Page:Federal Reporter, 1st Series, Volume 3.djvu/222

 ( �CAVANNA V. BASSBTT. 316 ���Cavanna v. Bassett and others. �(Circuit Court, N. D. Illinois. , 1880 ) �1. Composition Pbocebdikgs— Sbcubed Cebditok — Depicibnct Jxroa- MENT — Execution. — Composition proceedings do not operate to de- prive a secured crediter of the right, after exhausting his own seourity and ascertaining the amount unpaid, to assert against the bankrupt a claim for the deflciency, and such claim may he enforced through the Instrumentality of an execution issued against the property of the debtor upon the deflciency judgment. �Exceptions to Answer. �Dyee, D. J. This case is brought to the attention of the court on exceptions to an answer filed by the defendants Bas- sett and Beaver. An understanding of the precise point involved, and the manner in which it arises, requires a state- ment of the facts. On December 11, 1877, complainant aled a bill in this court to foreolose a trust deed exeouted by Bassett and Beaver to secure certain indebtedness. No defence being made to the bill, a decree of foreclosure was entered on the first day of April, 1878. Subsequently, pur- suant to the decree, the promises -were sold, and the sale -was confirmed, and the proceeds of the sale not being sufficient to satisfy the entire indebtedness secured by the trust deed, thcre was a personal judgment against the defendants for such deficiency, amounting to something over $1,200. It appears that prior to filing the bill for foreclosure, and on the twenty-third day of October, 1877, the defendants Bassett and Beaver, who had been partners in business, filed their voluntary petition in bankruptoy. In this proceeding com- plainant's claim was scheduled as secured, and as a copart- nership debt. At about the same time that their petition in ' bankruptcy was filed, the bankrupts proposed a composition to their copartnership creditors. Their propiosition was ac- cepted on the seventh day of November, 1877, and was af ter- wards ratified by the court, which order of ratification was made a considerable time before the decrea was entered in the foreclosure action. ����