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Conflict of Laws Keyed to Brilmayer
Irving Trust Co. v. Maryland Casualty Co.
Citation:
83 F.2d 168 (2d Cir. 1936)Facts
Defendant, Maryland Casualty Co. (Maryland Casualty), was a Delaware company that did business in New York. Maryland Casualty was indebted to four co-Defendant surety companies; in payment of its debts, it entered into two contracts promising to transfer certain personal property and real property. The personal and real property was located in New York, Florida, Missouri, and New Jersey.
Nine months later, Maryland Casualty was forced into involuntary bankruptcy. Plaintiff, Irving Trust Co. (Irving Trust) was appointed as Maryland Casualty’s bankruptcy trustee.
Irving Trust brought suit in New York to recover the personal and real property that was transfered to the four surety companies, claiming that Maryland Casualty was insolvent or in “imminent danger of being insolvent” at the time the contracts were entered into, and that the surety companies knew or should have known that Maryland Casualty made the transfers intending to prefer the surety companies over other creditors.
The court dismissed Irving Trust’s suit, stating that section 114 of the Stock Corporation Law applied to the liability of the officers, directors, and shareholders of foreign companies for transfers made in or near insolvency, but did not make the transfers themselves unlawful. Irving Trust appealed.
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