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PRICE V. UNITED STATES, 269 U. S. 492 (1926)

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U.S. Supreme Court

Price v. United States, 269 U.S. 492 (1926)

Price v. United States

No. 454

Submitted November 23, 1925

Decided January 11, 1926

269 U.S. 492

Syllabus

1. Taxes due the United States are "debts" within the meaning of Rev.Stats. § 3466, giving the United States priority in certain cases. P. 269 U. S. 499.

2. Rev.Stats. § 3466 is to be construed liberally. P. 269 U. S. 500.

3. The joining by a defendant corporation in securing a receivership in a suit by a simple contract creditor, to take over the defendant's property and business for the purpose of conserving them and paying creditors, amounts to a voluntary assignment, within the meaning of § 3466, Rev.Stats., where the business is in a failing condition and turns out to be insolvent so that the assets are a trust fund for the creditors according to their priorities. P. 269 U. S. 502.

6 F.2d 758 affirmed.

Certiorari to a judgment of the circuit court of appeals affirming an order of the district court directing a chanroblesvirtualawlibrary

Page 269 U. S. 493

receiver to pay claims of the United States as priority claims. See Liberty Mutual Co. v. Johnson Shipyards, 6 F.2d 752; Stripe v. United States, post, p. 269 U. S. 503. chanroblesvirtualawlibrary

Page 269 U. S. 498





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