In re the Judicial Settlement of the Account of First Trust & Deposit Co.

Appellate Division of the Supreme Court of New York

In re the Judicial Settlement of the Account of First Trust & Deposit Co.

256 A.D. 1031

CourtAppellate Division of the Supreme Court of the State of New York

DecidedMarch 22, 1939

StatusPublished

Cited by4 cases

This text of 256 A.D. 1031 (In re the Judicial Settlement of the Account of First Trust & Deposit Co.) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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In re the Judicial Settlement of the Account of First Trust & Deposit Co., 256 A.D. 1031 (N.Y. Ct. App. 1939).

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Opinion

Decree so far as appealed from affirmed, without costs. Memorandum: For a valuable consideration Lewis E. Ireland, in October, 1936, orally assigned to the respondent a legacy which had been bequeathed to him under the will of Emma Eckel, deceased. Such an assignment is valid. (Thurber v. Chambers, 66 N. Y. 42, 49; Hinkle Iron Co. v. Kohn, 229 id. 179, 183; Matter of Kitching, 141 Misc. 704, 706.) Ireland was adjudicated a voluntary bankrupt on May 3, 1937. There is no proof that respondent knew, or had reason to believe, that Ireland was insolvent in October, 1936. Hence the transfer was not a preference under section 60 of the Federal Bankruptcy Act. (U. S. Code, tit. 11, § 96, subd. a.) Moreover, the trustee in bankruptcy has no rights superior to those of the respondent based on the lack of record of the assignment of October, 1936, for the reason he is not a purchaser [1032]*1032within the meaning of section 32 of the Personal Property Law. (Matter of Beede, 138 Fed. 441, 445, 446; Carey v. Donohue, 240 U. S. 430, 437, 438.) All concur. (The portion of the decree appealed from settles the accounts of an executor.) Present — Sears, P. J., Crosby, Cunningham, Taylor and Dowling, JJ.

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Decree so far as appealed from affirmed, without costs. Memorandum: For a valuable consideration Lewis E. Ireland, in October, 1936, orally assigned to the respondent a legacy which had been bequeathed to him under the will of Emma Eckel, deceased. Such an assignment is valid. (Thurber v. Chambers, 66 N. Y. 42, 49; Hinkle Iron Co. v. Kohn, 229 id. 179, 183; Matter of Kitching, 141 Misc. 704, 706.) Ireland was adjudicated a voluntary bankrupt on May 3, 1937. There is no proof that respondent knew, or had reason to believe, that Ireland was insolvent in October, 1936. Hence the transfer was not a preference under section 60 of the Federal Bankruptcy Act. (U. S. Code, tit. 11, § 96, subd. a.) Moreover, the trustee in bankruptcy has no rights superior to those of the respondent based on the lack of record of the assignment of October, 1936, for the reason he is not a purchaser [1032]*1032within the meaning of section 32 of the Personal Property Law. (Matter of Beede, 138 Fed. 441, 445, 446; Carey v. Donohue, 240 U. S. 430, 437, 438.) All concur. (The portion of the decree appealed from settles the accounts of an executor.) Present — Sears, P. J., Crosby, Cunningham, Taylor and Dowling, JJ.

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256 A.D. 1031, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-the-judicial-settlement-of-the-account-of-first-trust-deposit-co-nyappdiv-1939.

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