Grant v. National Bank
Supreme Court of the United States
Appeal from the Circuit Court of the United States for the Northern District of Illinois. This case arises upon a bill in equity, filed by Charles E. Grant, assignee in bankruptcy of John S. Miller, to set aside, a mortgage, or deed of trust, executed by him about two months prior to his bankruptcy.
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Appeal from the Circuit Court of the United States for the Northern District of Illinois. This case arises upon a bill in equity, filed by Charles E. Grant, assignee in bankruptcy of John S. Miller, to set aside, a mortgage, or deed of trust, executed by him about two months prior to his bankruptcy. Miller was indebted to the First National Bank of Monmouth, Illinois, in about $6,200, of which $4,000 consisted of a note which had been twice renewed, and the balance was the amount which he had overdrawn his account in the bank. Wanting some cash for immediate purposes, the bank advanced him…
1Opinion of the CourtJustice Bradley
Some confusion exists in the cases as to the meaning of the. phrase, “ having reasonable cause to believe such a person is insolvent.” Dicta are not wanting which assume that it has .the same meaning as if it had read, “ having reasonable cause to suspect such a person is insolvent.” But the two phrases are distinct in meaning and effect. It is not enough that a creditor has some cause to suspect the insolvency of his debtor; but he must have such a knowledge of facts as to induce a reasonable belief of his debtor’s insolvency, in order to invalidate a security taken for his debt. To make…
2Cases cited2 opinions
- Toof v. MartinSupreme Court of the United States · 1871
- Dutcher v. WrightSupreme Court of the United States · 1877
3Cited by192 opinions
- Stucky v. Masonic Savings BankSupreme Court of the United States · 1883
- In re EggertCourt of Appeals for the Seventh Circuit · 1900
- Loftis v. Minar (In Re Montanino)United States Bankruptcy Court, D. New Jersey · 1981
- Barbour v. PriestSupreme Court of the United States · 1881
- Moran Bros., Inc. v. W. R. Yinger, Trustee, Admiral Oils, Inc., an Oklahoma CorporationCourt of Appeals for the Tenth Circuit · 1963
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