Sawyer v. Hoag
U.S. Circuit Court for the Northern District of Illnois
On the first of April, 1865, the complainant, Charles B. Sawyer, subscribed for fifty shares of stock of the Lumbermen’s Insurance Company of Chicago.
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On the first of April, 1865, the complainant, Charles B. Sawyer, subscribed for fifty shares of stock of the Lumbermen’s Insurance Company of Chicago. At the time of his subscription he was informed by the directors that he must pay or give his check for the full par value of his stock, and that the company would loan to him eighty-five per cent, of such par value on his note for five years at seven per cent, interest, secured to the satisfaction of the directors by good collateral securities. He thereupon gave to said company his cheek for $5,000, the full amount of the par value of said…
1Opinion of the Court
The assignee, if sued by the person or company issuing such certificate, would have the right to set-off the same in such suit. Gross’ St. p. 512. Under the bankrupt act his right of set-off is at least as well defined. He holds a claim, independent of the right of set-off, that is, in its nature, provable against the estate. Under that act, a claim to be set-off may be either a debt or a credit. “A debt which may be proved before the commissioners and to the owner of which a dividend must be paid, is a debt in the sense of the term as used in the statute.” Tucker *566v. Oxley, 5 Cranch [9 U. S.)…
2Cases cited6 opinions
- Lawrence v. . NelsonNew York Court of Appeals · 1860
- Diven v. PhelpsNew York Supreme Court · 1861
- Ogden v. CowleyNew York Supreme Court · 1807
- Pondville Co. v. ClarkSupreme Court of Connecticut · 1856
- Smith v. . BrinkerhoffNew York Court of Appeals · 1852
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