BANKRUPTCY - CLAIMS AGAINST BANKRUPT INDORSERS

Authors

Abstract

Bankrupts were indorsers of promissory notes payable to claimants. None of these notes was due before the filing of the petition in bankruptcy and some of them did not mature within the year following adjudication during which proof of claims may be made. The court of appeals for the sixth circuit held that claimants could not prove on the indorsements because their claims were contingent. Held, that the claim was one "founded upon a contract express or implied," and provable even though not due until after the year allowed for proof of claims, the requirement of presentment and notice of dishonor, being entirely within claimants' power, was not sufficient to render the claim contingent and not provable. Maynard v. Elliott, 283 U.S. 273, 51 Sup. Ct. 390, 75 L. ed. 518 (1931).

Recommended Citation

BANKRUPTCY - CLAIMS AGAINST BANKRUPT INDORSERS, 30 Mich. L. Rev. 614 (1932).
Available at: https://repository.law.umich.edu/mlr/vol30/iss4/11