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IN RE R & L ENGINEERING CO.

No. 94066.

182 F.Supp. 317 (1960)

In the Matter of R & L ENGINEERING CO., Inc., a California corporation, Bankrupt.

United States District Court S. D. California, Central Division.

March 25, 1960.

Attorney(s) appearing for the Case

Lloyd Tevis, Pasadena, and Turpit, Drennen & Thompson, Whittier, Cal., for petitioner on review, Frank J. Levins.

Flaxman & Coleman and Sigfried Levitt, Los Angeles, Cal., for trustee.

Gordon M. Emanuel, Beverly Hills, Cal., for bankrupt.

BYRNE, District Judge.

R & L Engineering Co. Inc. borrowed $6,700 from A. C. Ted Schwarz and as security for that indebtedness pledged to Schwarz 2¾ shares of the common stock of Slater Development Corporation. Thereafter Schwarz re-pledged these shares to Frank J. Levins, who is the petitioner on review herein, to secure a loan made by Levins to Schwarz for $3,000. As re-pledgee Levins has retained physical possession of the stock. Both debts became due...

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