Case Name: In re BELL PIANO CO.
Court: United States District Court for the Southern District of New York
Jurisdiction: United States
Decision Date: 1907-02-05
Citations: 155 F. 272
Docket Number: 
Parties: In re BELL PIANO CO.
Judges: 
Reporter: Federal Reporter
Volume: 155
Pages: 272–272

Head Matter:
In re BELL PIANO CO.
(District Court, S. D. New York.
February 5, 1907.)
Bankruptcy — Declaration op Dividends — Time por Final Dividend.
' Where-all the known assets of a bankrupt estate have been collected and reduced to money, a final dividend tnay be declared, under Bankr. Act July 1, 1898,' c. 541, § 65b, 30 Stat. 563 [U. S. Comp. St. 1901, p.' 3448], as amended in 1903 (Act Feb. 5, 1903, c. 487, § 15, 32 Stat. 800 [U. S. Comp. St. Supp. 1905, p. 690]), at any time after the expiration of three months from the declaration of the first dividend; and any creditor who has not then proved his claim is debarred from participating in the fund.
In Bankruptcy. On review of referee’s decision.
■Stern, Singer &■ Barr, for the Motion.

Opinion:
HOUGH, District Judge.
In 'my- opinion the decision in Re Stein (D. C.) 1 Am. Bankr. Rep. 662, 94 Fed. 124, states the true interpretation: of the act, and the amendment of Act July 1, 1898, c. 541, § 65b, 30 Stat. 563 [U. S. Comp-. St. 1901, p. 3448], by Act Feb. 5, 19.03,: c.-487, §"15, 32 Stát. 800 [-U. S. Comp. St. Supp. 1905, p. 690], -strengthens Judge Baker's opinion. To say that the final- dividend shall not be-declared-within three months after the first dividend is declared does, in my judgment, hold by implication that-a final dividend may be declared, on the expiration of three months from-the' time of the first dividend:. All creditors must have notice of the final meeting, and if the .creditors who have not yet proved their claims- do not then prove them .they may then lawfully, as well as juétly, be debarred from participation in the funds in .hand when the final meeting is held.
The matter is remanded to the referee, with, instructions to comply with the petition of the trustee.