Sexton v. Kessler & Co.
Supreme Court of the United States
APPEAL FROM; THE CIRCUIT COURT OF- APPEALS FOR THE SECOND CIRCUIT, The facts, which involve the question of whether under the Bankruptcy Act of 1898,- certain transférs of securities by the bankrupt constituted a fraudulent preference, are stated in the opinion. There was no valid legal pledge to the defendants because possession was not given until October 25, 1907. Casey v. Caveroc, 96- U. S. 467; Wilson v. Little, 2 N. Y. 443; Buffalo German Ins.
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APPEAL FROM; THE CIRCUIT COURT OF- APPEALS FOR THE SECOND CIRCUIT, The facts, which involve the question of whether under the Bankruptcy Act of 1898,- certain transférs of securities by the bankrupt constituted a fraudulent preference, are stated in the opinion. There was no valid legal pledge to the defendants because possession was not given until October 25, 1907. Casey v. Caveroc, 96- U. S. 467; Wilson v. Little, 2 N. Y. 443; Buffalo German Ins. Co. v. Third National Bank, 162 N. Y- 170; Security Warehousing Co. v. Hand, 206 U. S. 415. Possession is of the essence of a pledge; without it…
1Opinion of the CourtJustice Holmes
This is a bill brought by a trustee in bankruptcy to set aside an alleged fraudulent preference. The Circuit Court of Appeals reversed a decree of the District Court for the plaintiffs and dismissed the bill. 172 Fed. Rep. 535. 97 C. C. A. 161. It will be enough for our decision to state the following facts: The appellee was an English company and the bankrupts a New York firm intimately connected with it which for many years had drawn upon it. In February, 1903, the English house ■ requested the New York firm to set aside securities for their drawing credit. The New York firm wrote on June…
2Cases cited15 opinions
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- Markham v. . JaudonNew York Court of Appeals · 1869
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- Humphrey v. TatmanSupreme Court of the United States · 1905
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- In re Interborough Consol. Corp.Court of Appeals for the Second Circuit · 1923
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