Citizens Banking Co. v. Ravenna National Bank

Citations

• 234 U.S. 360
• 34 S. Ct. 806
• 58 L. Ed. 1352
• 1914 U.S. LEXIS 1155

Syllabus

<p>The failure by an insolvent judgment debtor and for a period of one day less than four months after the levy of an execution upon his real estate, to vacate or discharge such a levy, is not a final disposition of the property affected by the levy under the provisions of § 3a (3) of the Bankruptcy Act of 1898.</p> <p>An insolvent debtor does not commit an act of bankruptcy rendering him subject to involuntary adjudication as a bankrupt under the Bankruptcy Act of 1898 merely by inaction for the period of four months after levy of an execution upon his real estate.</p> <p>All of the three elements specified in § 3a (3) of the Bankruptcy Act of 1898 must be present in order to constitute an act of bankruptcy within the meaning of that provision.</p>