In re Holstein Harvey, Inc.
In re Holstein Harvey, Inc.
Opinion of the Court
An involuntary petition in bankruptcy was filed against Holstein Harvey, Inc., on the 14th day of
It appears from the oral evidence submitted in open court by the petitioner that the bankruptcy estate has a very substantial equity in the property, the mortgage being for approximately $27,900, while the estimates of value of the property run as high as $45,000 to $75,000. This equity constitutes a very large part of the assets of the bankruptcy estate. In view of these facts it appears that the court of bankruptcy has without doubt jurisdiction to enjoin the sale under foreclosure proceedings instituted in the state court on the very day that the petition in bankruptcy was filed. First Trust Co. v. Baylor, 1 F.(2d) 24 (C. C. A. 8); Britton v. Western Iowa Co., 9 F.(2d) 488, 45 A. L. R. 711 (C. C. A. 8); First Savings Bank & Trust Co. v. Butler, 282 F. 866 (C. C. A. 8).
Moreover, the foregoing eases make it clear that in the performance of the duty ■imposed upon the court by the Bankruptcy Act (11 USCA) the injunction prayed for must be granted.
Reference
- Full Case Name
- In re HOLSTEIN HARVEY, Inc.
- Status
- Published