In re Lains
District Court, D. Minnesota
[George] Lains failed in business and made an assignment December 21, 1876, to Frank Keogh for the equal benefit of his creditors. This assignment was made at the suggestion of a firm of creditors, of which the assignee was a member. On January 18, 1877, the debtor was adjudged a bankrupt on his own petition. An assignee in bankruptcy was appointed.
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[George] Lains failed in business and made an assignment December 21, 1876, to Frank Keogh for the equal benefit of his creditors. This assignment was made at the suggestion of a firm of creditors, of which the assignee was a member. On January 18, 1877, the debtor was adjudged a bankrupt on his own petition. An assignee in bankruptcy was appointed. The assignee under the common law assignment turned over all the debtor’s property in his hands, only retaining from the money in his possession sufficient to reimburse himself for payments made on account of collections, to compensate him for his…
1Opinion of the Court
NELSON, District Judge.
Tlie assignee under the general assignment for the benefit of creditors is entitled to the disbursements legitimately made in the execution of his trust before the debtor was adjudged bankrupt. He had paid out at that time for collections, etc., quite an amount, and such expenditures would seem to have been just as necessary to realize money out of the estate had it been in charge of an assignee in bankruptcy. There can be no objection to an allowance for these expenses, and no creditor dissents. He has, however, presented a bill for personal services as assignee,…
2Cited by4 opinions
- Randolph v. ScruggsSupreme Court of the United States · 1903
- In re Peter Paul Book Co.District Court, W.D. New York · 1900
- Hunkee v. BingDistrict Court, S.D. New York · 1881
- Beck v. KinealyMissouri Court of Appeals · 1901