In the Matter of J. Lawrence Hill, Debtor. David v. Adler v. J. Lawrence Hill and Whitney National Bank

WIENER, Circuit Judge:

On appeal from the district court’s affirmation of a ruling by the bankruptcy court in the Eastern District of Louisiana, Appellant David V. Adler, trustee of the estate of the Debtor, J. Lawrence Hill, complains that those courts misconstrued the Civil Law meaning of the verb, to hypothecate, as used in a corporate charter provision purporting to restrict alienation of corporate stock, the purported pledge of which is the subject of the instant litigation. The district court affirmed the bankruptcy court’s holding that, although the restric tion in question was properly…