Legal Opinion
Samuel Kaufman, as Trustee in Bankruptcy of A-Ok Motor Lines, Inc. v. The First National Bank of Opp, Alabama
Court of Appeals for the First Circuit
Decided August 8, 1974No. 73-1857PublishedCited by 34 opinions
1Opinion of the Court
GODBOLD, Circuit Judge:
Within four months of the bankruptcy of A-OK Motor Lines, Inc., the Bank, in order to reduce a debt due it by A-OK, set off against the debt funds on deposit in two A-OK accounts, known respectively as the “A-OK COD account” and the “A-OK escrow account.” 1 ******The bank claims the benefit of § 68 of the Bankruptcy Act, 11 U.S.C. § 108, which in certain circumstances permits setoff of mutual debts between the estate of a bankrupt and a creditor.
The crux of the controversy is whether the COD and escrow accounts were of such character that the bank was entitled to make…
2Cases cited7 opinions
- National Bank v. Insurance Co.Supreme Court of the United States · 1881
- Caplin v. Marine Midland Grace Trust Co. of New YorkSupreme Court of the United States · 1972
- Peter T. Ribaudo, Trustee of Visser Plumbing and Heating Co., Inc., Bankrupt v. Citizens National Bank of OrlandoCourt of Appeals for the Fifth Circuit · 1958
- Goodson Steel Corporation v. SheinfeldCourt of Appeals for the Fifth Circuit · 1974
- First Nat. Bank of Ashland v. PrickettAlabama Court of Appeals · 1923
2 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- Bass v. SOUTHTRUST BANK OF BALDWIN CTY.Supreme Court of Alabama · 1989
- In Re Applied Logic Corporation, Bankrupt. New Jersey National Bank v. Daniel Gutterman, as Trustee of Applied Logic Corporation, BankruptCourt of Appeals for the Second Circuit · 1978
- Central Bank of Mississippi v. ButlerMississippi Supreme Court · 1987
- Interfirst Bank Abilene, N.A., Cross-Appellant v. Federal Deposit Insurance Corporation, as Receiver of Ranchlander National Bank, Cross-AppelleeCourt of Appeals for the First Circuit · 1985
- Tonyan Construction Co. v. McHenry State Bank (In Re Tonyan Construction Co.)United States Bankruptcy Court, N.D. Illinois · 1983
29 more not listed; retrieve them via the Exa API.