Citizens Banking Co. v. Ravenna Nat'l Bank - 234 U.S. 360 (1914)
U.S. Supreme Court
Citizens Banking Co. v. Ravenna Nat'l Bank, 234 U.S. 360 (1914)
Citizens Banking Company v. Ravenna National Bank
Argued March 16, 1914
Decided June 8, 1914
234 U.S. 360
The failure by an insolvent judgment debtor and for a period of one day less than four months after the levy of an execution upon his real estate, to vacate or discharge such a levy, is not a final disposition of the property affected by the levy under the provisions of § 3a(3) of the Bankruptcy Act of 1898.
An in.solvent debtor doe not commit an act of bankruptcy rendering him subject to involuntary adjudication a a bankrupt under the Bankruptcy Act of 1898 merely by inaction for the period of four months after levy of an execution upon his real estate. All of the three elements specified in § 3a(3) of the Bankruptcy Act of 1898 must be present in order to constitute an act of bankruptcy within the meaning of that provision.
Questions certified, 202 F. 892, answered in the negative.
The facts, which involve the construction of § 3a of the Bankruptcy Act of 1898, are stated in the opinion.