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Bankruptcy - Voidable Preferences - Transfer Perfected Within Four Months Of Bankruptcy, Elizabeth Durfee
Bankruptcy - Voidable Preferences - Transfer Perfected Within Four Months Of Bankruptcy, Elizabeth Durfee
Michigan Law Review
Two recent cases, Adams v. City Bank & Trust Co., and In re Quaker City Sheet Metal Co., both involving section 60 of the Chandler Act, bring to the fore a question of interpretation of that section which has bothered Congress and courts and lawyers for some forty years. The bankrupt executes a mortgage to secure repayment of a present loan, but the recording of the mortgage is withheld until a later date, and finally takes place within four months of bankruptcy. Or, as in the Quaker City case, he assigns a chose in action to the creditor …
Bankruptcy - Reorganization - Nature Of Farmer-Debtor's Right To Adjudication Under Section 75 (S), Louis C. Andrews, Jr.
Bankruptcy - Reorganization - Nature Of Farmer-Debtor's Right To Adjudication Under Section 75 (S), Louis C. Andrews, Jr.
Michigan Law Review
Plaintiff, a farmer, filed his original petition May 3, 1934, under section 74 of the Bankruptcy Act. Eleven months later he amended his petition, seeking relief under section 75 (a)-(r). Until March 2, 1940, no progress was made, and at that time the plaintiff sought adjudication under subsection (s). The district court entered an order that the petition be denied and the mortgagee's title recognized. The circuit court of appeals affirmed, stating that the petitioner had an affirmative duty to proceed diligently in obtaining a composition and extension agreement under subsections (a)-( r). Held, reversed. The benefits of section …