In re Jacob Berry & Co.
Decision Date | 09 November 1909 |
Docket Number | 39. |
Citation | 174 F. 409 |
Parties | In re JACOB BERRY & CO. |
Court | U.S. Court of Appeals — Second Circuit |
Francis M. Applegate, for petitioner.
James Schell & Elkus (R. P. Lewis, of counsel), for respondent.
Before LACOMBE, COXE, and WARD, Circuit Judges.
This is a petition to revise an order of the District Court confirming the report of a special master to the effect that the petitioner had elected to prove against the estate for the value of stock wrongfully hypothecated by the bankrupts and therefore could not subsequently claim the stock or its profits specifically.
It is to be inferred from the opinion of the Supreme Court in Thomas v. Taggart, 209 U.S. 385, 28 Sup.Ct. 519, 52 L.Ed. 845, that a creditor who does this without making any reservation has finally elected his remedy. In that case arising out of this same bankruptcy, the creditor proved a claim for the value of stocks wrongfully hypothecated by the bankrupts, but expressly reserved his right, notwithstanding, to recover the certificates or their proceeds.
The court said:
If the record in this matter showed that the petitioner made his claim without knowledge of all the facts, or even in ignorance of his legal rights to follow the certificates or their proceeds, the situation might be different; but it does not. On the contrary, the...
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... ... deliberately waived his right to assert his title to the ... stock, and elected to recognize the validity of its transfer ... In re Jacob Berry & Co., 174 F. 409, 410, 98 C.C.A ... 360; Thomas v. Taggart, 209 U.S. 385, 392, 28 ... Sup.Ct. 519, 52 L.Ed. 845. The assertion of the ... ...
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