People v. E. Remington & Sons
New York Supreme Court
Appeal from special term, Onondaga county. On the hearing before the referee appointed under the statute to take proof of claims against defendant, an insolvent corporation, it appeared that the whole debt or demand which the Ilion Bational Bank held against the insolvent corporation at the time the receivers were appointed amounted to the sum of $195,525.56. It held, however, securities received from the corporation sufficient to satisfy a part of such indebtedness, and the…
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Appeal from special term, Onondaga county. On the hearing before the referee appointed under the statute to take proof of claims against defendant, an insolvent corporation, it appeared that the whole debt or demand which the Ilion Bational Bank held against the insolvent corporation at the time the receivers were appointed amounted to the sum of $195,525.56. It held, however, securities received from the corporation sufficient to satisfy a part of such indebtedness, and the receivers of the corporation claimed that the value of such securities should be first applied towards the discharge of…
1Opinion of the CourtParker, J.
The main question presented by this appeal is whether a creditor of an insolvent debtor, who has received from the debtor collateral secu*35rities for the debt sufficient to satisfy a portion thereof only, may prove against such debtor’s estate the whole of his demand, and be allowed a dividend thereon, or whether he must deduct from such debt the value of such security, and be allowed a dividend only upon the balance remaining. In the distribution of an insolvent’s estate, under the general bankrupt law, this question was controlled by the provisions of the act itself; but in the proceedings…
2Cases cited14 opinions
- Lewis v. United StatesSupreme Court of the United States · 1876
- Slee v. BloomNew York Supreme Court · 1822
- Amory v. FrancisMassachusetts Supreme Judicial Court · 1820
- In re BatesIllinois Supreme Court · 1886
- First National Bank v. . WoodNew York Court of Appeals · 1877
9 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- New York Trust Co. v. PalmerCourt of Appeals for the Second Circuit · 1939
- People v. E. Remington & SonsNew York Supreme Court · 1891
- In re SimpsonAppellate Division of the Supreme Court of the State of New York · 1899