(Download) "Vallette v. City of Vero Beach" by United States Court of Appeals for the Fifth Circuit * eBook PDF Kindle ePub Free
eBook details
- Title: Vallette v. City of Vero Beach
- Author : United States Court of Appeals for the Fifth Circuit
- Release Date : January 22, 1939
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 61 KB
Description
In the District Court under Chapter IX of the Bankruptcy Act as amended June 22, 1938, 11 U.S.C.A. § 403, an interlocutory decree was made confirming a plan for the composition of the debts of City of Vero Beach, Florida. Four creditors appeal, three of whom had before the filing of the petition on Aug. 2, 1938, obtained judgments on their securities and mandamus absolute for the levy of taxes to pay them, and the fourth held only interest coupons which matured prior to Jan. 1, 1935. They contended in the court below and here contend that creditors having judgments and mandamuses are in the position of secured creditors having a vested right in the taxes severally ordered to be levied, of which the Act does not and constitutionally could not deprive them, and that they should have been put in a separate class or classes and no plan confirmed which affected their claims without a two-thirds majority consent of such classes. The coupon-holding creditor contends the plan was not fair and equitable as to him because of its treatment of interest which accrued prior to Jan. 1, 1937. The appellants all attack the plan as unlawfully and excessively compensating R. E. Crummer & Co., called herein the Fiscal Agent, for expenses and services in the preparation and consummation of the plan. Other contentions will be stated in the discussion which follows.