McKee v. Home Savings & Trust Co.
Supreme Court of Iowa
Appeal from Polk District Court. — Host. A. H. McVey, Judge. Appeal by tbe defendant, the Home Savings & Trust Company, from an interlocutory decree appointing a receiver in a proceeding in which plaintiff and others, stockholders of the defendant company, ask tbat tbe company be adjudged insolvent and dissolved, and its assets and tbe proceeds thereof, after payment of its debts, be distributed, and ask for an accounting as against E. 0. Spinney, the secretary of the…
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Appeal from Polk District Court. — Host. A. H. McVey, Judge. Appeal by tbe defendant, the Home Savings & Trust Company, from an interlocutory decree appointing a receiver in a proceeding in which plaintiff and others, stockholders of the defendant company, ask tbat tbe company be adjudged insolvent and dissolved, and its assets and tbe proceeds thereof, after payment of its debts, be distributed, and ask for an accounting as against E. 0. Spinney, the secretary of the company, and W. II. Bremner, claiming to act as trustee under a vote of the stockholders and directors of the company.
1Opinion of the CourtMoClaiw, J.
The material facts, in the view which we take of the case, are that the principal defendant, a savings and loan association, attempted to proceed, under the provisions of 28th General Assembly, page 51, chapter 69, section 7 (Supp. Code, section 1907a), to go into voluntary liquidation, and that on the 24th day of September, 1901, at a meeting of the stockholders, a plan; was adopted, as is claimed by the defendants, by which a trustee was to be appointed by the Auditor of State , with the approval of the executive council of the state, to wind up the affairs of the company. In accordance…
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