Page:Federal Reporter, 1st Series, Volume 1.djvu/181

 IK BE BTEBLINO, AHEBKS A 00. 173 �from the trustees of the Calvert Sugar Eefining Company dividends amounting to 50|- per cent., which are credited upon their claims, they will receive from the bankrupt estate dividends only upon the balance of their claims, and the let- ters of credit, upon which the trustees have paid similar div- idends as guarantors, have not as yet been proved against the bankrupt estate at ail. �It therefore appears to me that the trustees are entitled to prove for the sum of $64,398.52, which they have paid as guarantors upon the above mentioned letters of credit, and that upon an adjustmentof the account betweenthe corpora- tion and the bankrupts the balance in f avor of the corporation will represent the amount of promissory notes which the bankrupts availed themselves of in excess of the amount to which they were actually entitled, and which, in the view I have taken of the transaction, are to be regarded as of the nature of accommodation notes, and as to which, therefore, the corporation, standing in the attitude of surety, is entitled to prove for the amount actually paid by it; that is to say, for 50|^ per cent, of the said balance. �This is the conclusion I have reached after a careful con- sideration of the facts and of the cases cited, aided by the very able arguments of counsel, and it has not seemed to me that it would subserve any useful purpose for me to attempt in mere detail to state the reasons why I have not been able to adopt as applicable to this case other principles of law which were forcibly argued and pressed upon the court, but in which I have been unable to find a satisfactory solution of the very great difficulties of the case. ��� �