Olive v. Tyler
Court of Appeals for the Ninth Circuit
Appeal from the District Court of the United States for the Northern Division of the Western District of Washington; Jeremiah Neterer, Judge. In the matter of the Fake Chelan Fand Company, a corporation, bankrupt. The mortgage claim of C. B. Tyler was allowed by the referee and established as a preferred claim, and from an order denying the petition of Walter M. Olive, as trustee in bankruptcy, for review, and confirming the order of the referee, the trustee appeals.
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Appeal from the District Court of the United States for the Northern Division of the Western District of Washington; Jeremiah Neterer, Judge. In the matter of the Fake Chelan Fand Company, a corporation, bankrupt. The mortgage claim of C. B. Tyler was allowed by the referee and established as a preferred claim, and from an order denying the petition of Walter M. Olive, as trustee in bankruptcy, for review, and confirming the order of the referee, the trustee appeals. This is an appeal by the trustee of the bankrupt corporation from an order of the District Court denying the trustee’s petition…
1Opinion of the CourtHunt, Circuit Judge
(after stating the facts as above). [1, 2] The contention of the trustee is that majority directors and stockholders of an insolvent corporation, having knowledge of insolvency, cannot take a mortgage on all of the property, assets, and income of the corporation, and thus prefer themselves; that the mortgage in question was made by the directors and officers with intent to prefer their claims; that the mortgage was used by the directors and officers to secure themselves upon a prior obligation, which they had assumed with the Bank of Commerce; that Tyler could not propound and prove the…
2Cases cited5 opinions
- Twin-Lick Oil Co. v. MarburySupreme Court of the United States · 1876
- Sanford Fork & Tool Co. v. Howe Brown & Co.Supreme Court of the United States · 1895
- Crenshaw v. AllenCourt of Appeals for the Ninth Circuit · 1912
- Illinois Steel Co. v. O'DonnellIllinois Supreme Court · 1895
- Strohl v. Seattle National BankWashington Supreme Court · 1901
3Cited by16 opinions
- Stuart v. LarsonCourt of Appeals for the Eighth Circuit · 1924
- Jackman v. NewboldCourt of Appeals for the Eighth Circuit · 1928
- Terhune v. WeiseWashington Supreme Court · 1925
- Scott v. Norton Hardware Co.Court of Appeals for the Fourth Circuit · 1932
- Barlow v. BudgeCourt of Appeals for the Eighth Circuit · 1942
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