In re Triangle S. S. Co.
District Court, S.D. New York
In Bankruptcy. In the matter of the Triangle Steamship Company, alleged bankrupt. On demurrer to petition by the Federal Trade Banking Corporation. Demurrer by a creditor to an involuntary petition which alleged that two of the three petitioning creditors had security in the form of maritime liens upon vessels, which were valueless as security.
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In Bankruptcy. In the matter of the Triangle Steamship Company, alleged bankrupt. On demurrer to petition by the Federal Trade Banking Corporation. Demurrer by a creditor to an involuntary petition which alleged that two of the three petitioning creditors had security in the form of maritime liens upon vessels, which were valueless as security. The .acts of bankruptcy were as follows: “I. * * * That said alleged bankrupt paid certain claims, demands, accounts, and indebtedness to Foreign Trade Banking Corporation, and several persons, firms, and corporations, creditors of said alleged…
1Opinion of the CourtLearned Hand, District Judge
(after staling the facts as above). The demurrer presents two questions: First, of the allegations touching the security held by two of the petitioning creditors; second, of the sufficiency of the acts of bankruptcy. The allegation that the admiralty liens are of no value is enough. The liens may theoretically exist, but section 59b of the Bankruptcy Act (Comp. St. § 9643) means that it is the actual value of the security which counts, and if the vessels have left the jurisdiction and will not return the security may in fact be of no value, because it will be impracticable to realize on the…
2Cases cited5 opinions
- In re Sig. H. Rosenblatt & Co.Court of Appeals for the Second Circuit · 1912
- In re NelsonDistrict Court, W.D. Wisconsin · 1899
- In re BlumbergDistrict Court, E.D. Pennsylvania · 1904
- In re Pure Milk Co.District Court, S.D. Alabama · 1907
- In re Mason-Seaman Transp. Co.District Court, S.D. New York · 1916
3Cited by5 opinions
- Glint Factors, Inc. v. SchnappCourt of Appeals for the Second Circuit · 1942
- In Re FullerCourt of Appeals for the Second Circuit · 1926
- In re Diamond Fuel Co.Court of Appeals for the Second Circuit · 1922
- In re Triangle S. S. Co.District Court, S.D. New York · 1920
- Glint Factors, Inc. v. SchnappCourt of Appeals for the Second Circuit · 1942