In re McConnell

Citations

• 197 F. 438
• 1912 U.S. Dist. LEXIS 1435

Syllabus

<p>1. Tenancy in Common § 3*) — Property—.Purchase of Realty by TWo Persons — Title Acquired.</p> <p>Where two persons purchase real estate for speculation, taking a deed to themselves, and one pays the full- price under an agreement that the ■ proceeds on a resale shall reimburse him with interest on one-half of the price as evidenced by a note executed by the other, and the balance-equally divided between them, they are tenants in common only, and, in the absence of any evidence on the subject, their shares are equal.</p> <p>[Ed. Note. — For other cases, see Tenancv in Common, Cent. Dig. §§ 5-7; Dec. Dig. § 3.*]</p> <p>2. Bankruptcy (§ 155*) — Title of Trustee in Bankruptcy.</p> <p>A trustee in bankruptcy takes the interest of the bankrupt subject to all equities existing against the bankrupt in favor of third persons.</p> <p>[Ed. Note. — For other cases, see Bankruptcy, Dec. Dig. § 155.*]</p> <p>3. Tenancy in- Common (§ 4*) — Acquisition of Title — Presumptions.</p> <p>The presumption that, where a deed to two or more persons is silent on the subject, their shares are equal, is not conclusive, but may be rebutted and the true interest of each shown.</p> <p>[Ed. Note. — For other cases, see Tenancy in Common, Cent. Dig. § 4; Dec. Dig. § 4.*]</p> <p>4. Bankruptcy (§ 155*) — Interest of Tenant in Common.</p> <p>Where two persons purchased real estate for speculation and took a deed to themselves and one paid the price under an agreement that it should be repaid, with interest on one-half, on a resale, and the balance, if any, equally divided, and the other subsequently became a bankrupt, the latter’s interest, in the absence of bona fide purchasers and liens, was only to the extent of one-half of the surplus after reimbursing the former, and general creditors of the bankrupt had no claim superior to the former growing out of the form of the deed failing to disclose the actual interests of the parties.</p> <p>[Ed. Note. — For other cases, see Bankruptcy, Dec. Dig. §