15 F. 789 | D.N.J. | 1883
The bankrupt is a certificated member of the New York Produce Exchange, and the only question presented by his bill is, whether his membership in that institution is an asset, available to his creditors, through his assignee, or not. If it is, the order made by the district court, of which the bankrupt complains, was right. I regard the question as conclusively settled by the opinion of the supreme court in Hyde v. Woods, 94 U. S. 523. Mr. Justice Miller, speaking for the court, there says:
“ There can be no doubt that the incorporeal right which Eeun had to this seat when he became bankrupt was property, and the sum realized by the assignees from its sale was valuable property. Mor do we think there can be any reason to doubt that, if he had made no such assignment, it would have passed subject to the rules of the stock board, to his assignee in bankruptcy, and that, if there had been left in the hands of the defendants any balance, after paying the debts due to the members of the board, that balance might have been recovered by the assignee.”
It is futile to contest the authoritativeness of this statement by the criticism that it was unnecessary to the decision of the question be
Begarding the opinion, then, as authoritative, it rules this case, and it is, therefore, ordered that the bill be dismissed with costs.