Hillcrest Foundation, Inc. v. McFeaters

Opinion by

Mr. Justice Maxey,

Plaintiff brought a bill in equity to restrain defendants from surrendering certain insurance policies owned by them on the life of William C. Krieger, and taking the surrender value thereof.

The Chancellor found, inter alia, the following facts: Prior to April 15,1932, while the Johnstown Trust Company (hereinafter referred to as the trust company) was doing a general banking business, an examination of its assets and liabilities by the Department of Banking of the Commonwealth disclosed an impairment of capital in the sum of $21,182.74. Upon the Secretary of…