Moore v. Bay
United States Supreme Court
284 U.S. 4 (1931)
- Written by Eric Miller, JD
Facts
A corporation that sold automobiles (the corporation) executed a mortgage on its inventory, furniture, showroom, and equipment. The mortgage failed to comply with the provisions of state law and was thus avoidable as a fraudulent transfer, but only to creditors of the corporation who became creditors between the date of the mortgage’s execution and the date of its recording. Those who became creditors after the recording date (the later creditors) could not avoid the mortgage at state law, because they had had legal notice of the transfer. The corporation filed for bankruptcy. The federal district court held that the mortgage was effective against the later creditors, and the court of appeals affirmed. William Moore, the trustee in bankruptcy, appealed. The United States Supreme Court granted certiorari.
Rule of Law
Issue
Holding and Reasoning (Holmes, J.)
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