In re Granite City Bank of Dell Rapids, S. D.
Court of Appeals for the Eighth Circuit
Petition for Revision of Proceedings of the District Court of the United States for the Northern District of Iowa, in Bankruptcy.
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Petition for Revision of Proceedings of the District Court of the United States for the Northern District of Iowa, in Bankruptcy. For opinion below, see 131 Fed. 1004. William Wilka having been adjudged a bankrupt by the United States District Court for the Northern District of Iowa, George H. Watson, the trustee in bankruptcy, presented a petition to the court, representing that at the date of the adjudication the bankrupt owned certain personal property on his premises across the state line in South Dakota; that it was of a perishable character, exposed to deterioration, and its retention…
1Opinion of the Court
PHIEIPS, District Judge,
after stating the casé as. above, delivered the opinion of the court.
The chief contention of the petitioner is based upon a misconception .of the scheme and policy of the bankrupt act. The filing of the petition in bankruptcy, “was a caveat to all the world. It was in' effect an attachment and injunction. Thereafter all the property rights of the debtor were ipso facto in abeyance until the final adjudication. If that were in his favor, they revived, and were again in full force. If it were against him, they were extinguished as to him, and vested in the assignee.…
2Cases cited9 opinions
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