Hewitt v. Boston Straw Board Co.
Massachusetts Supreme Judicial Court
Contract by the trustee in bankruptcy of the Corperdix Paper Tube Company, a corporation, for the amount of a preference * alleged to have been paid to the defendant by the bankrupt. Writ dated August 21, 1911. In the Superior Court the case was heard by Dana, J., without a jury. It appeared that on August 1, 1910, the defendant brought an action against the Corperdix Paper Tube Company to collect a debt of $816.24 and placed a keeper in that company’s place of business.
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Contract by the trustee in bankruptcy of the Corperdix Paper Tube Company, a corporation, for the amount of a preference * alleged to have been paid to the defendant by the bankrupt. Writ dated August 21, 1911. In the Superior Court the case was heard by Dana, J., without a jury. It appeared that on August 1, 1910, the defendant brought an action against the Corperdix Paper Tube Company to collect a debt of $816.24 and placed a keeper in that company’s place of business. On August 12, that company sold about one half of its plant for $1,500, and transferred to the defendant three notes,…
1Opinion of the CourtBraley, J.
It having appeared, that at a fair valuation the bankrupt’s property at the date of transfer was insufficient in amount to pay its debts, the judge was warranted in finding it to have been insolvent as defined by the act itself. U. S. St. of 1898, c. 541, § 1, cl. 15. Eau Claire National Bank v. Jackman, 204 U. S. 522, 532. See Bailey v. Wood, 211 Mass. 37, 44, 45.
But, even if the corporation was insolvent, the plaintiff must show, that “the person receiving it or to be benefited thereby, or his agent acting therein, shall then have reasonable cause to believe that the enforcement of such . .…
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