Old Colony Trust Co. v. Union Land & Cattle Co.

This ease is more or less related to appeal No. 4409, 4 F.(2d) 449 . The Old Colony Trust Company and certain banks appeal from an order of the District Court in Nevada made August 4, 1924, in an action pending in that court wherein the First National Bank of San Francisco was plaintiff andlhe Union Land & Cattle Company was defendant. The order under review approved the action ' of Smith, receiver, in action B-ll in purchasing from one Lesher a tract of about 1,200 acres of land in Elko county, Nev., and paying therefor $10,000 and interest from the moneys of the cattle company in the hands of Smith as receiver. Appellants are seven Eastern banks who were appellants in 4409, decided this day. 4 F.(2d) 449 . They are unsecured creditors of the cattle. company in amounts aggregating $1,800,000, and are interveners in action No. B-ll, with claims allowed as proper unsecured claims against the cattle company.

For a long time, sinee May, 1923, they have sought to bring about a sale and liquidation of the assets of the cattle company, to the end that their claims, as well as the claims of other unsecured creditors of the cattle company, might be satisfied so far as possible. When the…