Equitable Trust Co. of New York v. Birmingham, E. & B. R.
District Court, N.D. Alabama
In Equity. Suit by the Equitable Trust Company of New York against the Birmingham, Ensley & Bessemer Railroad Company. On intervention by the United States Fidelity & Guaranty Company.
1Opinion of the Court
GRUBB, District Judge.
The intervention presents the right of one, who becomes surety on the supersedeas bond of an insolvent corporation, resulting in the postponement of a seizure of its property under execution, to a preference in the distribution of the income of the receiver of the corporation or in the corpus, if the receiver’s income has been diverted.
The right of labor and supply creditors, who furnished labor or material within six months, to such a preference, is well settled'in the federal courts.
The intervener claims in analogy to that rule, upon the idea that its act was of…
2Cases cited5 opinions
- Union Trust Co. v. MorrisonSupreme Court of the United States · 1888
- Whiteley v. Central Trust Co. of New YorkCourt of Appeals for the Sixth Circuit · 1896
- Love v. North American Co.Court of Appeals for the Eighth Circuit · 1915
- United States Fidelity & Guaranty Co. v. United States & Mexican Trust Co.Court of Appeals for the Eighth Circuit · 1916
- Jones v. Central Trust Co. of New YorkCourt of Appeals for the Sixth Circuit · 1896
3Cited by1 opinion
- Southern Ry. Co. v. United States Fidelity & Guaranty Co.Court of Appeals for the Fifth Circuit · 1936