(DOWNLOAD) "American Finance Co. v. Coppard" by Fifth Circuit Circuit Court Of Appeals " Book PDF Kindle ePub Free
eBook details
- Title: American Finance Co. v. Coppard
- Author : Fifth Circuit Circuit Court Of Appeals
- Release Date : January 01, 1930
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 55 KB
Description
In this case it appears that the bankrupt had a contract with appellant by which appellant advanced about 90 per cent. of the cost price of automobiles when they were purchased by the bankrupt. When the cars arrived in San Antonio where the bankrupt was doing business, he would draw on appellant for the necessary amount, annexing the bills of lading and also executing what was called a trust receipt. This trust receipt acknowledged fee-simple title in appellant for the cars with permission to the bankrupt to exhibit them and sell them. On November 12, 1929, appellant, failing to obtain a settlement for amounts then due from the bankrupt, instituted suit in a state court to recover and obtained a writ of sequestration. Service was made, the writ was executed the same day, and the sheriff seized and took into his custody seven automobiles. A few hours later adjudication in bankruptcy occurred on a voluntary petition. Appellee was appointed receiver of the bankrupt estate and on November 19, 1929, filed a petition with the referee, alleging that the trust receipts executed by the bankrupt constituted chattel mortgages; that the liens thereunder, if any existed, were void as to the creditors; that the levy of the writ of sequestration had been nullified by the bankruptcy adjudication; that the claim of ownership of appellant was not bona fide and it was not a substantial adverse claim to the property; and prayed for a summary order directing any and all persons in possession of the property to deliver possession and control thereof to himself. Appellant appeared specially before the referee and filed a plea to the jurisdiction of the court to issue a summary order. The plea was overruled and appellant answered, claiming ownership by virtue of the trust receipts, and denying that the bankrupt was insolvent. The referee conducted a hearing. After taking evidence, the referee held that the claim of appellant was colorable only and not a substantial adverse claim to the property and ordered it restored to the receiver. On petition to review the order of the referee, the District Court affirmed it and this appeal followed.
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