[Download] "In Re Povill" by United States Court of Appeals for the Second Circuit * Book PDF Kindle ePub Free

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eBook details

• Title: In Re Povill
• Author : United States Court of Appeals for the Second Circuit
• Release Date : January 26, 1939
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 48 KB

Description

The chief question is whether the listing of an outlawed claim in the bankrupts schedules was an acknowledgment sufficient to revive the claim. The bankrupt filed voluntary petition in bankruptcy in December, 1937, listing Peoples National Bank as a creditor for $5,445. In due course the bank filed proof of claim for that amount, based on two demand notes made in 1928. Unless the transactions referred to below are to be deemed payments made by the bankrupt, the last payments on account of the notes occurred more than six years before bankruptcy. No other claims were filed. The bankrupt having applied for discharge, the bank entered specifications in opposition. The bankrupt countered by a motion to have the banks claim expunged as barred by the statute of limitations. In resisting the motion the bank relied on the inclusion of the claim in the schedule of debts filed by the bankrupt. The bank also gave proof that within six years prior to bankruptcy it had applied balances in a checking account maintained with it by the bankrupt against overdue interest on the notes, and that the bankrupt had made no protest when informed of such action. It urged that these transactions amounted to payments by the bankrupt within six years. The referee who heard the matter expunged the claim, and the district court affirmed.

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