Kelly v. Phelan
U.S. Circuit Court for the District of Eastern Missouri
[In review of the action of the district court of the United States for the Eastern district of Missouri.] This is a contest between Kelly & Co. and M. H. Phelan, assignee in bankruptcy of the Central Savings Bank, and the substantial question is whether Kelly & Co. are entitled to a banker’s lien on certain bonds and stocks owned by the bankrupt and held by Kelly & Co. at the date of the filing of the petition in bankruptcy.
Read the full summary
[In review of the action of the district court of the United States for the Eastern district of Missouri.] This is a contest between Kelly & Co. and M. H. Phelan, assignee in bankruptcy of the Central Savings Bank, and the substantial question is whether Kelly & Co. are entitled to a banker’s lien on certain bonds and stocks owned by the bankrupt and held by Kelly & Co. at the date of the filing of the petition in bankruptcy. The district court decided in favor of Kelly & Co., and the assignee brought this bill of review.
1Opinion of the Court
DILLON, Circuit Judge (orally).
This is a contest which involves the right of the respective parties to a fund of about $16,000 arising from the sale of certain securities. The bankrupt is the Central Savings Bank, of this city; Mr. Phelan is the assignee. The petitioners for this fund are the firm of Kelly & Co., in New York City, bankers. Kelly & Co. had for years been the correspondents in that city of the Central Savings Bank, of this city, and the transactions between them had been very large. It appears from the proofs here, that at times the bankrupt bank had on deposit to their credit…
2Cited by2 opinions
- McStay Supply Co. v. StoddardNevada Supreme Court · 1912
- Cockrill v. JoyceSupreme Court of Arkansas · 1896