TANEY V. PENN NATIONAL BANK, 232 U. S. 174 (1914)
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U.S. Supreme Court
Taney v. Penn National Bank, 232 U.S. 174 (1914)
Taney v. Penn National Bank of Reading
No. 115
Argued December 9, 10, 1913
Decided January 26, 1914
232 U.S. 174
APPEAL FROM THE CIRCUIT COURT OF APPEALS
FOR THE THIRD CIRCUIT
In determining the relative rights of the trustee in bankruptcy and a secured creditor, the legal effect of the transaction securing the loan depends upon the local law.
The rule that physical retention by the vendor of goods capable of delivery to the vendee is a fraud per se does not apply in Pennsylvania in a transaction the inherent nature of which necessarily precludes delivery, or in which the absence of a physical delivery is excused by the applicable usages of trade.
Under the revenue laws of the United States, the government, although not strictly a bailee, is in complete control of a distillery warehouse which is in effect a bonded warehouse of the United States.