In re Terens
District Court, E.D. Wisconsin
In the matter of Nicholas T. Terens, bankrupt. On review of order of referee. This is a proceeding to review the order made by Referee Denison declining to require the marshaling of assets as provided in section 5 of the bankruptcy act (Act July 3, 1898, c. 543, 30 Stat. 541 [U. S. Comp.
Read the full summary
In the matter of Nicholas T. Terens, bankrupt. On review of order of referee. This is a proceeding to review the order made by Referee Denison declining to require the marshaling of assets as provided in section 5 of the bankruptcy act (Act July 3, 1898, c. 543, 30 Stat. 541 [U. S. Comp. St 1903, p. 34241). The facts in the case fnay be briefly summarized as follows: Terens & Oswald had for 32 or 14 years been carrying on the business of selling hardware and farm machinery at Mishieot, Wis. Terens was the outside man, while Oswald looked after the books, such as they were, and attended to the…
1Opinion of the CourtQuarles, District Judge
(after stating the facts as above). The doctrine known as “marshaling assets” has long been familiar in equity jurisprudence. Cord Romilly, 1M. R., in Re Professional Eife Insurance, 3 E. R. Eq. 668, defines the doctrine as follows:
"If. is a settled principle that when there are two classes of creditors and two funds, and one class of creditors can only go against one fund, while the other class of creditors can go against both, the court will marshal the assets, restricting the creditors who have a double security from touching the fund applicable to the pavment of the first class of…
2Cases cited26 opinions
- Case v. BeauregardSupreme Court of the United States · 1879
- Fitzpatrick v. FlannaganSupreme Court of the United States · 1882
- Huiskamp v. Moline Wagon Co.Supreme Court of the United States · 1887
- Bulger v. . RosaNew York Court of Appeals · 1890
- Sargent v. BlakeCourt of Appeals for the Eighth Circuit · 1908
21 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- In re TelferCourt of Appeals for the Sixth Circuit · 1910
- Rapple v. DuttonCourt of Appeals for the Ninth Circuit · 1915
- In re KolberDistrict Court, E.D. Pennsylvania · 1912