Cbivebs

After the receiver takes possession, supplies, even though not covered by the mortgage, cannot be taken in execution by creditors. Prior to such taking possession, such assets are ordinarily subject to execution, or can be reached by attachm Wt or bill in equity. Income, such as earnings, or interest or accounts collected subsequently to the appointment of the receiver, are taken by him and administered for the benefit of all Provision is then made for ascertaining the liens, or claims, against the property and determining the liabilities of the corporation and their several priorities. This is preliminary to a sale of the property, in order,that parties interested may know what the incumbrances upon, or claims against, the property are, and may bid Intelligently, or make provision to redeem the property without forcing It to a sale; Grape Creek Coal Co. V. Trust Co., 63 Fed. 891, 12 C. C. A. 850. Decrees for the sale of mortgaged property usually provide that a part of the bid may be paid in bonds of the issue secured. On the foreclosure sale of the property of a corporation, bonds should not be received in payment of a bid except for such proportion of the bid as the purchaser, on a distribution of the purchase money, is entitled to receive on account of his bonds, and the right to bid in bonds should be extended to all bondholders on the same terms; American Waterworks Co. of Illinois V. Trust Co., 73 Fed. 956, 20 C. C. A. 133. The receivership usually terminates in a sale under order of court, either for the purpose of carrying out a plan of reorganization (see Reorganization), or for the purpose of realizing upon the property of the corporation. For the form of a bill of foreclosure and decree, see Sklddy v. R. Co., 3 Hughes 320, Fed. Cas. No. 12,922. A purchaser of real estate at a foreclosure sale is punishable as for contempt in refusing to obey an order of the court requiring him to complete the sale; see Burton v. Linn, 20 App. Div. 625, 47 N. Y. Supp. 835. Inability to pay the price will not relieve the party; Burton v. Linn, 20 App. Div. 625, 47 N. Y. Supp. 835; contra, Smith v. Smith, 92 N. C. 304. In equity a decree may be entered on a mortgage fbreclosure for any balance that may be dhe over and above the proceeds of the sale; White v. Ewing, 69 Fed. 454, 16