IN RE APPLIED LOGIC CORP.

No. 671, Docket 77-5034.

576 F.2d 952 (1978)

In re APPLIED LOGIC CORPORATION, Bankrupt. NEW JERSEY NATIONAL BANK, Plaintiff-Appellant, v. Daniel GUTTERMAN, as Trustee of Applied Logic Corporation, Bankrupt, Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided April 27, 1978.


Attorney(s) appearing for the Case

Michael S. Landes, New York City, (Hahn, Hessen, Margolis & Ryan and Gilbert Backenroth, New York City, of counsel), for plaintiff-appellant.

Mark D. LeBow, New York City (Coudert Brothers and Victor C. Murphy, New York City, of counsel), for defendant-appellee.

Before FRIENDLY, MULLIGAN and MESKILL, Circuit Judges.


FRIENDLY, Circuit Judge:

This appeal from an order of Judge Goettel in the District Court for the Southern District of New York affirming an order of Bankruptcy Judge Babitt raises questions of some difficulty concerning a bank's rights to exercise a set-off of an unsecured debt owed it by the bankrupt against deposits and certificates of deposit held by the bank. The Bankruptcy Judge and the district court decided adversely...

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