Show SEATS ON CHANGE NOT SUBJECT TO NEW YORK April Apri 23 JustIce 23 Justice Fitzgerald Fitzgerald Fiz- Fiz Fitz Fitz- I gerald in the Supreme court has signed an order setting the rights of the various creditors of a bankrupt brokerage firm The ruling will wi be of interest to stock exchanges exchanges throughout the country The contest was between those creditors cred cred- who were members of the stock exchange and as such said that they were entitled to the pro rata amount on their full claims in the distribution of the general assets assets of the firm in addition addition addition ad ad- to what they received from the proceeds from the sale ale of the firms firm's Seat sat on the exchange and those c creditors creditors credi credi- ei- ei tors tors who were not members of th the ex exchange exchange ex- ex change chane and declared that the amounts received from the sale of the seat I should be deducted from their claims before they were proved to the assignee Justice Fitzgerald decided decide that the stock exchange creditors were entitled to recover all al the they could on their full ful claims from the general assets of an assigned firm and in addition additon were entitled entitled en en- titled under the rules of the exchange to share In the proceeds of the sale of the seat of an assigned member provide provided pro pro- vided vide that the total recovered by any creditor from the two funds did not exceed the total of his claim caim He further further further fur fur- ther ruled that not only were members members entitled to share in the proceeds of the sale of a seat if they were creditors of ofa ofa ofa a member who had made madean an assignment assignment assign assign- ment meat but that the firms of which one partner was a member were entitled to share in the proceeds of the sale of the seat of a member who was indebted to the firm |