National Gypsum Co. v. J.E. Stevenson Co.

The receiver of the defendant corporation is perplexed and he beseeches the court to extricate him from his present involvement. A platoon of ten irate creditors has encircled him, emphatically announcing that they paid specified sums of money to the defendant for the purchase of coal which was to be delivered to them at a later date. The defendant has been declared insolvent and the coal has not and cannot now be supplied. Thus circumstanced, these crediters demand that the receiver promptly reimburse them in full for the moneys respectively prepaid by them to the defendant.

Seemingly, these…