In re Savoia Macaroni Mfg. Co.

MANTON, Circuit Judge.

The appellants held conditional sale contracts on certain macaroni-making machinery in possession of the bankrupt. These contracts had been filed in the register’s office of Kings county, N. Y., as required by state statute (N. Y. Personal Property Law [Consol. Laws, c. 41] §§ 62, 63). The bankrupt became financially embarrassed, and at a creditors’ meeting, called for that purpose, an agreement was drawn whereby the creditors were given a measure of control over the bankrupt, and the creditors agreed to accept stipulated monthly payments, the unsecured 2 per cent, and…