Schneider v. the Hamilton Trust Co.

The Savoy Silk Mills, a corporation, was declared insolvent March 9th, 1925, and the complainant was appointed receiver. The bill is filed to compel the defendant, Hamilton Trust Company, to account for property transferred to it by the corporation while insolvent, in violation of section 64 of the Corporation act.

In the year before, April 1st, the Savoy Silk Mills called a meeting of creditors and made a settlement with all but five at twenty cents on the dollar. The Hamilton Trust Company, a heavy creditor, not included in the settlement, advanced the necessary funds, $20,400, and took a…