US LAWS, STATUTES and CODES : Chan Robles Virtual Law Library USA Supreme Court Decisions | Resolutions : Chan Robles Virtual Law Library

ChanRobles™ Virtual Law Library™ |™   
Main Index Repository of Laws, Statutes and Codes Latest Philippine Supreme Court Decisions Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Legal Resources United States Supreme Court Jurisprudence ChanRobles LawTube - Social Network

ChanRobles Internet Bar Review : DebtKollect Company, Inc. - Debt Collection Firm Intellectual Property Division - Chan Robles Law Firm

Philippine Supreme Court DecisionsChanRobles On-Line Bar Review

google search for chanrobles.comSearch for

SEXTON V. KESSLER & CO., LTD., 225 U. S. 90 (1912)

Subscribe to Cases that cite 225 U. S. 90 RSS feed for this section

U.S. Supreme Court

Sexton v. Kessler & Co., Ltd., 225 U.S. 90 (1912)

Sexton v. Kessler & Company, Limited

No. 92

Argued December 12, 13, 1911

Decided May 27, 1912

225 U.S. 90


The conduct of businessmen, acting without lawyers and in good faith, attempting to create a personal security for an actual debt should be fairly construed as actually effecting what the parties meant, and so held in this case that an escrow of securities made by a banking firm in New York to secure its drafts upon a foreign bank amounted to a lien on the securities to be preferred to the claim of the trustee in bankruptcy, notwithstanding that the New York firm retained physical power over the securities, as agent for the foreign house, and had the right to substitute other securities for those withdrawn and sold.

Under the decisions of this Court and the courts of New York, a customer has such an interest in securities carried for him by a broker that a delivery to him after the insolvency of the broker is not necessarily a preference under the bankruptcy law. Richardson v. Shaw, 209 U. S. 365.

172 F.5d 5 affirmed

The facts, which involve the question of whether, under the Bankruptcy Act of 1898, certain transfers of securities b the bankrupt constituted a fraudulent preference, are stated in the opinion. chanroblesvirtualawlibrary

Page 225 U. S. 95

ChanRobles™ LawTube

google search for Search for

Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



Browse By ->> Volume


Browse By ->> Year


  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library |™