Twin Cities National Bank v. Anderson Co.

It appears that defendant, a manufacturer of farm implements, although possessing assets largely in excess of all liabilities, was unable to obtain sufficient ready money to pay past due and pressing obligations. Plaintiff, a creditor, applied for the appointment of a receiver for defendant to which defendant consented. Thereupon the court appointed as such receiver Luman C. Simons, who was president of plaintiff and also a director of defendant and the trustee under a deed of trust executed by defendant. Simons duly qualified as receiver, and pursuant to the instructions of the court took…