In re Smith
District Court, D. Massachusetts
The decision of this case was submitted to the court upon a written statement of facts in accordance with Rev. St. § 5011. [E. M.] Smith, the bankrupt, nearly a year before the petition was filed, left for "collection with Mr. Field, his attorney, a note signed by a third person, for eight hundred and fifty dollars, and an action was brought upon it, which ripened into a judgment at about the time the bankruptcy took place, which ■was August 25, 1875. In the meantime, the…
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The decision of this case was submitted to the court upon a written statement of facts in accordance with Rev. St. § 5011. [E. M.] Smith, the bankrupt, nearly a year before the petition was filed, left for "collection with Mr. Field, his attorney, a note signed by a third person, for eight hundred and fifty dollars, and an action was brought upon it, which ripened into a judgment at about the time the bankruptcy took place, which ■was August 25, 1875. In the meantime, the bankrupt drew several orders upon Mr. Field, .•some of which were negotiable and some not, .requesting him to pay divers…
1Opinion of the Court
LOWELiL, District Judge.
I suppose that the aggregate amount of all the orders given by the bankrupt, and conditionally accepted by Mr. Field, will be enough to absorb the net proceeds of the judgment, after deducting the reasonable counsel fees of Mr. Field. If not so, the assignees would, perhaps, have a strict legal right to collect the money, even though the orders may be valid; in which case, they would be trustees for the holders of the orders, to the extent of their several demands, and trustees for the general creditors of Smith, for the remainder. I understand, however, that the…
2Cases cited5 opinions
- Carr v. National Security BankMassachusetts Supreme Judicial Court · 1871
- Lowery v. . StewardNew York Court of Appeals · 1862
- Lunt v. Bank of North AmericaNew York Supreme Court · 1867
- Legro v. StaplesSupreme Judicial Court of Maine · 1839
- Moody v. KyleMississippi Supreme Court · 1857