In re Ansley Bros.

Citations

• 153 F. 983
• 1907 U.S. Dist. LEXIS 317

Syllabus

<p>1. Bankruptcy — Exemptions—Allowance—Concealment.</p> <p>Where the bankrupts failed to make a full disclosure of their personal property, but the amount of the concealment could not be ascertained, the trustee should not allow their personal property exemptions until all of the personal property had been accounted for, except on the order of the court.</p> <p>2. Same — Conversion—Deduction from Exemption.</p> <p>Where the bankrupts converted $100, which was derived from the sale of goods between the time of the filing of the petition for adjudication and the time when property was taken into custody by the deputy marshal, such sum should be deducted from the bankrupts’ exemptions.</p> <p>3. Same — Exempt Property — Sale.</p> <p>Where personal property which the bankrupts were entitled to claim as exempt was sold at the bankrupts’ request that cash be allowed them, instead of the property, the bankrupts should be charged with their percentage of the difference between the proceeds of the property and its appraised value as against the amount of their exemptions.</p> <p>4. Same — Preferences.</p> <p>Where, within a month prior to the filing of a bankruptcy petition, the bankrupts delivered certain goods to their father and another in part</p> <p>. payment of unsecured debts, such payment was an invalid preference, and the trustee was entitled to recover the goods or their value from the transferees.</p> <p>5. Same — Exemptions—Sale.</p> <p>Const. N. C. art. 10, § 1, declares that the personal property of any resident to the value of $500, to be selected by such resident, is exempt from sale under execution for the collection of debt. Held, that such exemption is in property, and not money, so that, where a bankrupt resident of such state desires to claim his exemption in money, he must select property of the value of $500, which may then be sold, and the proceeds paid to him in cash.</p>