Fell v. Securities Co. of North America
Court of Chancery of Delaware
Petition for Set-Off. The Securities Company of North America was incorporated under the laws of this State in 1904 for the purpose of collecting and investing savings of individuals who desired to participate in the plans of the company, and engaged in business until August 25, 1915, when pursuant to action of two-thirds of all the stockholders it was dissolved, and on September 22, 1914, the Wilmington Trust Company was appointed receiver to wind up the affairs of said…
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Petition for Set-Off. The Securities Company of North America was incorporated under the laws of this State in 1904 for the purpose of collecting and investing savings of individuals who desired to participate in the plans of the company, and engaged in business until August 25, 1915, when pursuant to action of two-thirds of all the stockholders it was dissolved, and on September 22, 1914, the Wilmington Trust Company was appointed receiver to wind up the affairs of said company. While so engaged in business the company issued what was called “cumulative bonds,” section one of the terms and…
1Opinion of the Court
The Chancellor.
The petitioner as the holder of two of the cumulative bonds of the insolvent company seeks an application of the well-settled general principle of equitable set-off. The question, however, is as to the application of the principle here, for its applicability depends upon the facts in each case. Of the cases cited to support that principle, the decision of the Supreme Court of the United States in Carr v. Hamilton, 129 U. S. 252, 256, 262, is the closest. Hamilton had an endowment policy, payable at a certain time at all events, or sooner in case of his death, and by it the…
2Cases cited6 opinions
- Carr v. HamiltonSupreme Court of the United States · 1889
- Economy Building Ass'n ex rel. Smyth v. HungerbuehlerSupreme Court of Pennsylvania · 1880
- Trustees of Mutual Loan Ass'n v. TyreSuperior Court of Delaware · 1911
- Link v. Germantown Building Ass'nSupreme Court of Pennsylvania · 1879
- Thayer v. National Real Estate Trust Co.Court of Chancery of Delaware · 1914
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Smith v. Bath Loan & Building Ass'nSupreme Judicial Court of Maine · 1927
- Fell v. Securities Co. of North AmericaCourt of Chancery of Delaware · 1916
- Regions Bank, et al. v. Montgomery Transport Group, Inc. et al.District Court, N.D. Alabama · 2026