Atwater v. Guernsey - 254 U.S. 423 (1921)
U.S. Supreme Court
Atwater v. Guernsey, 254 U.S. 423 (1921)
Atwater v. Guernsey
Submitted December 14, 1920
Decided January 3, 1921
254 U.S. 423
Petitioner advanced his son the money to buy a seat in the New York Stock Exchange and to pay the initiation fee, executing releases to the son which were filed with the Exchange in compliance with its rules, and the son paid interest on the amount advanced. The evidence showed that the advance was intended as a gift, and that the interest was paid as a moral obligation merely. Held, irrespective of the technical operation of the releases, that the petitioner had no valid claim to reimbursement against the trustee of the son's firm in bankruptcy.
266 F. 278 affirmed.
The case is stated in the opinion.