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S. E. C. v. ALBERT & MAGUIRE SEC. CO., INC.

No. 76-2451.

560 F.2d 569 (1977)

SECURITIES AND EXCHANGE COMMISSION v. ALBERT & MAGUIRE SECURITIES CO., INC., Robert M. Maguire, Andrew Horvat, Jr., Melvin M. Browndorf, Bertram J. Burak, Jaetano Peraisi. Appeal of INDUSTRIAL VALLEY BANK AND TRUST COMPANY.

United States Court of Appeals, Third Circuit.

Decided July 27, 1977.

As Amended August 18, 1977.

Attorney(s) appearing for the Case

Ira P. Tiger, Susan L. Carroll, Schnader, Harrison, Segal & Lewis, Philadelphia, Pa., for appellant.

Theodore H. Focht, Gen. Counsel, Securities Investor Protection Corp., Washington, D.C., for appellee, Securities Investor Protection Corp.; Wilfred R. Caron, Associate Gen. Counsel, William H. Seckinger, Senior Atty., Washington, D.C., of counsel.

Donald M. Collins, Margaret Mary Maguire, Waters, Fleer, Cooper & Gallager, Philadelphia, Pa., for appellee, Donald M. Collins, Trustee, Estate of Albert & Maguire Securities Co., Inc.; Waters, Fleer, Cooper & Gallager, Philadelphia, Pa., of counsel.

Before WEIS, STALEY and GARTH, Circuit Judges.

OPINION OF THE COURT

WEIS, Circuit Judge.

A bank receiving an assignment of a customer's claim in a Securities Investor Protection Act liquidation may not be entitled to assume that preferred status when the equities are contraindicative. After a review of the circumstances in this, a case of first impression, we conclude that the district court did not err in relegating the Bank's claim to that of a general creditor and, accordingly, affirm.

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