In re Avorn Dress Co.

CAFFEY, District Judge.

A debtor in • possession, under section 77B of the Bankruptcy Act (11 USCA. § 207), holds the property constituting the trust estate solely as an agent of the court. In consequence, he is without power, in the absence of previous explicit authorization, either to borrow money or to pledge the assets in his hands. Chicago Deposit Vault Co. v. McNulta, 153 U. S. 554, 561, 14 S. Ct. 915, 38 L. Ed. 819; Northern Finance Corporation v. Byrnes (C. C. A.) 5 F.(2d) 11, 13; Byrnes v. Missouri Nat. Bank (C. C. A.) 7 F.(2d) 978, 979, 980; Darling v. Cornstalk Products Co. (D. C.)…