Turner

Bank of America Nat. Trust & Savings Ass'n v. Turner

Good Law
62 F.2d 537·1932 U.S. App. LEXIS 3213
United States Court of Appeals for the Ninth CircuitDecember 12, 1932No. 6939California4,441 words

Opinion

Lead Opinion

Sawtelle, J.

March 21, 1932, the Bastanehury Corporation, Limited, a corporation, was, on. creditors’ involuntary petition, by the District Court adjudged a bankrupt, and on the same date the matter was duly referred to-Ben E. Tarver, one of the referees of the said court.

April 26, 1932, the trustee in bankruptcy of said estate filed a petition with said referee praying for the issuance to appellant, Bank of America National Trust & Savings Association, trustee under a certain trust indenture, of an order to show cause. The petition, inter alia, alleges that in the year 1923 the bankrupt, to secure a voluntary indebtedness in the sum of $1,500,000, executed a trust indenture in which the Heilman Commercial •Trust & Savings Bank was designated as trustee, hypothecating for the payment of said indebtedness the real and personal property therein described; that it is provided in-said trust indenture that in default thereunder said trustee might enter upon the said lands and premises and operate and manage and control same; that later the appellant became and is now the trustee under said indenture; that on January 25, 1932, said last named trustee, asserting that defaults as-provided in said…

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