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- W49416697 abstract "The facts were simple enough. Long prior to Quaker City's bankruptcy, a bank and another lender had advanced moneys to Quaker City, taking as security chattel mortgages on certain of its goods. The chattel mortgages were given for full value and in good faith, and were duly and promptly recorded. When bankruptcy supervened, the only asset was the proceeds of the sale of the mortgaged property. There were four sets of claims to the fund : ( 1 ) the chattel mortgage holders, who were prior in time to any of the claimants; (2) the bankrupt's landlord, who had made a distraint for rent under the Pennsylvania law but had not sold any of the property; (3) various wage claimants; and (4) administration expenses. Under Pennsylvania law, a distraining landlord takes precedence over a chattel mortgage upon the proceeds of the bankrupt * tenant's goods on the demised premises. The proceeds were insufficient to meet all these claims, let alone anything for general creditors. Both as an original legal proposition and in economic fairness, one would suppose that the chattel mortgagees would be accorded first claim (junior to the landlord) upon the fund, but the court relegated the bank and the other lender to the bottom of the heap, and directed payment in the following order : first, the administration expenses, in full; second, the wage claimants, to the extent that they were entitled to priority under section 64a of the Bankruptcy Act; third, the landlord; and fourth, the chattel mortgagees. Since the proceeds were insufficient to cover the administration expenses and the wage claimants, the landlord and the chattel mortgagees received nothing. Upon what theory was this extraordinary result reached ? In order to understand it, one must delve into a little history. Prior to the enactment of the Chandler Act in 1938, many states took advantage of the language of section 67 of the Bankruptcy Act as it then stood," @default.
- W49416697 created "2016-06-24" @default.
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- W49416697 date "2016-01-01" @default.
- W49416697 modified "2023-09-23" @default.
- W49416697 title "A PUZZLEMENT: THE QUAKER CITY UNIFORM CASE, ITS IMPACTS AND AFTERMATHS" @default.
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