The following excerpt is from United States v. Sterling National Bank & T. Co. of NY, 494 F.2d 919 (2nd Cir. 1974):
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Notes:
1 As the district court noted, 360 F.Supp. at 922-923, there are other procedures to determine who has lien priority.
2 We do not think that United States v. Bank of Shelby, 68 F.2d 538 (5th Cir. 1934), is relevant here. It appears that the bank there might not have permitted the customer to withdraw funds from his account. All the funds in the account had been derived from a loan on a note and by the time the notice of levy was served on the bank, the security for the note had been sold and the customer was insolvent.
Notes:
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