In re Scheid's, Inc., 71-397.
| Decision Date | 06 April 1972 |
| Docket Number | No. 71-397.,71-397. |
| Parties | In the Matter of SCHEID'S, INC., Bankrupt. |
| Court | U.S. District Court — Eastern District of Pennsylvania |
Laputka, Bayless, Ecker & Cohn, Hazleton, Pa., for Peoples First Nat. Bank & Trust.
Wexler, Weisman, Maurer & Forman, Philadelphia, Pa., for Trustee.
On January 21, 1970, Scheid's, Inc. (the Debtor) borrowed $40,000 from People's First National Bank and Trust Company of Hazleton, Pennsylvania (the Bank), for which the Debtor gave its collateral note in the same amount to the Bank. On the following day, the Debtor gave the Bank a security interest in "All Accounts Receivable in Bulk Held by all wholesale and retail customers of the Debtor herein named * * * together with all equipment, parts, accessories, attachments, additions, and other goods, and all replacements thereof, now or hereafter installed in, affixed to or used in connection with said property." The Bank, thereafter, filed copies of the Security Agreement. In the liquidation bankruptcy proceeding which followed, the Bank filed a claim for the sum of $26,009.61 as a secured debt. The trustee filed objections on three grounds: (1) that the Proof of Claim was insufficient on its face; (2) that the Security Agreement does not cover accounts receivable; and (3) that the only security interest created, if any, by the security agreement was in the Debtor's accounts receivable existing on January 22, 1970, the date the agreement was executed by the Debtor. On January 17, 1972, the referee issued an order sustaining the trustee's objection to the allowance of the Bank's claims as a secured claim, from which the Bank filed this petition for review.
The petition for review, however, was not filed until January 28, 1972, eleven days after entry of the referee's order. Thus, before we can reach the merits, a threshold question arises as to whether the referee's order has become final. Section 39(c) of the Bankruptcy Act, 11 U.S.C. § 67(c), provides, in pertinent part, as follows:
"(c) A person aggrieved by an order of a referee may, within ten days after the entry thereof or within such extended time as the court upon petition filed within such ten-day period may for cause shown allow, file with the referee a petition for review of such order by a judge * * * unless the person aggrieved shall petition for review of such order within such ten-day period, or any extension thereof, the order of the referee shall...
To continue reading
Request your trial
-
Hellar v. Cenarrusa
... ... Red Steer Drive-Inns, Inc., 101 Idaho 94, 100, 609 P.2d 161, 167 (1980) ... The trial court listed the ... ...
- Hellar v. Cenarrusa
-
Matter of Inwood Realty Co.
...We see no reason to depart from this principle in the context of bankruptcy proceedings, and agree with the court in In re Scheid\'s, Inc., E.D.Pa.1972, 342 F.Supp. 290, 291, that, `having chosen to transmit the petition by mail service, the bankrupt assumed the risk of an untimely delivery......
-
LBL Sports Center, Inc., In re
...612 F.2d 1220, 1223 (9th Cir. 1980); Matter of Bad Bubba Racing Prods., Inc., 609 F.2d 815, 816 (5th Cir. 1980); In re Scheid's, Inc., 342 F.Supp. 290, 291 (E.D.Pa.1972); In re Plotkin, 247 F.Supp. 293, 295 (S.D.N.Y.1965). These courts have emphasized the jurisdictional nature of the ten-da......