People v. Metropolitan Mutual Savings & Loan Ass'n
Appellate Division of the Supreme Court of the State of New York
Appeal by the claimants, Delilah Good and others, from an order of the Supreme Court, made at the Erie Special Term and entered in the office of the clerk of the county of Albany on the 18th day of August, 1904, confirming the report of a referee appointed to determine the question raised by the claimants to a preference in the distribution of the assets in the hands of the receiver of the defendant company, except so much of said order as denies the receiver’s motion that…
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Appeal by the claimants, Delilah Good and others, from an order of the Supreme Court, made at the Erie Special Term and entered in the office of the clerk of the county of Albany on the 18th day of August, 1904, confirming the report of a referee appointed to determine the question raised by the claimants to a preference in the distribution of the assets in the hands of the receiver of the defendant company, except so much of said order as denies the receiver’s motion that costs and disbursements be made a charge against the claimants and directs that the said receiver pay the disbursements…
1Opinion of the Court
Chase, J.:
A careful consideration of the articles of association leads us to the conclusion that the possible insolvency of the association was not in the contemplation of the incorporators or of the members of the association in changing the articles of association from time to time. The articles of association seem to have been prepared with entire confidence that the somewhat intricate system of stock certificates and the numerous classes of stock would be attractive to many investors, and that money would be received and continued with the association and so invested that the profits…
2Cases cited6 opinions
- Leahy v. National Building & Loan Ass'nWisconsin Supreme Court · 1898
- Hohenshell v. Home Savings & Loan Ass'nSupreme Court of Missouri · 1897
- Gibson v. Safety Homestead & Loan Ass'nIllinois Supreme Court · 1897
- Bingham v. Marion Trust Co.Indiana Court of Appeals · 1901
- Teller v. WilcoxenSupreme Court of Iowa · 1900
1 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- People v. New York Building-Loan Banking Co.New York Supreme Court · 1906
- In re Active Wholesalers, Inc.New York Supreme Court · 1962