Albes v. Keith-Simmons & Co.
Supreme Court of Alabama
Creditor’s Bill to Set Aside Mortgage. Appeal from Morgan Chancery Court. Heard before Hon. W. H. Simpson. Bill by Keith-Simmons & Co., as creditors of the mortgagor against C. Ed. Albes to declare his mortgage fraudulent and void as against creditors.
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Creditor’s Bill to Set Aside Mortgage. Appeal from Morgan Chancery Court. Heard before Hon. W. H. Simpson. Bill by Keith-Simmons & Co., as creditors of the mortgagor against C. Ed. Albes to declare his mortgage fraudulent and void as against creditors. From a decree overruling demurrers and motion to dismiss the bill, respondent appeals. -The retention of tools and supplies by the mortgagor who is engaged in the furniture manufacturing business does not make the mortgage constructively fraudulent as against creditors, because these are necessary to the carrying on of the business, and their…
1Opinion of the CourtDenson, J.
Borgeson-Albes Manufacturing Company, a business corporation, was organized on the 19th day of January, 1905, with a total subscribed capital stock of forty-three shares, of which, Peter O. Borgeson owned twenty and C. Ed Albes owned nineteen.
The bill avers that Albes was secretary and treasurer of said corporation, and that the enterprise not proving a success from a financial point of view, Albes made over to Borgeson, on the 7th day of September, 1905, all of his holdings in said corporation, thus making Borgeson owner of all the capital stock of said corporation.
The bill avers that the…
2Cases cited2 opinions
- Christian & Craft Grocery Co. v. Michael & LyonsSupreme Court of Alabama · 1898
- Roden & Co. v. Norton & Co.Supreme Court of Alabama · 1900
3Cited by2 opinions
- Baker-Matthews Lumber Company v. Bank of LepantoSupreme Court of Arkansas · 1926
- Beasley v. Burroughs & Taylor Co.Supreme Court of Alabama · 1916