[DOWNLOAD] "In re Xonics Inc." by United States Court of Appeals for the Seventh Circuit # eBook PDF Kindle ePub Free
eBook details
- Title: In re Xonics Inc.
- Author : United States Court of Appeals for the Seventh Circuit
- Release Date : January 26, 1987
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 55 KB
Description
Both Elscint, Inc., and First Wisconsin Financial Corp. had security interest in receivables of Xonics Medical Systems, Inc., one of a group of related corporations. Elscint acted as collection agent for itself and First Wisconsin, paying over funds attributable to the accounts in which First Wisconsin had an interest. After the Xonics group filed petitions in bankruptcy, Elscint asked the bankruptcy court to appoint the U.S. Trustee as an escrow agent to hold the proceeds. The court did so, but after four months the Trustee asked to be relieved of the duty. In July 1984 the bankruptcy court approved, and entered as an order of the court, an agreement between Elscint and First Wisconsin under which American National Bank and Trust Co. of Chicago held the funds. The Bank was to keep the funds until the claimants lawyers certified that they had "reached agreement on the ownership and manner of distribution thereof."