William O. Douglas

“ Such a claimant may proceed as a general creditor, without thereby waiving his security. In addition or alternatively, he may file a claim or suit as a title claimant for return of his security interest in the property or for just compensation in respect of that interest, in which event his recovery would be reduced, as in the case of any other such plaintiff, to the extent of any debt claim payment made to him (or to any other claimant, if his claim as a title claimant was not filed in time to hold up debt claim payments) . ”

“ Section 34 (i) indeed recognizes that there may be liens asserted against the Custodian; [2] and it in no way qualifies them by reason of the time of their acquisition. The House Report, H.R.Rep. No. 2398, 79th Cong., 2d Sess., p. 15, was quite explicit as respects the protection which § 34 (i) was designed to give secured creditors and creditors claiming a lien:
'Protection of a secured creditor or a creditor claiming a lien is afforded by the proviso in subsection (i) . ”

“ But we have also been meticulous to respect liens and preferences obtained in judicial or administrative proceedings so long as the enforcement of those liens did not interfere with the Custodian's administration. Lyon v. Singer, supra ”