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AUSTIN v. NATIONAL DISCOUNT CORPORATION

No. 8979.

322 F.2d 928 (1963)

William F. AUSTIN, Chief Insurance Commissioner of South Carolina, as Receiver for National Fidelity Insurance Company, Title Insurance and Guaranty Company and Cudd & Coan Underwriters, Inc., and also as Trustee for Atlantic Mutual Fund, Appellant, v. NATIONAL DISCOUNT CORPORATION, Bankrupt, Appellee.

United States Court of Appeals Fourth Circuit.

Decided September 4, 1963.

Attorney(s) appearing for the Case

T. Emmet Walsh, Spartanburg, S. C., and J. Monroe Fulmer, Columbia, S. C. (William H. Smith, General Counsel, South Carolina Insurance Department, Frank A. Lyles and Robert L. Stoddard, Spartanburg, S. C., on brief), for appellant.

Neville Holcombe, Spartanburg, S. C. (T. Sam Means, Jr., and Robert F. Chapman, Spartanburg, S. C., on brief), for appellee.

Before BRYAN and J. SPENCER BELL, Circuit Judges, and BARKSDALE, District Judge.

J. SPENCER BELL, Circuit Judge.

This appeal is brought to set aside a decision of the district court holding that a subordination provision in a debenture bond issue be enforced as written.

National Fidelity Insurance Company, Title Insurance and Guaranty Company, Cudd and Coan Underwriters, Inc., and Atlantic Mutual Fund are presently under the receivership or trusteeship of the Chief Insurance Commissioner of South...

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