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Ivanhoe Building & Loan Association v. Orr

295 U.S. 243 (1935)

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Ivanhoe Building & Loan Association v. Orr

United States Supreme Court
295 U.S. 243 (1935)

RW

Facts

Eastern Sash and Door Company (Eastern) assumed loan payments on an existing mortgage held by Ivanhoe Building & Loan Association (Ivanhoe) (plaintiff). Eastern later sold the mortgaged building and declared bankruptcy. The building’s new owner, Yavne, defaulted on the loan. Ivanhoe foreclosed and acquired the building, which was then worth $9,000. Ivanhoe credited the foreclosure-sale proceeds of $100 to the outstanding loan balance and sued Orr (defendant), Eastern’s bankruptcy trustee, for the remaining loan balance of $10,740. The federal bankruptcy referee agreed with Orr that, as a secured creditor, the then-current Bankruptcy Act (since replaced by the Banking Code) limited Ivanhoe’s recovery to the $1,740 difference between the $10,740 loan balance and the building’s $9,000 value. The district and circuit courts both upheld the referee’s ruling. Ivanhoe appealed to the United States Supreme Court.

Rule of Law

Issue

Holding and Reasoning (Roberts, J.)

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