In re Jarmulowsky
District Court, S.D. New York
In Bankruptcy. In the matter of Meyer Jarmulowsky, bankrupt. On petition by Wolf & Pouker for the payment of rents collected from mortgaged premises.
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In Bankruptcy. In the matter of Meyer Jarmulowsky, bankrupt. On petition by Wolf & Pouker for the payment of rents collected from mortgaged premises. This is an application by a mortgagee against a bankruptcy receiver for an order directing the receiver to pay to him rents which had fallen due, and had been collected, after default upon the mortgage, but before the mortgagee had applied either for a foreclosure receiver, or for a sequestration order of the rents for his benefit. The mortgage contained these clauses: ’ “Fifth. That if default shall be made.in the payment of the principal sum…
1Opinion of the CourtFearnfd Hand, District Judge
(after stating the facts as above). This question depends entirely upon the law of the state of New York as to whether a mortgagee’s title to rents of realty after default is good' against the creditors of the mortgagor, where the mortgage contains an assignment of rents to become effective on default. As between the-bankrupt and the mortgagee the agreement would, of course, be valid, and it would seem that the creditors should stand in no better position than the bankrupt, except by virtue of some statute or rule forbidding secret liens. No such rule exists so far'as I know, nor any reason…
2Cases cited5 opinions
- Harris v. TaylorAppellate Division of the Supreme Court of the State of New York · 1898
- In re BannerDistrict Court, S.D. New York · 1907
- Harris v. LessterAppellate Division of the Supreme Court of the State of New York · 1898
- Thomson v. ErskineAppellate Terms of the Supreme Court of New York · 1901
- Sullivan v. RossonAppellate Division of the Supreme Court of the State of New York · 1915
3Cited by3 opinions
- In re BroseCourt of Appeals for the Second Circuit · 1918
- Flanagan v. FullerMontana Supreme Court · 1927
- Colonial Trust Co. v. Stone Harbor Electric Light & Power Co.District Court, D. New Jersey · 1922