In re Shapiro

The facts, according to their legal effect, are that on the morning of March 17, 1922, the bankrupts received $5,504 for the specific purpose of buying, procuring, and delivering to the giver of the check certain securities. We regard the fact that the check had been delivered two days before, but had not been turned into cash until the date first given, as immaterial. Without fraud on the part of any one, although orders were given for the purchase of these securities, they were not in point of fact purchased by the bankrupts when, on the afternoon of May 17th, this petition was filed. The…