Continental & Commercial Trust & Savings Bank v. Chicago Title & Trust Co.
Supreme Court of the United States
APPEAL FROM THE CIRCUIT COURT OF ’APPEALS FOR THE SEVENTH CIRCUIT. The facts, which involve the construction of' certain provisions of the Bankruptcy Act of 1898, relating to preferential payments are stated in the opinion. As to preferences. The transfer of the bankrupt’s “ open trades” to Anderson was a transfer of property for the benefit of the bank. Nat. Bank of Newport v. Nat.
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APPEAL FROM THE CIRCUIT COURT OF ’APPEALS FOR THE SEVENTH CIRCUIT. The facts, which involve the construction of' certain provisions of the Bankruptcy Act of 1898, relating to preferential payments are stated in the opinion. As to preferences. The transfer of the bankrupt’s “ open trades” to Anderson was a transfer of property for the benefit of the bank. Nat. Bank of Newport v. Nat. Herkimer Bank, 225 U. S. 178; Bank Act, ch. 1, § 1. A preferential transfer includes every mode of disposing of property for the benefit of a creditor, and circuity of arrangement will not avail to save it. Nat.…
1Opinion of the CourtJustice Day
This is a controversy arising in a bankruptcy proceeding and involves questions of the right to certain property, as between the appellant, the Continental & Commercial Trust & Savings Bank, and the Chicago Title & Trust Company, as trustee in bankruptcy of Earl H. Prince, Bankrupt. Two items are involved, first, the sum of $4,250, the amount of certain margin certificates issued by thp predecessor of the appellant Bank to the bankrupt Prince; and second, a balance of $575.79 remaining in Prince’s checking account with the bank of the predecessor of the appellant, therein deposited by the…
2Cases cited3 opinions
- New York County National Bank v. MasseySupreme Court of the United States · 1904
- National Bank of Newport v. National Herkimer County Bank of Little FallsSupreme Court of the United States · 1912
- Western Tie & Timber Co. v. BrownSupreme Court of the United States · 1905
3Cited by106 opinions
- In re Interborough Consol. Corp.Court of Appeals for the Second Circuit · 1923
- Florida Trailer & Equipment Co. v. DealCourt of Appeals for the Fifth Circuit · 1960
- The First National Bank of Clinton v. Vance Julian, Trustee in Bankruptcy of Roby C. Woody, D/B/A Woody Motor Company, BankruptCourt of Appeals for the First Circuit · 1967
- CITIZENS'NAT. BANK OF GASTONIA, NC v. LinebergerCourt of Appeals for the Fourth Circuit · 1930
- Deel Rent-A-Car, Inc. v. Howard A. Levine and Herbert FreehlingCourt of Appeals for the Eleventh Circuit · 1983
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