Galwey v. United States Steam Sugar Refining Co.
New York Supreme Court
APPEAL from an order made at a special term, denying a motion for a receiver. The action was brought by the plaintiffs, who were creditors at large of the United States Steam Sugar Refining Company, to procure a dissolution of the corporation and the appointment of a receiver, on these grounds : 1. Because the company was insolvent, and its property, consisting mostly of real estate, was not worth more than fifty per cent of its unsecured debts ; and 2. Because its trustees…
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APPEAL from an order made at a special term, denying a motion for a receiver. The action was brought by the plaintiffs, who were creditors at large of the United States Steam Sugar Refining Company, to procure a dissolution of the corporation and the appointment of a receiver, on these grounds : 1. Because the company was insolvent, and its property, consisting mostly of real estate, was not worth more than fifty per cent of its unsecured debts ; and 2. Because its trustees (who were made defendants) ought to take proceedings for the dissolution of the corporation, and the equal distribution…
1Opinion of the CourtBarnard, J.
The statutes provide for but three cases in which a receiver of property of corporations (other fba.n moneyed corporations) can be appointed: 1st. Upon the application of a creditor by judgment or decree, on the return of an execution unsatisfied. (2 R. S. 463, § 36.) 2d. When a corporation has been insolvent for a year, or has neglected or refused for a year the payment of its debts, or has suspended its business for a year. (Id. § [38] 46.) 3d. Upon the application of the directors or trustees when, in their judgment, the condition of the corporation makes a voluntary dissolution desirable.…
2Cited by8 opinions
- Denike v. New York & Rosendale Lime & Cement Co.New York Court of Appeals · 1880
- State ex rel. Donnell v. FosterSupreme Court of Missouri · 1910
- Batchelder v. AltheimerMissouri Court of Appeals · 1881
- Bliven v. Peru Steel & Iron Co.New York Supreme Court · 1881
- Gilman v. Green Point Sugar Co.New York Supreme Court · 1871
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