In re Zimmerman & Forshay
In re Zimmerman & Forshay
Opinion of the Court
TMs is a companion ease to In re Gubelman, Ex parte First National Bank of Trinidad, 13 F.(2d) 732, decided herewith. There are some differences in fact:
The bankrupts, as drawers, remained generally liable on the draft, and had made no specific contract with the holder (or drawer)' to transfer any credit on the drawee’s books’. Thus the ease is somewhat weaker for the appellant. Nevertheless it appears to us that the skeleton of the transaction is the same. Although it is not so proved, we think that we must assume that when, on receipt of the advice, the drawee made the entries upon its books, it did so in pursuance of a pre-existing agreement with the drawers. At any rate, it is proved that the drawee advised the drawers of what it had done, and there is no evidence that the drawers protested.
Upon that assumption we tMnk that the drawers’ advice must be interpreted as a request to the drawee to transfer the credit in
Order reversed and priority awarded.
ROGERS, Circuit Judge, through illness, was unable to take part in the decision of this case, but he had provisionally voted for affirmance.
Reference
- Full Case Name
- In re ZIMMERMAN & FORSHAY. Ex parte GRAY
- Cited By
- 1 case
- Status
- Published