Farmers' & Mechanics' Nat'l Bank v. Ridge Ave. Bank
240 U.S. 498 (1916)

Annotate this Case

U.S. Supreme Court

Farmers' & Mechanics' Nat'l Bank v. Ridge Ave. Bank, 240 U.S. 498 (1916)

Farmers' & Mechanics' National Bank v. Ridge Avenue Bank

No. 291

Argued March 15, 1916

Decided April 3, 1916

240 U.S. 498

Syllabus

Under subsection f of § 5 of the Bankruptcy Act of 1898, and after reviewing conflicting authorities in regard to its construction, held that, when a partnership as such is insolvent and when each individual member is also insolvent, and when the only fund for distribution is produced by the individual estate of one member, the individual creditors of that member are entitled to priority in the distribution of the fund.

The facts, which involve the construction of the provisions of § 5 of the Bankruptcy Act of 1898 relative to the individual assets of a member of a bankrupt partnership and who are entitled to priority in sharing therein, are stated in the opinion.

Page 240 U. S. 501

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