Legal Opinion
Prudence-Bonds Corp. v. State Street Trust Co.
Court of Appeals for the Second Circuit
Decided March 3, 1953No. 77, Docket 22138PublishedCited by 11 opinions
1Opinion of the Court
FRANK, Circuit Judge.
1. We assume, arguendo (1) that, to give the bankruptcy court jurisdiction, it was not necessary that the guaranty (or the proceeds'of its enforcement) be part of the debtor’s assets,1 and (2) that, in fact, the guaranty constituted part of the mortgaged property.2 Even so, we think the court, as a bankruptcy court, lacked jurisdiction on the facts here because (a) that jurisdiction could exist only if the suit were a representative action 3for restoration of the trust fund, and (b) under pertinent N ew York decisions, such a representative action cannot rest upon the…
2Cases cited16 opinions
- Johnson v. United StatesCourt of Appeals for the First Circuit · 1908
- York v. Guaranty Trust Co. of New YorkCourt of Appeals for the Second Circuit · 1944
- A. Leschen & Sons Rope Co. v. Mayflower Gold Mining & Reduction Co.Court of Appeals for the Eighth Circuit · 1909
- Phelan v. Middle States Oil CorporationCourt of Appeals for the Second Circuit · 1946
- Elias v. ClarkeCourt of Appeals for the Second Circuit · 1944
11 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Caplin v. Marine Midland Grace Trust Co. of New YorkSupreme Court of the United States · 1972
- United States v. Lennox Metal Manufacturing Co.Court of Appeals for the Second Circuit · 1955
- Modern Woodcrafts, Inc. v. HawleyDistrict Court, D. Connecticut · 1982
- Chemical Bank & Trust Co. v. Prudence-Bonds Corp. (New Corp.)Court of Appeals for the Second Circuit · 1953
- Caplin v. Marine Midland Grace Trust Co. of New YorkCourt of Appeals for the Second Circuit · 1971
6 more not listed; retrieve them via the Exa API.