In re People

Appellant is the holder of a certificate, in amount $18,000, in a mortgage of $1,400,000 on property situate in Nassau county. The principal of the mortgage became due on July 1, 1933, and was not paid. In August, 1933, the Superintendent of Insurance took possession of the Bond and Mortgage Guarantee Company, the guarantor, under an order of rehabilitation, and pursuant to that order he took charge of the collection of interest. On January 1, 1934, he collected interest amounting to $42,000. From that amount he deducted $3,500 for his charges, and distributed the balance, $38,500, among the…