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The Federal Reporter; With Key-Number Annotations ... Volume 212

The Federal Reporter; With Key-Number Annotations ... Volume 212


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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914 edition. Excerpt: ...money from the trust company within the four months preceding the filing of this petition, and concurrently gave as collateral security for the loan assignments of accounts due to it to an amount in excess of the loan received, upon a form of note furnished by the trust company, which permitted the trust company to apply the surplus security upon antecedent indebtedness of the borrower. Practically all of the assigned accounts proved good, and in each of the five instances relied on the trust company subsequently collected an excess' of collateral and under the terms of its notes applied such excess to the payment of the respondent's past indebtedness to it, which was of substantial amount. The excess of collateral received by the trust company varied on the different loans from 7 per cent, to 14 per cent, and averaged about I2y2 per cent.; the total amount loaned being $16,300, the total collateral $18,626, and the total surplus $2,026. The respondent's financial condition had become difficult as early as the latter part of December, 1911. Under date of January 1, 1912, an examination of its affairs and a report on its condition was made by expert accountants and submitted to the trust company and to several others of its principal, creditors. On April 25, 1912, it agreed in writing with a committee of three, representing certain creditors, to conduct its business under their "joint direction," to make no transactions without their approval, and "more especially we will not contract any bills, nor contract any debts or pay any bills, or prefer one creditor to any other, and at any time that you will jointly request, we will place our affairs in your hands." Mr. Sears, of Wellington, Sears & Co., was soon afterward...


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Product Details
  • ISBN-13: 9781235254789
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 622
  • Spine Width: 32 mm
  • Width: 189 mm
  • ISBN-10: 123525478X
  • Publisher Date: 01 Jan 2013
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 1093 gr


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