Ex parte Potts
U.S. Circuit Court for the District of Eastern Pennsylvania
This was a petition by certain creditors of Potts and Garwood to have that firm declared bankrupt. It appeared that Potts and Gar-wood were shipping merchants in Philadelphia.
Read the full summary
This was a petition by certain creditors of Potts and Garwood to have that firm declared bankrupt. It appeared that Potts and Gar-wood were shipping merchants in Philadelphia. During the month of April, 1842, they became involved, and called a meeting of their creditors, which was very generally attended by them, and at which a committee was appointed to examine and report upon the affairs of the firm; under the recommendation of this committee an agreement was subsequently entered into by most of the ■creditors, among whom were the petitioners, by which further time was given to enable the…
1Opinion of the Court
RANDALL, District Judge.
Objection has been made to the right of G. Harley and Son, who filed this petition, to become petitioning creditors, inasmuch as they had signed the agreement for an extension of credit, and a sufficient time had not elapsed to ascertain whether all the creditors would become parties to that agreement, so as to make it binding. Under ordinary circumstances, and if there bad been no express dissent, perhaps a reasonable time had not elapsed, and they would not have been entitled to proceed against the respondents; but I think that where a auditor, after a proposition to…
2Cases cited1 opinion
- M'Mechen's Lessee v. GrundyCourt of Appeals of Maryland · 1810
3Cited by1 opinion
- In re NelsonDistrict Court, W.D. Wisconsin · 1899