Standard, C., Mfg. Co. v. American Salpa Corp.

American Salpa Corporation was adjudged insolvent and statutory receivers appointed, by decree advised by Vice-Chancellor Fallon, May 4th, 1931. Subsequent proceedings in the administration of the insolvent estate have been had before Vice-Chancellor Fallon, in the usual course, pursuant to rule 131 (3) — including the usual order to limit creditors.

Bank of Manhattan Trust Company, is, or claims to be, a creditor of the insolvent company, holding notes of some $275,000 secured by two mortgages covering the property of the company. The bank filed with the receivers its proof of claim as…