In re the Estate of Baylies

Delehanty, S.

In this accounting proceeding it is necessary to determine whether a claim filed against the estate by the trustee in bankruptcy of a realty development corporation is a valid claim against the estate.

In August, 1927, one Gayness entered into a contract with the bankrupt corporation to purchase some land at an agreed price of which he paid twenty-five per cent. He became entitled to a deed upon making payment with interest of three similar installments of the purchase price on the three successive anniversaries of the contract date. The agreement of purchase contained the…