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.”
The debtor owned a seat on . . .
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