Brackett v. Middlesex Banking Co.
Supreme Court of Connecticut
Applications by two trust companies acting as trustees of collateral placed in their hands to secure outstanding obligations of the Middlesex Banking Company, and a like application by the receivers of the last-named company, praying for an order defining and determining the relative rights of the receivers and of said trust companies in and to said collateral, and as to how and by whom such collateral should be collected and administered, brought to and heard by the…
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Applications by two trust companies acting as trustees of collateral placed in their hands to secure outstanding obligations of the Middlesex Banking Company, and a like application by the receivers of the last-named company, praying for an order defining and determining the relative rights of the receivers and of said trust companies in and to said collateral, and as to how and by whom such collateral should be collected and administered, brought to and heard by the Superior Court in Middlesex County, Gager, J.; facts found and decree passed authorizing the collection and administration of…
1Opinion of the CourtWheeler, J.
The trial court regarded the important point in this controversy to be whether the receivers or the trustees should collect this collateral. It decided in favor of the receivers upon what it considered the equities of the situation. It found the receivers were not antagonistic in interest to the debenture holders, since their interest in the collateral lay in liquidating it so as to create a surplus beyond the sum required to pay the debenture-holders. Its main reliance was, as is that of the receivers upon this branch of the case, in the fact that the receivers have under their control the…
2Cases cited7 opinions
- In re Wilcox & Howe Co.Supreme Court of Connecticut · 1898
- Ruggles v. . ChapmanNew York Court of Appeals · 1874
- In Re the Voluntary Dissolution of the Home Provident Safety Fund Ass'nNew York Court of Appeals · 1891
- Merwin v. AustinSupreme Court of Connecticut · 1889
- Matter of B.G.E. Co.New York Court of Appeals · 1894
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3Cited by15 opinions
- Deaton v. . Elon CollegeSupreme Court of North Carolina · 1946
- Deaton v. Board of Trustees of Elon CollegeSupreme Court of North Carolina · 1946
- City of Philadelphia v. LiebermanCourt of Appeals for the Third Circuit · 1940
- Powell v. Maryland Trust Co.Court of Appeals for the Fourth Circuit · 1942
- In Re Application of SmithSupreme Court of Connecticut · 1946
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