Chicago Board of Trade v. Johnson, 264 U.S. 1 (1924)

By: M. Jonathan Hayes, Certified Bankruptcy Specialist, Northridge, CA

Issue:  Is a seat on the Chicago Board of Trade “property” even though the Supreme Court of the state of Illinois said it is not?  Are pre-petition restrictions on the sale of the seat enforceable against the trustee?

Holding:    Yes, “By operation of the Bankrupt Law the membership passes, subject to rules of the exchange, to the trustee for his disposition of it.”

Chief Justice William Howard Taft:

The debtor owned a seat on . . .

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