Robinson v. Security Trust Co.
Supreme Court of Connecticut
Suit to determine the respective rights of general and of secured creditors of the Middlesex Banking Company, an insolvent corporation in the hands of receivers, in and to collateral held by the defendant as trustee, brought to and reserved by the Superior Court in Middlesex County, Burpee, J., upon an agreed statement of facts, for the advice of this court.
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Suit to determine the respective rights of general and of secured creditors of the Middlesex Banking Company, an insolvent corporation in the hands of receivers, in and to collateral held by the defendant as trustee, brought to and reserved by the Superior Court in Middlesex County, Burpee, J., upon an agreed statement of facts, for the advice of this court. June 2d, 1897, the Middlesex Banking Company entered into an agreement with the Security Company (now Security Trust Company), under which the Security Company agreed to act as trustee of such collateral as the Banking Comany might…
1Opinion of the CourtGager, J.
This action is in the nature of an action to redeem. The question to be determined is whether the trustee may, as against the receivers, retain all of the securities deposited for a series of bonds for the benefit of the unpaid bondholders of this series, in a case where the Banking Company paid part of the bonds in the regular course of business, but was unable to surrender the bonds so paid for cancellation before default as to the remaining bonds and appointment of receivers, by reason of the fact that the bonds were in a foreign country when paid and the bank through which they were…
2Cases cited10 opinions
- Mooney v. . ByrneNew York Court of Appeals · 1900
- Vawter v. CraftsSupreme Court of Minnesota · 1889
- Reed v. JonesMassachusetts Supreme Judicial Court · 1882
- Clark v. FontainMassachusetts Supreme Judicial Court · 1883
- Clarke v. CowanMassachusetts Supreme Judicial Court · 1910
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3Cited by1 opinion
- Windsor Trust Co. v. ChampignySupreme Court of Connecticut · 1927