Taney v. Penn Nat. Bank

Citations

• 187 F. 689
• 1911 U.S. App. LEXIS 4212

Syllabus

<p>1. FRAUDULENT CONVEYANCES (§ 148*)-PERSONAL PROPERTY — RETENTION OF Possession by Heller — Daw of Pennsylvania.</p> <p>By the law of Pennsylvania, as established by the decisions of its Supreme Court, retention of possession by the vendor of personal property sold or otherwise transferred is fraudulent in law whenever the subject of the transfer is capable of delivery, and no honest and fair reason beyond the convenience of the parties can be assigned for the vendor not giving up, and the purchaser taking, possession. But fraud is not imputed where the subject of the sale is not reasonably capable of actual delivery, or where delivery is made in accordance with the usages of the trade or business in which the sale was made.</p> <p>[Ed. Note. — For other cases, see Fraudulent Conveyances, Cent. Dig. §§ 548, 549; Dec. Dig. § 148.*]</p> <p>2. Bankruptcy (§ 140*) — Property Passing to Trustee — Whisky in Drstillery Warehouse — Transfer of Warehouse Receipts.</p> <p>A distilling company’s warehouse receipts, calling for whisky stored in its distillery warehouse, which is in practical effect, under the internal revenue laws, in the custody of the United States, and incapable of delivery by the distiller without payment of the tax, represent the property itself, and their transfer to a purchaser or pledgee in good faith, together with the gauger’s certificates, in accordance with the usages of the business. under the law of Pennsylvania operates as a delivery of the whisky, aifd, if made more than four months prior to the bankruptcy of the distiller, the sale or pledge is valid as against its trustee.</p> <p>[Ed. Note. — For other cases, see Bankruptcy, Dec. Dig. § 140.*J</p> <p>Internal Revenue (§ 2-4*) — Warehouse Receipts — Transfer—Distillery.</p> <p>The, relation between a distiller and the officers of the government in custody of the whisky in his distillery warehouse is sui generis. It is prescribed by law, and is not contractual, and warehouse receipts issued by