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Realty Associates Securities Corp. v. O’connor, 295 U.S. 295 (1935)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Realty Associates Securities Corp. v. O’connor, 295 U.S. 295 (1935)
Realty Associates Securities Corp. v. O’Connor No. 625 Argued April 8, 9, 1935 Decided April 29, 1935 295 U.S. 295
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. The compensation of referees in bankruptcy for performance of their public duties, is limited to what is clearly warranted by law. P. 299.
2. The provision in § 40(a) of the Bankruptcy Act allowing the referee one-half of 1% upon the amount to be paid to creditors upon the confirmation of a composition, must be construed in harmony with the policy of Congress to prevent extravagance in bankruptcy administration. P. 299.
3. Bondholders of the bankrupt agreed to a composition providing for immediate payment of 15% of the par value of their bonds in cash; postponement of the time for paying the remaining principal, and reduction of interest rate, the interest to be paid only out of earnings, but to be cumulative and payable in full upon maturity of the principal. The composition also provided that they should be represented on the board of directors of the bankrupt company, and there were to be restrictions on the company’s investments and creation of new debts. Held, that "the amount to be paid" upon which the referee’s compensation should be computed under § 40(a), supra, was not the full principal amount of the bonds, but was no more than the 15% cash plus the market value of the bonds as it would be after applying the 15% in reduction of the principal. P. 300.
4. General Order XLVIII(4), which fixes the commissions of referees in proceedings under § 74 of the Bankruptcy Act, cannot control in the judicial determination of the compensation allowable in proceedings under § 12 of the act. P. 300.
74 F.2d 61 reversed; District Court, 6 F.Supp. 549, affirmed.
Certiorari, 294 U.S. 701, to review the reversal of an order of the Bankruptcy Court, 6 F.Supp. 549, fixing the compensation of a referee.
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Chicago: U.S. Supreme Court, "Syllabus," Realty Associates Securities Corp. v. O’connor, 295 U.S. 295 (1935) in 295 U.S. 295 295 U.S. 296. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=SD95A3UDR67S54H.
MLA: U.S. Supreme Court. "Syllabus." Realty Associates Securities Corp. v. O’connor, 295 U.S. 295 (1935), in 295 U.S. 295, page 295 U.S. 296. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=SD95A3UDR67S54H.
Harvard: U.S. Supreme Court, 'Syllabus' in Realty Associates Securities Corp. v. O’connor, 295 U.S. 295 (1935). cited in 1935, 295 U.S. 295, pp.295 U.S. 296. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=SD95A3UDR67S54H.
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