Federal Bankruptcy

This page created 28 Aug 2011

Cobb Gellatty & Co.

Bankruptcy of Cobb Gellatty & Co., a partnership composed of Gideon Dyer Cobb, Jr., son of Gideon Dyer Cobb and Modena Chittenden Clark, and John Gellatty (also spelled Gelletty in the documents). The firm was in business in Dycusburg, Kentucky, before the Civil War, but the firm fell on hard times after the war. The firm and the two partners filed a joint bankruptcy petition on 13 Oct 1871 in the U.S. District Court in Paducah, Kentucky.

The information below was extracted from the case file no. 505, Cobb Gellatty & Co. Bankruptcy, and consists mainly of the schedules filed by the bankrupts. There are extensive documents related to the bankruptcy proceedure which are not included here. The totals and summaries included here do not exist in the original file.

The petition contains separate schedules for the firm and for each of the partners. Only the filings of the firm and Cobb are summarized here; the filings of Gellatty were not examined.

Schedule A – Debts Cobb Gellatty & Co.:

Section A-1 – Preferred debt: none

Section A-2 – Secured Debts: none

Section A-3, Unsecured Debts:

Summary:

Section A-4, Liabilities that Ought to be Paid by Others: none

Schedule B – Assets of Cobb Gellatty & Co.:

Section B-1 – Lands:

none, but G D Cobb owns several tracts of land as set out in his own personal petition to be adjudged a Bankrupt filed in this cause together with it __ his individual  statement in that matter reference is here made.

Section B-2 – Personal Property:

Part A, Cash: none

Part B, Bills of exchange, notes, etc.: I have notes all in one bundle at home & will hand them over with schedules of same to my assignee about in value: 4,000.00

Section B-3 – Choses in Action

Part A – Debts due petitioner:
            Open accounts on books estimated as worth: 3,000.00

Part B – Stocks: none

Part C – Insurance: none

Part D – Claims: none

Part B-6 – Books:
            Belonging to the firm of Cobb Gallatty & Co & in their possession:
                        Day Book
                        Journal
                        Ledger
                        Cash Book    

            There are also several ware house memorandum books number not remembered of no value

Schedule C – Debts of G. D. Cobb:

Section C-1 – Preferred debt: none

Section C-2 – Secured Debts:
Creditor: Mrs. Mary Darby of Princeton, Caldwell Co. Ky
Description: Two notes about $1920 each due Dec 71 & Dec 72, secured by mortgage on ware house & lot in Dycusburg KY – mortgage of record in Crittenden Co. clerk’s office – the nature of this mortgage is that Dr. W D Kirkpatrick of Fredonia Caldwell Co Ky is my security on the above named notes & said mortgage is made to him to indemnify him as security.

Contracted:   in Marian, Crittenden Co. Ky mortgage executed at the time.

Value of securities: the mortgaged property is worth 3,500.00

Amount of debt: about 3,840.00

Section C-3 – Unsecured Debts:

* promissory note

The twenty debts from the Cobb Gellatty & Co Schedule A are also repeated, with a cross reference note.

Summary:

Schedule D – Assets of G D Cobb:

Section D-1 – Lands:

Summary:

Section D-2 – Personal Property

Part A, Cash: none

Part B, Bills of exchange, notes, etc.

Promissory notes all together in my possession at home, but not present which I will deliver to the assignee estimated value: 1,000.00

Part C – Stock in Trade: none

Part D – Household goods and wearing apparel:

Part E – Books:

Part F – Livestock:

Part G – Carriages:

Part H – Farming stock:

Part I – Shipping: none

Part K – Machinery use in business:

Part L – Other:

Section D-3 – Choses in Action

Part A – Debts due petitioner: none

Part B – Stocks: none

Part C – Insurance:

Part D – Claims: none

Section D-4 – Exempt Property:

Section D-5 – Books:

I have no account books belonging to me personally except small memorandum book – all my personal business transactions are carried on & recorded in the books of Cobb Gallatty & Co. whose petition in bankruptcy is filed with this & here referred to

Deeds to my land here reported are of record in the County where the land lies & the originals are my possession

No deed title bonds or evidence of debts property or assets of value held by others in trust for me

Certification of bankruptcy:

by Charles S Marshall, one of the Registers of the District Court in Bankruptcy, 16 Oct 1871; set first meeting of creditors 22 Nov 1871.

Petition of Assignee to dispense with advertising except by handbills:

Filed 20 Nov 1872.

Tracts of land in Crittenden & Lyon Counties, surveyed off, to be sold in small parcels. Because of many small parcels and difficulty of correct description, newspaper advertising would be expensive and without benefit, can be better and cheaper advertised by printed handbills posted and circulated through Crittenden Co. and counties adjacent. There is no newspaper printed in Crittenden Co. Asks court to agree.

Report A:

Report of Assignee on Sale of Estate of G. D. Cobb, dated 1 Jan 1873.

After advertising time, place, terms of sale, and particular properties to be sold, did in front of James Clifton’s Store in Dycusburg on 25 Nov 1872 sell at public sale, for one third cash, one third at six months, and one third at twelve months:

The lands were in large individual tracts and were surveyed off into smaller tracts. There was a large attendance of people and bidders at the sale. Handbills were printed and posted in the most public places in Lyon, Crittenden, Christian, McCracken and Caldwell Counties, and at St. Louis, Louisville, Pitsburg, Cincinnati, Evansville and other cities.

Report F:

Report of Assignee on Lien, dated 1 Jul 1873

G D Cobb was the owner of about eleven hundred acres of land, known as the G D Cobb home tract, on which he resided and had resided for years, in Crittenden Co.

Bought from William and John Kelly, on which there was a lien for six hundred dollars and interest at six per cent from 12 May 1870, subject to a credit of one hundred and fifty dollars paid by Cobb 9 May 1870.

Notes assigned to F H Skinner of Eddyville by William & John Kelly. Assignee examined records and finds lien solid and binding; met with Skinner Oct 1872, who agreed land should be sold with lien debt, transferred lien, to be first paid out of proceeds of sale. Proceeds realized largely are the amount of the lien.

Refers to proof of claim probated by Skinner filed 17 Oct 1872; prays for payment of lien claim.

Notes:

• I have copies of each of the pages extracted above. Please contact me for clarification or copies, using the link below.

• The original records are handwritten, in some cases faded, and some films of poor quality. Errors no doubt were made.

• Source: Abstracts were made from case file no. 505, Bankruptcy Case Files, Act of 1867, Records of the U.S. District Court, Record Group 21, Western District of Kentucky, Paducah Term, National Archives and Records Administration, Southeast District, Morrow, Georgia

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