In re Baumblatt

Citations

• 153 F. 485
• 1907 U.S. Dist. LEXIS 287

Syllabus

<p>Bankruptcy — Distribution of Estate.</p> <p>The owner of a saloon transferred the same, together with the good will and all property used in connection with the business, to trustees for the benefit of his creditors. The trustees transferred the stock and leased the fixtures, etc., to the bankrupt in consideration of his agreement to assume and pay the debts of the former owner. The payments were to he made 1o ihe trustees in installments, and on their completion the bankrupt was to own (lie property. The liquor license was fransferred to him, and on his subsequent bankruptcy was sold as a part of his assets. Held, that the creditors of the former owner had provable claims against the bankrupt's estate, and were entitled io share ratably with subsequent creditors therein, including the fund produced by the sale of the license; such subsequent creditors having no right of priority therein.</p> <p>¡Ed. Note. — Franchises and licenses as assets in bankruptcy, see note To Fisher v. Cushman, 43 O. C. A. 389.J</p>