McKenzie v. Irving Trust Co.
New York Court of Appeals
I. The preference took place on November 28, 1940, the date when the hank’s records indicate the sum of $150,000 was withdrawn from the bankrupt’s account. II. Until the respondent complied with section 3477 of the Revised Statutes of the United States, as amended October 9, 1940 (U. S. Code, tit. 31, § 203), the assignment in suit was null and void.
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I. The preference took place on November 28, 1940, the date when the hank’s records indicate the sum of $150,000 was withdrawn from the bankrupt’s account. II. Until the respondent complied with section 3477 of the Revised Statutes of the United States, as amended October 9, 1940 (U. S. Code, tit. 31, § 203), the assignment in suit was null and void. (National Banh of Commerce v. Downie, 218 U. S. 345; Manhattan Commercial Co. v. Paul, 216 N. Y. 481; Levison v. Illinois Surety Co., 222 N. Y. 280; Martin v. National Surety Co., 300 U. S. 588; In re Meadow Sweet Farms, Inc., 32 Fed. Snpp. 119;…
1Opinion of the Court
Lehman, Ch. J.
On March 28, 1941, a petition in bankruptcy was filed against G-raves-Quinn Corporation and thereafter the corporation was duly adjudicated a bankrupt. On November 28, 1940, the defendant bank had received from the bankrupt its check for $150,000. The check had been mailed from Boston on November 27th. The deposit account of the bankrupt with the defendant bank was at that time overdrawn. It had borrowed large sums of money from the bank and had executed and delivered to the bank three promissory notes aggregating the sum of $150,000. On November 27, 1940, the bankrupt received…
2Cases cited6 opinions
- Hobbs v. McLeanSupreme Court of the United States · 1886
- Salem Trust Co. v. Manufacturers' Finance Co.Supreme Court of the United States · 1924
- Martin v. National Surety Co.Supreme Court of the United States · 1937
- Corn Exchange National Bank & Trust Co. v. KlauderSupreme Court of the United States · 1943
- Amiesite Construction Corp. v. Luciano Contracting & Building Co.New York Court of Appeals · 1940
1 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- McKenzie v. Irving Trust Co.Supreme Court of the United States · 1945
- Alan B. Miller, Trustee in Bankruptcy of American Ibc Corp., Bankrupt v. Wells Fargo Bank International Corp.Court of Appeals for the Second Circuit · 1976
- Miller v. Wells Fargo Bank International Corp.District Court, S.D. New York · 1975
- Matter of Ideal Mercantile Corporation, Bankrupt. Ideal Mercantile CorporationCourt of Appeals for the Second Circuit · 1957
- In re the Accounting of Brooklyn Trust Co.New York Surrogate's Court · 1955
3 more not listed; retrieve them via the Exa API.