“ Upon application by a creditor of such a corporation, the court appoints a temporary receiver. [32] Title to all such assets vests in him upon appointment, [33] and the statute requires and empowers him to 'reduce to his possession any and all assets, credits, choses in action and property' found in the State. [34] If it is established on trial that the corporation has been dissolved or nationalized or that its charter has been annulled or that it has ceased, for any reason, to do business, the receivership is made permanent [35] and notice is given to all creditors to prove their claims. ”

“ Execution, if issued, would require a transfer of credit and of funds, but this step has not been taken and, it is admitted, cannot be taken in these cases without a federal license. While requirement of a federal license creates something of a contingency as to satisfaction of the judgments, as matter of New York law this does not deprive the judgment of its validity or the attachment of its lien. ”

“ But, of course, as against the Custodian, exercising the paramount power of the United States, they do not control or limit the federal policy of dealing with alien property and do not prevent a res vesting, as sustained in the companion cases, if the Custodian sees fit to take over the entire fund for administration under the Act. In such case, all federal questions as to recognition by the Custodian of the state law lien, or priority of payment, are reserved for decision if and when presented in accordance with the Act. ”

“ As the Government pointed out in the Polish Relief case, the Custodian is charged, among other things, with preserving and distributing blocked assets for the benefit of American creditors. Few claims are not subject to some question, and the Treasury does not pay questionable claims. For those claims to be settled so that they can properly be paid out of blocked assets they must be adjudicated valid by some court of law. ”

“ The attachment levy on bank balances is perfected by service of a certified copy of the warrant of attachment on the banking institution, [12] which is required to certify to the sheriff making the levy the balance due to the defendant. [13] The levy does not require the sheriff to take physical possession of any property, nor does it require any transfer of title. ”

“ Indeed, in that case, the Secretary of the Treasury had expressly denied the application of the petitioner for a license for his attachment. In spite of that, however, the Government urged that the attachment was authorized by settled administrative practice: 'From the very inception of freezing control, litigants, prior to commencing attachment actions against funds belonging to blocked nationals, have requested the Secretary of the Treasury to license a transfer to the sheriff by attachment. ”

“ It went on to advise the Court of Appeals definitely and comprehensively as to the rights of New York courts to proceed on the basis of the attachment there involved. In view of the Custodian's present contentions, it merits extensive consideration.
The New York courts were advised of five purposes of the Federal Government's program: '1. Protecting property of persons in occupied countries'; '2. Preventing the Axis, now our enemy, from acquiring any benefit from these blocked assets' ”