In re T.A. McIntyre & Co.
| Decision Date | 11 August 1910 |
| Docket Number | 291. |
| Citation | 181 F. 960 |
| Parties | In re T. A. McINTYRE & CO. |
| Court | U.S. Court of Appeals — Second Circuit |
Wm. J Grace, for petitioner Grace.
Moore Bleecker & Wheeler (C. M. Bleecker, of counsel), for petitioner Ingersoll.
Esselstyn & Haughwort, for petitioner Talbot.
Nathan Burkan, for petitioner Dippel.
Wm. H Van Steenbergh, for petitioner Von Frantzius Co.
Irving L. Ernst and D. Raymond Cobb, for respondent trustees.
B. B Aylesworth, for respondent Bradley.
W. A. Mackenzie for claimants C. C. Bradley & Son.
Before LACOMBE, WARD, and NOYES, Circuit Judges.
This is another group of controversies growing out of the bankruptcy of T. A. McIntyre & Co., referred to in two other opinions handed down to-day, Burlingham v. Crouse, 181 F. 479, and Petition of Pippey, 181 F. 955. The firm on April 22, 1908, two days before bankruptcy, effected a loan of $200,000 from the National Bank of Commerce, giving as collateral therefor certain securities, some of which belonged to their customers. On April 23d some substitutions of securities were made. On the day of the failure the bankrupts had in the same bank a balance to their credit on ordinary deposit and check account of $11,924.83. The bank applied this balance toward payment of the loan, and proceeded from time to time to sell some of the collateral securities, applying the proceeds in the same way. On May 6, 1908, the loan was fully paid, and the bank held a balance of $32,177.92 in cash and some bonds and stocks, all of which were turned over to the trustees in bankruptcy. Various persons presented claims against this fund.
We agree with the District Judge that it will serve no useful purpose to discuss the details of the several claims. The report of the master is voluminous and exhaustive. His discussion of the legal questions presented is most careful and presents a very full citation of authorities. A brief statement of the separate questions which have been presented on this argument will be sufficient. The bankrupts disposed of securities which belonged to several of their customers, and deposited the proceeds in one of their general bank accounts. Their drawings exhausted their own funds therein, and also such proceeds. Subsequently deposits were made, and at the time of failure there was over $11,924.83 balance in bankrupt's favor. The proposition presented is this: When a trustee has drawn out moneys which belonged to several different persons, and thereafter makes a deposit, shall such deposit be considered as a...
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...Littlefield, 229 U. S. 19, 33 S. Ct. 690, 57 L. Ed. 1047; Duel v. Hollins, 241 U. S. 523, 36 S. Ct. 615, 60 L. Ed. 1143; In re McIntyre & Co., 181 F. 960 (C. C. A. 2); Southern Cotton Oil Co. v. Elliotte, 218 F. 567 (C. C. A. 6); Baker v. N. Y. Nat. Exchange Bank, 100 N. Y. 34, 2 N. E. 452,......
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