Cook v. Tullis
Supreme Court of the United States
Cook and others, trustees in bankruptcy of the estate of Honians, filed a bill in equity in the coui’t below to set aside the transfer of a certain note for $7000, secured by mortgage, alleged to have been made by the said Homans to-the defendant, Tullís, in violation of the provisions of the Bankrupt Act, and to compel an assignment of the note and mortgage to them.
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Cook and others, trustees in bankruptcy of the estate of Honians, filed a bill in equity in the coui’t below to set aside the transfer of a certain note for $7000, secured by mortgage, alleged to have been made by the said Homans to-the defendant, Tullís, in violation of the provisions of the Bankrupt Act, and to compel an assignment of the note and mortgage to them. It appeared, from the record that in August, 1869, and for two years before, -Homans, the bankrupt, was engaged in business as a banker, in Cincinnati, in the State of Ohio; that on several occasions during this period, he had…
1Opinion of the CourtJustice Field
It is evident from the statement of the transaction', that the transfer by Homans to the defendant of the note and mortgage of Hardesty does not present a case of preference •.made by a bankrupt to one creditor over another, within the meaning of the Bankrupt Act. It was not a transfer to prefer a creditor. There was no debt at the time to the defendant to be preferred. The transaction was not one of borrowing. There was no loan made nor credit given. It was the case of an .exchange of one species of property for another, made by one party without authority from the other, and subsequently…
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