Schooley v. Schooley and Co., Inc.

Opinion by

Mr. Justice Jones,

This case is concerned with the distribution, among creditors, of the net assets of an insolvent corporation, in liquidation. The appellant (a deceased creditor’s estate) claims a right to priority of payment to the extent that the fund for distribution represents the proceeds from the sale of corporate real estate upon which the claimant had a first lien by virtue of a judgment confessed against the corporation. The appellee (an unsecured creditor) not only imputes invalidity to the asserted lien but denies any right in the appellant to share, even as a general…