Merchants, C., Nat. Bk. v. Newark, C., Co.

Two petitioners seek payment of their claims refused by the receiver.

The receiver contracted to sell the company's plant to Gwillim, one of the petitioners, at private sale, approved by the court, for $40,000. An earnest of $500 was paid, and, later, $2,500, upon the receiver stipulating in writing to extend the time of closing to March 20th, 1922, the purchaser agreeing to pay the meantime carrying charges. Gwillim was unable to raise the price, and, after waiting patiently a year, the receiver, with the court's sanction, sold the plant to Johnson Products Company for $55,000. The carrying…