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NEW YORK TRUST CO. v. ISLAND OIL & TRANSPORT CORPORATION

7 F.2d 416 (1925)

NEW YORK TRUST CO. v. ISLAND OIL & TRANSPORT CORPORATION et al.

District Court, S. D. New York.

August 20, 1925.

Attorney(s) appearing for the Case

Kohlman & Austrian, of New York City, for receivers.

Chadbourne, Hunt, Jaeckel & Brown, of New York City (William M. Chadbourne and Clinton DeWitt Van Siclen, both of New York City, of counsel), for noteholders' committee.

KNOX, District Judge.

It is my opinion that the franchise taxes assessed by the commonwealth of Virginia against Island Oil & Transport Corporation for the years 1924 and 1925 are entitled to priority of payment over the claims of general creditors. Were this estate being administered in a federal court in Virginia, there is no doubt that the taxes would be recognized for what the laws of that state say they are, and would accordingly be awarded priority. I have...

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