Bank Commissioners v. New Hampshire Trust Co.
Supreme Court of New Hampshire
Claims, by the trustees under the defendants’ contracts of February 1, 1886, and March 14, 1894, for (1) expenses incurred prior to March 3, 1898, in the execution of the trust, (2) expenses to be incurred after that date, and (3) the difference between the value of the securities pledged with the trustees and the amounts due debenture-holders secured by the pledge. Facts agreed.
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Claims, by the trustees under the defendants’ contracts of February 1, 1886, and March 14, 1894, for (1) expenses incurred prior to March 3, 1898, in the execution of the trust, (2) expenses to be incurred after that date, and (3) the difference between the value of the securities pledged with the trustees and the amounts due debenture-holders secured by the pledge. Facts agreed. By the contracts referred to, the defendants pledged with certain persons in trust real estate securities to secure the payment of certain obligations made and issued by the defendants, and agreed to pay the trustees…
1Opinion of the CourtChase, J.
The provisions of ss. 15-25, c. 162, P. S., form a complete system of insolvency proceedings under which the property of insolvent banking institutions, trust companies, etc., may be placed in the custody of the law, to be converted into. money and divided among their creditors. Brown v. Folsom, 62 N. H. 527. The appointment of an assignee of the defendants’ property, March 30, 1897, under these provisions, was the begin ning of the insolvency proceedings in this case. Moseley v. Jenness, 66 N. H. 573. Thereupon, “ all the estate, property, rights, and credits ” of the defendants became…
2Cases cited5 opinions
- Insurance Commissioner v. People's Fire InsuranceSupreme Court of New Hampshire · 1894
- Brown v. FolsomSupreme Court of New Hampshire · 1883
- Hall v. BrackettSupreme Court of New Hampshire · 1880
- Moseley v. JennessSupreme Court of New Hampshire · 1891
- Smith v. New Hampshire Trust Co.Supreme Court of New Hampshire · 1895
3Cited by2 opinions
- City of Montpelier v. National Surety Co.Supreme Court of Vermont · 1923
- States v. People's Trust Co.Supreme Court of New Hampshire · 1931