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WRAGG V. FEDERAL LAND BANK, 317 U. S. 325 (1943)

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U.S. Supreme Court

Wragg v. Federal Land Bank, 317 U.S. 325 (1943)

Wragg v. Federal Land Bank

No. 172

Argued December 10, 1942

Decided January 4, 1943

317 U.S. 325

Syllabus

1. A farmer-debtor, whose petition under § 75 of the Bankruptcy Act has been dismissed and whose application to reopen the proceeding has been denied, may initiate a new proceeding under § 75 where he retains a property interest which could be administered in such a proceeding. P. 317 U. S. 327.

2. The statutory right of a farmer-debtor, in Alabama, to redeem after foreclosure of a mortgage, whether it be denominated a property right or a privilege, is an interest within the jurisdiction of the bankruptcy court, and capable of administration under § 75 of the Bankruptcy Act. Pp. 317 U. S. 328-329.

3. Section 75 of the Bankruptcy Act prescribes its own criteria for determining what property interests may be brought within the jurisdiction of the court. In the interpretation and application of the Bankruptcy Act as in the case of other federal statutes, federal, not local, law applies. P. 317 U. S. 328.

125 F.2d 1003 reversed.

CERTIORARI, post, p. 608, to review the affirmance of a judgment of the bankruptcy court (34 F.Supp. 374) which denied an application to reopen a proceeding under § 75 of the Bankruptcy Act or for permission to begin a new proceeding under that Section.





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