Fain v. Irving Trust Co.

AUGUSTUS N. HAND, Circuit Judge.

The bankrupt was a music publisher. Prior to bankruptcy it had purchased from the petitioner Fain, and others, musical compositions, including words and music, under agreements all of which were identical except as to royalty rates and advance royalties. There were agreements made with twenty-two such composers.

The provisions of the royalty contracts important for consideration are illustrated by the following taken from the contract with one of the composers:

“For the Consideration of the sum of One dollar, in hand paid to Jimmie Monaco, party of the first…