Gray v. Rollo
Supreme Court of the United States
The Bankrupt Act enacts:* “ That in all cases of mutual debts or mutual credits between the parties, the account between them shall be stated, and one debt set off against the other, and the balance only shall be allowed or paid.” And a statute of Illinois* enacts- that— “ All joint obligations shall be taken and held to be joint and several obligations.”
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The Bankrupt Act enacts:* “ That in all cases of mutual debts or mutual credits between the parties, the account between them shall be stated, and one debt set off against the other, and the balance only shall be allowed or paid.” And a statute of Illinois* enacts- that— “ All joint obligations shall be taken and held to be joint and several obligations.” These statutes being in force, Moses Gray filed a bill in the court below against "William Rollo, assignee in bankruptcy of the estate of the Merchants’ Insurance Company of Chicago, to compel a set-off of alleged mutual debts. The insurance…
1Opinion of the CourtJustice Bradley
The bill being demurred to, the assent of Franklin Gray to the appropriation asked by the complainant must be taken as true; and the question is, whether set-off can be allowed in such a case as the one presented ?
The language of the Bankrupt Act, on the subject of set-off, is: “ That in all cases of mutual debts, or mutual credits between the parties, the account between them shall be stated, and one debt set off against the other, and the balance only shall be allowed or paid.” It is clear that these claims are not mutual debts. They are not between the same parties. The notes exhibit a…
2Cases cited1 opinion
- Tucker v. OxleySupreme Court of the United States · 1809
3Cited by42 opinions
- Lowden v. Northwestern National Bank & Trust Co.Supreme Court of the United States · 1936
- Beecher v. Peter A. Vogt Manufacturing Co.New York Court of Appeals · 1920
- Lowden v. Northwestern Nat. Bank & Trust Co.Court of Appeals for the Eighth Circuit · 1936
- William J. Rochelle, Jr., Trustee v. United StatesCourt of Appeals for the Fifth Circuit · 1975
- Anderson v. Stayton State BankOregon Supreme Court · 1916
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