Board of Trade of Chicago v. Johnson, 264 U.S. 1 (1924) (No. 90)
1924
Board of Trade of Chicago v. Johnson, 264 U.S. 1 (1924) (No. 90)
Supreme Court of the United States
1924
Case name: Board of Trade of Chicago v. Johnson Opinion filed: 1924-02-18 Docket No.: 90 Citations: • 264 U.S. 1 • 44 S. Ct. 232 • 68 L. Ed. 533 • 1924 U.S. LEXIS 2471 Case holding summaries: • where the bankruptcy statute deals with property rights regulated by state law, federal bankruptcy courts follow state law unless the language of Congress indicates a policy requiring a broader construction of the bankruptcy statute than state law would give it • "By operation of the bankruptcy law, the membership passes, subject to rules of the Exchange, to the trustee." • finding a property interest for bankruptcy purposes based on state-defined legal attributes even though state decisional law declared the interest not to be property • property rights are generally regulated by state law, but "when the language of Congress indicates a policy requiring a broader construction of the [bankruptcy] statute than the state decisions would give it, federal courts cannot be precluded by them" • property rights are generally regulated by state law, but "when the language of Congress indicates a policy requiring a broader construction of the [bankruptcy] statute than the state decisions would give it, federal courts cannot be precluded by them"
