Hynes v. Illinois Trust & Savings Bank
Appellate Court of Illinois
Claim in chancery against receiver. Appeal from the Circuit Court of Cook County; the Hon, Julian XV, Mack, Judge, presiding. Heard in this court at the March term, 1905, Statement by the Court. In January, 1891, the Pacific Bail way Company, an Illinois corporation, became insolvent.
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Claim in chancery against receiver. Appeal from the Circuit Court of Cook County; the Hon, Julian XV, Mack, Judge, presiding. Heard in this court at the March term, 1905, Statement by the Court. In January, 1891, the Pacific Bail way Company, an Illinois corporation, became insolvent. Charles P. Morse, a judgment creditor, filed a bill in behalf of himself and of all other creditors, under section 25 of the Incorporation Act, against the company and its stockholders to enforce the stockholders’ liability in order to pay the debts of the company. It alleged, among other things, that C. B.…
1Opinion of the CourtJustice Ball
The rights and liabilities of Holmes are to be determined as of the time of the filing of the bill and the appointment of the receiver. At that date Holmes was a creditor of the company. Appellant was not then its creditor.
If Holmes had retained the ownership of these thirty bonds and had proved them as a claim against the company, the court would have compelled him to pay the amount of the decretal judgment against him before it would have allowed him to participate in the distribution of the assets of the insolvent company. Had the claim upon the bonds been proved by Holmes before his stock…
2Cases cited6 opinions
- Scott v. ArmstrongSupreme Court of the United States · 1892
- Merrill v. National Bank of JacksonvilleSupreme Court of the United States · 1899
- Roseboom v. WhittakerIllinois Supreme Court · 1890
- Levy v. Chicago National BankIllinois Supreme Court · 1895
- Balch v. WilsonSupreme Court of Minnesota · 1878
1 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Massee & Felton Lumber Co. v. BenensonDistrict Court, S.D. New York · 1927