Uploaded March 2025 | Updated September 2026, 2 weeks ago
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Irving Trust Co. v. Maryland Casualty Co.
United States Court of Appeals for the Second Circuit
83 F.2d 168 (1936)
One company transferred land in four different states just before going belly up, and the bankruptcy trustee couldn't stomach the transfers. In Irving Trust Company versus Maryland Casualty Company.
A Delaware company conducted business in New York and owed four surety companies money. Those parties executed contracts for repayment of the debts through the transfer of real and personal property.
Most of the parcels of real property were in New York, but four parcels were in other states.
One out of state parcel included chattel, like supplies and furniture that would be transferred under the contract. The contract stipulated that the transfers, like deed delivery, would occur in New York. Months after the transfers, an involuntary bankruptcy petition was filed against the Delaware company.
The court determined the company was bankrupt and appointed Irving Trust Company as the trustee to oversee the bankruptcy.
Irving filed a bill in equity against Maryland Casualty and the other transferees, citing section one fourteen of New York Stock Corporation Law. According to Irving, the Delaware company knew or should have known it was insolvent or in imminent danger of insolvency, but it made the transfers to favor the transferees over its other creditors.
Irving asked the court to void the transfers so Irving would have more assets to pay creditors.
The court dismissed Irving's bill, reasoning that the section only imposed liability on a foreign company's officers who made unlawful transfers and did not void the transfers themselves.
Irving appealed to the second circuit.
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Get more case briefs explained with Quimbee. Quimbee has over 42,700 case briefs (and counting) keyed to 988 casebooks ► quimbee.com/case-briefs-overview
Irving Trust Co. v. Maryland Casualty Co.
United States Court of Appeals for the Second Circuit
83 F.2d 168 (1936)
One company transferred land in four different states just before going belly up, and the bankruptcy trustee couldn't stomach the transfers. In Irving Trust Company versus Maryland Casualty Company.
A Delaware company conducted business in New York and owed four surety companies money. Those parties executed contracts for repayment of the debts through the transfer of real and personal property.
Most of the parcels of real property were in New York, but four parcels were in other states.
One out of state parcel included chattel, like supplies and furniture that would be transferred under the contract. The contract stipulated that the transfers, like deed delivery, would occur in New York. Months after the transfers, an involuntary bankruptcy petition was filed against the Delaware company.
The court determined the company was bankrupt and appointed Irving Trust Company as the trustee to oversee the bankruptcy.
Irving filed a bill in equity against Maryland Casualty and the other transferees, citing section one fourteen of New York Stock Corporation Law. According to Irving, the Delaware company knew or should have known it was insolvent or in imminent danger of insolvency, but it made the transfers to favor the transferees over its other creditors.
Irving asked the court to void the transfers so Irving would have more assets to pay creditors.
The court dismissed Irving's bill, reasoning that the section only imposed liability on a foreign company's officers who made unlawful transfers and did not void the transfers themselves.
Irving appealed to the second circuit.
Want more details on this case? Get the rule of law, issues, holding and reasonings, and more case facts here: quimbee.com/cases/irving-trust-co-v-maryland-casualty-co
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