224 F. 814 | D.N.J. | 1915
The sole question to be decided is whether a court of bankruptcy has power to temporarily enjoin a sale of certain property of the bankrupt, proposed to be made by a state officer pursuant to a decree of a state court entered, before the petition in bankruptcy was filed, in proceedings to foreclose a valid mortgage; which was executed more than four months prior to the adjudication in bankruptcy, when the only reason why the stay is sought is to- permit- the trustee to attempt to secure a purchaser and to advertise the proposed sale more extensively than has been done by the state officer, and thus possibly realize more for the general creditors. •
It is well settled that the general rule, that possession of the res vests the court which has first acquired jurisdiction with power to hear and determine all controversies relating thereto, and for the time being disables other courts of co-ordinate jurisdiction from exercising
It therefore follows that this court is without power to enjoin, or stay the proceedings in the state court, even for the limited time sought. The petitioner’s remedy is in the state court. The rule to show cause, as well as the temporary restraining order made by the referee, must be vacated, and the petition dismissed.