Chase Nat. Bank v. Pan American Petroleum Co.

The plaintiff, Chase National Bank of the City of New York, cotrustee with Bank of America named in an indenture providing first mortgage security for an issue of $10,441,400 bonds of Pan American Petroleum Company, brings this suit for declaratory relief (section 400, tit. 28, U. S. C. [28 USCA § 400]).

The point in question is whether by the amendment to section 847, tit. 28, U. S. C. (28 USCA § 847), adopted by Congress and approved on June 19, 1934 (28 USCA § 847), property sold at public sale under order or decree of a United States Court must have returned a sum not less than two-thirds of the value as shown by an appraisement made by three appraisers appointed by the court, regardless of whether the property is real or personal.

Prior to the amendment, section 847 (applying to real property) read as follows: “§ 847. Sales; real property under order or decree. All real estate or any interest in land sold under any order or decree of any United States court shall be sold at public sale at the courthouse of the county, parish, or city in which the property, or the greater part thereof, is located, or upon the premises, as the court rendering such order or decree of sale may…