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SEABOARD NAT. BANK v. ROGERS MILK PRODUCTS CO.

No. 323.

21 F.2d 414 (1927)

SEABOARD NAT. BANK v. ROGERS MILK PRODUCTS CO., Inc., et al.

Circuit Court of Appeals, Second Circuit.

August 18, 1927.

Attorney(s) appearing for the Case

Charles G. Hill and John W. App, both of New York City, and Edwin H. Spence, for appellant.

McManus, Ernst & Ernst, of New York City (Irving L. Ernst, of New York City, of counsel), for appellees receivers, American Exchange Irving Trust Co., McManus, Ernst & Ernst, and Curley C. Hoffpauir.

Albert Ottinger, Atty. Gen., of the State of New York (Robert P. Beyer, Deputy Atty. Gen., of counsel), for appellee New York State Tax Commission.

Before L. HAND and SWAN, Circuit Judges, and CAMPBELL, District Judge.

SWAN, Circuit Judge (after stating the facts as above).

There is no doubt of the power of a court of equity under proper circumstances to sell property free of liens, transferring the lien to the proceeds. But generally this power should not be exercised unless there is a reasonable prospect that a surplus will be left for general creditors. See In re Franklin Brewing Co., 249 F. 333, 335 (C. C. A. 2); In re National Grain Corp., 9 F.2d 802

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