In re Tweed

Citations

• 131 F. 355
• 1904 U.S. Dist. LEXIS 199

Syllabus

<p>1. Bankrupts — Conditional Sales — Invalidity—Title.</p> <p>Orders for goods by vliicli tbe purchaser agreed that all the goods on hand, and the proceeds of the sale of goods received under the contract, were held in trust, subject to the seller’s order, until the buyer’s obligations to the seller had been paid in full, title to remain in the seller until the price shall be paid in cash, etc., were in effect conditional sales, and. being void as against creditors of the buyer without notice, for want of record and acknowledgment as required by Code Iowa 1897, § 2905, the property purchased passed to the buyer’s trustee in bankruptcy under Bankr. Act July 1, 1898, c. 541, § 70a (5), 30 Stat. 560 [ü. S. Comp. St. 1901, p. 3451], declaring that such trustee shall acquire title to all property which might have been transferred by the bankrupt, or levied on and sold under judicial process against him.</p> <p>2. Same — Resale.</p> <p>Where a buyer of carriages under a conditional sale thereafter executed an agreement by which he contracted to hold four of the carriages in trust for the seller, and that the money received from a sale of the goods should belong to the latter, such subsequent agreement, if treated as a resale of the carriages to the seller, was void as against purchasers or creditors of the buyer without notice, for failure to comply with Code Iowa 1897, § 2906, declaring that no sale or mortgage of personal property, where the vendor or mortgagor retains actual possession, is valid against the vendor’s existing creditors or subsequent purchasers without notice, unless a written instrument conveying the same is executed and acknowledged like conveyances of real estate, and filed for record with the recorder of the county where the holder of the property resides.</p> <p>3. Sequestration oe Bankrupt’s Property — Petition—Filing.</p> <p>The filing of a petition in bankruptcy operates as an attachment or sequestration of the bankrupt’s property from the date