Manufacturers' Trust Co. v. Putnam

SWAN, Circuit Judge.

The bankrupt is indebted to the appellant, Manufacturers’ Trust Company, in the sum of $30,000 secured by a mortgage upon real estate of the bankrupt. Adjudication occurred February 27, 1933; hence the statutory period for presenting claims expired August 27, 1933. 11 USCA § 93 (n). For nearly eleven months after the adjudication the mortgagee was content to stand upon its security, supposing it to be ample, but in January, 1934, it learned that the security was worth less than the debt and thereupon petitioned' for leave to have the security valued and to file proof of…