Turner v. Metropolitan Trust Co.
Court of Appeals for the Ninth Circuit
Appeal from the District Court of the United States for the Northern Division of the Western District of Washington; Clinton W. Howard, Judge. In the matter of the Western Steel Corporation, bankrupt. Appeal by Hester Turner, Sutcliffe Baxter, and Edgar Ames, trustees, from an order allowing the claim of the Metropolitan Trust Company of the city of New York.
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Appeal from the District Court of the United States for the Northern Division of the Western District of Washington; Clinton W. Howard, Judge. In the matter of the Western Steel Corporation, bankrupt. Appeal by Hester Turner, Sutcliffe Baxter, and Edgar Ames, trustees, from an order allowing the claim of the Metropolitan Trust Company of the city of New York. This is an appeal by the trustees in bankruptcy of the Western Steel Corporation, a bankrupt, from an order of the District Court, Western District of Washington, Northern Division, reversing an order of the referee in bankruptcy in so…
1Opinion of the CourtHunt, Circuit Judge
(after stating the facts as above). The contract between the corporation and the trust company, like many contracts of pledge, was entered into in. consideration of a cash loan by the pledgee to the pledgor. The loan was made in reliance upon the collateral and on the pledgor’s contract that the collateral might be sold and the pledge relationship ended at the time and in the mode expressly set forth in the contract of pledge; - that upon nonpayment of the note for $600,000 the trust company was authorized to sell, assign, and deliver the whole of the securities or any part thereof “at any…
2Cases cited13 opinions
- Hiscock v. Varick Bank of New YorkSupreme Court of the United States · 1907
- In re MertensCourt of Appeals for the Second Circuit · 1906
- In re the Trust Estate of Woods, Weeks & Co.Court of Appeals of Maryland · 1879
- Peacock v. PhilLipsIllinois Supreme Court · 1910
- Fidelity Insurance, Trust & Safe-Deposit Co. v. Roanoke Iron Co.U.S. Circuit Court for the District of Western Virginia · 1896
8 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- In re Burton Coal Co.District Court, N.D. Illinois · 1944
- Evans v. Robert Marsh Co., Inc.California Court of Appeal · 1931
- In re KiamieNew York Surrogate's Court · 1948
- East Tennessee Nat. Bank v. DayDistrict Court, S.D. Florida · 1934
- Gilbert v. Fosston Manufacturing Co.Supreme Court of Minnesota · 1927
2 more not listed; retrieve them via the Exa API.