Equitable Loan & Security Co. v. Waring
Supreme Court of Georgia
Injunction and receiver. Before Judge Lumpkin. Fulton superior court. January 5, 1903. Opinion of Judge Lumpkin: On January 30, 1894, the Equitable Loan & Security Company was incorporated; its capital stock being twenty-five hundred dollars.
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Injunction and receiver. Before Judge Lumpkin. Fulton superior court. January 5, 1903. Opinion of Judge Lumpkin: On January 30, 1894, the Equitable Loan & Security Company was incorporated; its capital stock being twenty-five hundred dollars. It began issuing what were called investment certificates, the certificates first issued being designated as Class A. Before the end of that year the Post-office Department refused the company the use of the United States mails, holding that the certificates issued by it and the business conducted by it constituted a lottery scheme. After this the…
1Opinion of the CourtCobb, J.
This case is here upon a bill of exceptions of the Equitable Loan and Security Company, assigning error upon an order of the judge of the superior court of the Atlanta circuit, placing its entire assets in the hands of a receiver for administration. The reasons for appointing the receiver were, that the scheme of the company, if not a lottery, was, to say the least of it, in the nature of a lottery, and was therefore illegal; that the contracts evidenced by its certificates were impossible of performance by legal methods; and that Such contracts were contrary to public policy. The court did…
2Cases cited18 opinions
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- Meyer v. StateSupreme Court of Georgia · 1900
- Dunn v. PeopleIllinois Supreme Court · 1866
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