Ivanhoe Building & Loan Ass'n v. Orr

DAVIS, Circuit Judge.

This is an appeal from an order of the District Court reducing the claim of the appellant filed in the bankrupt estate of the Eastern Sash & Door Company by the amount of the value of the collateral which it hold.

On July 21, 1927, Abraham PortnofC and others executed to the Ivanhoe Building & Loan Association a bond for the sum of $23,-000 conditioned for the payment of $11,500, and, to secure the payment thereof, they executed a mortgage on premises known as 386 Leslie street, Newark, N. J. This property was conveyed to the Eastern Sash & Door Company, bankrupt, on…