Pennsylvania Engineering Works v. New Castle Stamping Co.
Supreme Court of Pennsylvania
Appeal, No. 7, Oct. T., 1917, by George W. Johnson, Receiver, from decree of O. P. Lawrence Co., March T., 1908, No. 1, in equity, dismissing exceptions to auditor’s report, in case of Pennsylvania Engineering Works and R. C. Patterson v. New Castle Stamping Company. Bill in equity for the appointment of a receiver. Exceptions to report of Charles R. Davis, Esq., Auditor.
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Appeal, No. 7, Oct. T., 1917, by George W. Johnson, Receiver, from decree of O. P. Lawrence Co., March T., 1908, No. 1, in equity, dismissing exceptions to auditor’s report, in case of Pennsylvania Engineering Works and R. C. Patterson v. New Castle Stamping Company. Bill in equity for the appointment of a receiver. Exceptions to report of Charles R. Davis, Esq., Auditor. Before Emery, P. J. Prom the record it appeared that the New Castle Stamping Company was a Pennsylvania corporation chartered in 1901, and engaged in the manufacture of enamel ware in New Castle, Pennsylvania. It became so…
1Opinion of the Court
Opinion by
Mr. Justice Walling,
The auditor surcharged the receiver, inter alia, with the amount paid by him on the unauthorized certificates and also with the amount expended by him in repayment of the money borrowed in 1910; those items making a surcharge of $22,287.16, including interest paid; and as to that amount allowed the receiver to pro rate with his general creditors. As to this Ave fully agree with the auditor, for where the business is being conducted at a loss a receiver cannot take advantage of his position and pay himself in full at the expense of other creditors, as his equity…
2Cases cited7 opinions
- Union Trust Co. v. Illinois Midland Railway Co.Supreme Court of the United States · 1886
- Gehr v. Mont Alto Iron Co.Supreme Court of Pennsylvania · 1896
- Moore v. Lincoln Park & Steamboat Consolidated Co.Supreme Court of Pennsylvania · 1900
- Pangburn v. American Vault, Safe & Lock Co.Supreme Court of Pennsylvania · 1903
- Peoria Steam Marble Works v. HickeySupreme Court of Iowa · 1900
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