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IN RE CIRCLE TRADING CORPORATION

No. 234.

26 F.2d 193 (1928)

In re CIRCLE TRADING CORPORATION.

Circuit Court of Appeals, Second Circuit.

May 7, 1928.

Attorney(s) appearing for the Case

Wing & Russell, of New York City (Burt D. Whedon and Richard Bennett, Jr., both of New York City, of counsel), for appellant.

John J. Schwartz, of New York City (Irving L. Ernst, of New York City, of counsel), for appellee.

Before L. HAND, SWAN, and AUGUSTUS N. HAND, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

The bank had reasonable cause to believe that the Circle Trading Corporation was insolvent when it took a bill of sale of all its tangible assets at $35,000, and the check was used to pay off notes of the Circle Trading Corporation which the bank held, representing balances due. If nothing more had been shown, there clearly would have been an illegal preference. But the bank answers the contention that these payments constituted a...

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