Bank of America v. Engleman

Appellant sued for a declaration of its rights under an assignment for the benefit of creditors and to compel respondent to pay dividends on two promissory notes of the debtor. From a judgment denying that respondent was obliged to pay such dividends comes this appeal.

Two Notes of Debtor

On September 24, 1947, Mr. A. Austin purchased certain corporate shares and promissory notes from one Burcham. The latter was at the time an officer of the Belfast Bottling Company * herein referred to as “debtor,” the issuer of the shares and maker of the notes. By a written agreement the purchase price was…