In re Brown
Court of Appeals for the Second Circuit
Petition to Review Order of tile District Court of the United States for the Southern District of New York. In the matter of A. O. Brown and others, bankrupts. Petition by the First National Bank of Princeton, Ill., to review an order dismissing its petition to reclaim money as a trust fund.
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Petition to Review Order of tile District Court of the United States for the Southern District of New York. In the matter of A. O. Brown and others, bankrupts. Petition by the First National Bank of Princeton, Ill., to review an order dismissing its petition to reclaim money as a trust fund. On August 13, 1908, the bankrupts, A. O. Brown & Co., who were then doing business in New York ’City as stock brokers, and are hereinafter called the brokers, received from the First National Bank of Princeton, Ill., hereinafter called the claimant, $1,787.50 for the purchase, and as the full purchase…
1Opinion of the CourtNoyes, Circuit Judge
(after stating the facts as above). The theory of the claimant is that upon the conversion of its shares by.the brokers it had the right to follow the purchase price as a trust fund. This also seems to have been the theory of the referee in bankruptcy and of the District Judge, who said in his opinion that, upon “showing that the stocks purchased by the broker were subsequently sold, he [the claimant] is in a position to rescind the whole transaction and make a claim upon his purchase money.” The District Judge also said that the claimant might follow the purchase money, but held that the…
2Cited by13 opinions
- In re BrownCourt of Appeals for the Second Circuit · 1912
- In re Walter J. Schmidt & Co.District Court, S.D. New York · 1923
- In re StewartDistrict Court, N.D. New York · 1910
- In Re KardosCourt of Appeals for the Second Circuit · 1928
- In re A. O. Brown & Co.District Court, S.D. New York · 1911
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