In re Leavitt & Grant
Court of Appeals for the Second Circuit
Petitions to Revise and Appeals from Order of the District Court of the United States for the Southern District of New York. In the matter of Leavitt & Grant, bankrupts. William Marley and seven other claimants of a fund in the hands of the trustee appeal from and petition to revise an order of the District Court.
1Opinion of the Court
HAND, District Judge.
In this case the brokers wrongfully pledged securities belonging to their customers as collateral for a loan in their bank. It so happened on the day of the failure that their deposit in the bank amounted to some $12,000. Upon the failure, the bank, in accordance with a collateral note to that effect, as well as with their right at law, applied the deposit upon the note and sold the securities. The question is whether in marshaling the balance the trustee may withdraw the amount of the deposit or not. It seems to us that the case is only another illustration of the…
2Cases cited3 opinions
- Gorman v. LittlefieldSupreme Court of the United States · 1913
- Guild v. ButlerMassachusetts Supreme Judicial Court · 1879
- St. Croix Timber Co. v. JosephWisconsin Supreme Court · 1910
3Cited by4 opinions
- United States v. Ella Swaab Behrens, Individually, and as of Leo F. BehrensCourt of Appeals for the Second Circuit · 1956
- Chapin v. BrickleyCourt of Appeals for the First Circuit · 1923
- In re Gay & SturgisDistrict Court, D. Massachusetts · 1918
- In re H. B. Hollins & Co.District Court, S.D. New York · 1915