Page:Federal Reporter, 1st Series, Volume 4.djvu/790

I^e FEDERAL REPORTER. �Deummond, C. J". If we admit that it is competent for the court to set aside a sale for mere inadeçiiiacy of price — a point by no means free from diiSculty — the question is whether, under the facta in this case, it is proper for the ""ovrt to set it aside. �i This sale, being made under t!ie authority of an act of congress which directs the sale to be made under the order of a court, upon such terms as the court may direct, I think it must be coiisidered to ail intents and purposes as a judicial sale. Section 5234, Eev. St. U. S. Then are there any facts in this case which would warrant the court in setting aside the sale for inadequacy of the bid made ? �The reeeiver, on the order of the court, sold the property. The sum bid was $30,000. Ample notice of the salehad been given to the creditors and stockholders of the bank, and to ail the principal real estate brokers in Chicago. There was a large attendance at the sale, and the bidding was quite spirited. The reeeiver made his report to the court recom- mending the confirmation of the sale, although some doubt was expressed whether the property had brought its full value; and, as I understand, the comptroller of the currency also concurred with the reeeiver in this recommendation to the court, and it accord in gly made an order that, unless cause was shown to the oontrary by the first of November, the sale would be confirmed. On or before November Ist, objection was made to the sale on account of inadequacy of priee. Ac- companying the objection was a statement that a responsible party would make an advance of $2,000 on the bid, and upon that statement of facts the court was asked to set aside the sale and order a resale. We must, however, take into con- sideration an additional fact not yet mentioned, and which must be eonsidered material on an application to the legal discretion of the court, namely, that there had been a similar application by the reeeiver to the court, under the authority of the act of congress, to sell this property, and the order made, and it had been sold for $13,000; and the reeeiver, not deeming the price adequate, had recommended that the ����