George S. Tracy v. Perkins-Tracy Printing

Action by George S. Tracy in the Ramsey County District Court to foreclose chattel mortgages given by defendant Perkins-Tracy Printing Company to secure the balance due on a stock repurchase. Defendant James H. Levy, appointed trustee in bankruptcy for said corporate defendant after commencement of the foreclosure action, intervened. The court, Arthur A. Stewart, Judge, determined that the mortgages created valid liens and that upon sale of the mortgaged property plaintiff acquired a valid lien against the proceeds, ordered defendant trustee to satisfy the lien therefrom, and denied a counterclaim for recovery of payments allegedly made by defendant corporation to plaintiff in violation of statute. Defendant trustee appealed from the judgment entered. AUTHOR: SHERAN