In re Wiener & Goodman Shoe Co.
District Court, E.D. Pennsylvania
In Bankruptcy. Appeal by Simon Wiener, as a creditor of the bankrupt corporation, from an order of the referee in bankruptcy disallowing his claim against the bankrupt.
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In Bankruptcy. Appeal by Simon Wiener, as a creditor of the bankrupt corporation, from an order of the referee in bankruptcy disallowing his claim against the bankrupt. One Albert Wiener, being a subscriber for capiial stock in the corporation, paid into its treasury one-half the par value of the stock subscribed for; and about a month later he received from the corporation a sealed instrument in the form of a nonnegotiable promissory note, payable to himself, for the same amount, which he assigned to his brother, the present claimant. The referee held that the note was without consideration,…
1Opinion of the Court
McPHERSON, District Judge.
We agree with tbe conclusion of tbe learned referee. Under tbe Pennsylvania law, Simon Wiener took tbe judgment note in controversy subject to all tbe equities and defenses that would have been available against it if it bad remained in the. bands of bis brother, Albert. In addition to tbe cases cited by tbe referee, we may add Reineman v. Robb, 98 Pa. St. 474; Theyken v. Machine Co., 109 Pa. St. 95; Geiger v. Peterson, 164 Pa. St. 352, 30 Atl. 262; and Bank v. Roessler, 186 Pa. St. 431, 40 Atl. 963. This rule does not apply in its fullness to tbe assignee or…
2Cases cited2 opinions
- Myerstown Bank v. RoesslerSupreme Court of Pennsylvania · 1898
- Geiger v. PetersonSupreme Court of Pennsylvania · 1894
3Cited by4 opinions
- Kiskadden v. SteinleCourt of Appeals for the Sixth Circuit · 1913
- In re Caledonia Coal Co.District Court, E.D. Michigan · 1918
- In re Duryea Power Co.District Court, E.D. Pennsylvania · 1908
- In re Manufacturers' Box & Lumber Co.District Court, D. New Jersey · 1918