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IN RE AVORN DRESS CO.

11 F.Supp. 574 (1935)

In re AVORN DRESS CO., Inc.

District Court, S. D. New York.

February 14, 1935.

Attorney(s) appearing for the Case

Hahn, Abeson & Golin, of New York City, for trustee.

Archibald Palmer, of New York City, for respondent.

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...

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