit
Petition to Review and Revise an Order of the District Court of the United States for the Eastern Division of the Northern District of Illinois. Involuntary proceeding in bankruptcy against the Garden City Parlor Furniture. Company, bankrupt.
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Petition to Review and Revise an Order of the District Court of the United States for the Eastern Division of the Northern District of Illinois. Involuntary proceeding in bankruptcy against the Garden City Parlor Furniture. Company, bankrupt. On the finding of the District Court that the Commerce Trust Company was entitled to retain, from amounts received by it on claims assigned by the bankrupt, sufficient sums to reimburse it for money advanced to the bankrupt, with interest, Samuel Rusnak, as trustee in bankruptcy, brings petition to .review and revise.
1DissentArsciiueer, Circuit Judge
I find myself unable to concur in the conclusion of the majority of the court that the equitable rule that “he who seeks equity must do equity” does not here have controlling application.
It has been definitely determined that transactions such as these, while purporting on their face to be sales of accounts, are in fact loans upon the security of the accounts so purporting to be sold. Apart, therefore, from the question of the power of a corporation *324organized under the general corporation act of.Illinois to make loans, the transactions here, while .purporting to be sales of accounts, are in…
2Cases cited23 opinions
- Hurley v. Atchison, Topeka & Santa Fe Railway Co.Supreme Court of the United States · 1909
- National Home Building & Loan Ass'n v. Home Savings BankIllinois Supreme Court · 1899
- Atchison, T. & S. F. Ry. Co. v. HurleyCourt of Appeals for the Eighth Circuit · 1907
- Mercantile Trust Co. v. KastorIllinois Supreme Court · 1916
- Calumet & Chicago Canal & Dock Co. v. ConklingIllinois Supreme Court · 1916
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