Merchants & Citizens Bank v. Bogle

As will be seen from the foregoing statement of facts, the fund in hand for distribution by the court was derived solely from a sale of the assets of the Peoples Hardware Co., which had not been adjudicated to be bankrupt. The trustee in bankruptcy claimed this fund as the representative of Folsom & Tillman Hardware Co., for the reason that the assets, of the Peoples Hardware Co. had been assigned to the Folsom & Tillman Hardware Co. to secure an indebtedness due by the Peoples Hardware Co. to the bankrupt, Folsom & Tillman Hardware Co. The Peoples *616Hardware Co. executed and delivered to the…