Legal Opinion
McCarty v. Nostrand Lumber Co.
Appellate Division of the Supreme Court of the State of New York
Decided March 13, 1931PublishedCited by 12 opinions
1Opinion of the CourtCarswell, J.
It will suffice to state our conclusions.
The transaction of January 27, 1928, was a completed rescission of the prior agreements and transactions of the parties thereto. It was not a purchase by the Long Beach Company of its stock from the McCarty group. This record contains no credible or legal proof that either the Long Beach Lumber Company or the Nostrand Lumber Company was insolvent on February 1, 1928, or shortly prior thereto. Insolvency is determined by section 271 of the Debtor and Creditor Law (as added by Laws of 1925, chap. 254). Inability to pay current obligations as they mature…
2Cases cited3 opinions
- Joseph v. RaffAppellate Division of the Supreme Court of the State of New York · 1903
- Welch v. Importers & Traders' National BankNew York Court of Appeals · 1890
- Joseph v. . RaffNew York Court of Appeals · 1903
3Cited by12 opinions
- Chen v. New Trend Apparel, Inc.District Court, S.D. New York · 2014
- Kramer ex rel. estate of Chin v. Chin (In re Chin)United States Bankruptcy Court, E.D. New York · 2013
- Morgan Guaranty Trust Co. v. Hellenic Lines LimitedDistrict Court, S.D. New York · 1985
- Klein v. RossiDistrict Court, E.D. New York · 1966
- Ollag Construction Equipment Corp. v. GoldmanCourt of Appeals for the Second Circuit · 1978
7 more not listed; retrieve them via the Exa API.