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HERCULES INC. v. GENERAL MAGNETIC TAPE CO.

180 N.J. Super. 206 (1981)

434 A.2d 636

HERCULES INCORPORATED, PLAINTIFF, v. GENERAL MAGNETIC TAPE CO., ET AL., DEFENDANTS. UNITED STATES OF AMERICA, CLAIMANT-APPELLANT, v. COMMERCIAL TRADING COMPANY, CLAIMANT-RESPONDENT.

Superior Court of New Jersey, Appellate Division.

Decided August 4, 1981.

Attorney(s) appearing for the Case

Kristina E. Harrigan, Attorney, Tax Division, Department of Justice, admitted pro hac vice, argued the cause for appellant (M. Carr Ferguson, Assistant Attorney General, attorney; Robert J. Del Tufo, United States Attorney, of counsel; Gilbert E. Andrews, Ann B. Durney and Kristina E. Harrigan, attorneys, Tax Division, on the brief).

Robert C. Epstein argued the cause for respondent (Hannoch, Weisman, Stern, Besser, Berkowitz & Kinney, attorneys.

Before Judges BOTTER, KING and McELROY.

The opinion of the court was delivered by BOTTER, P.J.A.D.

The Federal Government (Government) appeals from a holding that its lien for unpaid taxes and moneys owed by the insolvent General Magnetic Tape Co., Inc. (GMT) was subordinate to the perfected security interest held by Commercial Trading Co., Inc. (Commercial) in a $36,857.52 fund of "custom duty rebates." GMT was entitled to these rebates or drawbacks for all but 1% of custom duties paid on certain imported...

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