In re Sands Ale Brewing Co.
District Court, N.D. Illinois
In bankruptcy. This was a petition by Francis B. Peabody as trustee, for an order on the assignee of the bankrupt to pay over to the petitioner tbé proceeds of certain policies of insurance.
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In bankruptcy. This was a petition by Francis B. Peabody as trustee, for an order on the assignee of the bankrupt to pay over to the petitioner tbé proceeds of certain policies of insurance. The bankrupt, a corporation created and existing under the general law of Illinois, on the first day of January, 186S, then being solvent, borrowed, through the petitioner, the sum of $60.000, and to secure the payment thereof executed to him, as trustee, its trust deed bearing date that day, thereby conveying to him as trustee certain lots and parcels of land on which were situate the brewery and…
1Opinion of the Court
BLODGETT, District Judge.
The petitioner claims that the covenant in the trust deed gives him an equitable lien upon the proceeds of the insurance to the exclusion of the general creditors, while on the part of the as-signee and the general creditors it is insisted that the policies in question, not having been assigned to the trustee, nor made specifically payable to him in case of loss, he has no higher right to them than the other creditors, and that the fund, therefore, belongs to the assignee. The bankrupt being a corporation, I do not conceive that any changes which may have taken place…
2Cases cited3 opinions
- Cromwell v. . the Brooklyn Fire Ins. Co.New York Court of Appeals · 1870
- Carter v. RockettNew York Court of Chancery · 1840
- Ellis v. KreutzingerSupreme Court of Missouri · 1858
3Cited by6 opinions
- Nordyke & Marmon Co. v. GeryIndiana Supreme Court · 1887
- Nelson v. Nelson Neal Lumber Co.Washington Supreme Court · 1932
- Ames v. RichardsonSupreme Court of Minnesota · 1882
- First National Bank of Pocatello v. Commercial Union Assurance Co.Idaho Supreme Court · 1925
- In re ZitronDistrict Court, E.D. Wisconsin · 1913
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