Legal Opinion
In Re Applied Logic Corporation, Bankrupt. New Jersey National Bank v. Daniel Gutterman, as Trustee of Applied Logic Corporation, Bankrupt
Court of Appeals for the Second Circuit
Decided April 27, 1978No. 671, Docket 77-5034PublishedCited by 72 opinions
1Opinion of the Court
FRIENDLY, Circuit Judge:
This appeal from an order of Judge Goettel in the District Court for the Southern District of New York affirming an order of Bankruptcy Judge Babitt raises questions of some difficulty concerning a bank’s rights to exercise a set-off of an unsecured debt owed it by the bankrupt against deposits and certificates of deposit held by the bank. The Bankruptcy Judge and the district court decided adversely to the bank. Although the case is close, we are constrained to reverse.
THE FACTS
The bankrupt, Applied Logic Corporation, (ALC) is a New Jersey corporation in the computer…
2Cases cited33 opinions
- Bank of Marin v. EnglandSupreme Court of the United States · 1966
- Studley v. Boylston National BankSupreme Court of the United States · 1913
- New York County National Bank v. MasseySupreme Court of the United States · 1904
- Cumberland Glass Manufacturing Co. v. De Witt & Co.Supreme Court of the United States · 1915
- United States v. BeekmanCourt of Appeals for the Second Circuit · 1946
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3Cited by72 opinions
- In Re Texlon CorporationCourt of Appeals for the Second Circuit · 1979
- In the Matter of the Bohack Corporation, Debtor-In-Possession. The Bohack Corporation v. Borden, Inc.Court of Appeals for the Second Circuit · 1979
- In Re Braniff Airways, Inc.United States Bankruptcy Court, N.D. Texas · 1984
- Constructora Maza, Inc. v. Banco De PonceCourt of Appeals for the First Circuit · 1980
- Fed. Sec. L. Rep. P 96,549, 18 Ucc rep.serv.2d 588 Securities and Exchange Commission v. Charles Phillip Elliott, Charles O. Farrar, Receiver-Appellee, Kenneth J. Davis, Linda J. Davis, Leroy H. Moeller, as Personal Representative of the Estates of Adolph Hagstrom, Squire J. Kingston, Elizabeth Woods, Caroline Estelle, Lynnis H. McClain Ted Masco, Anita K. Hailey, Earl Setterblade, Francis Setterblade, Lloyd Schutzman, Shirley Schutzman, Albert C. Heil, Melvin Burkhardt, Rosa Ella Burkhardt, Howard Dore, Ruth Dore, Gerald J. Braun, Christie Braun, Monica Brooke Braun, C. Albert Ducharme Trust and Catherine F. Ducharme Trust, Seaton F. McDaniel Josephine McDaniel Trudy and Sidney Kleiner, Claimants-Appellants. Securities and Exchange Commission v. Charles Phillip Elliott, Charles O. Farrar, Receiver-Appellee, Melvin Burkhardt and Rosa Ella Burkhardt, Movants-AppellantsCourt of Appeals for the Eleventh Circuit · 1992
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