Drozda v. Galbraith

Citations

• 195 F. 926
• 1912 U.S. App. LEXIS 1446
• 115 C.C.A. 614

Syllabus

<p>Bankruptcy (§ 308*)—Claims—General Creditors.</p> <p>Pursuant to the articles of incorporation of the bankrupt and its bylaws, a contract was made between it and the claimant, by which the latter sold to the corporation Ms stock of merchandise, valued at $5,-427.36. and agreed to take In pay therefor excess shares of the stock of the corporation, which by the terms of the articles of incorporation, its by-laws, and the contract were to remain in the control of the corporation and sold by it, the proceeds to be paid to the claimant. Enough had been sold to pay to claimant $2,391.12, when the corporation went into bankruptcy. Reid, that claimant under such transaction did not become a general creditor of the corporation so as to authorize proof of his claim for the balance against the bankrupt’s estate.</p> <p>LEd, Note.—For other cases, see Bankruptcy, Gent. Dig. §§ 496-507; Dec. Dig. S 308.*]</p>