Thomas P. Nichols & Son Co. v. National City Bank

The plaintiff, on November 2, 1936, brought an action of contract or tort against the defendant, The National City Bank of Lynn, hereinafter referred to as the bank, and on January 8, 1940, recovered judgment upon which execution was issued and has been returned wholly unsatisfied. Before that action came to trial, the bank entered into a voluntary liquidation on December 3, 1938, when it was not insolvent. On that date, the bank entered into an agreement with the Essex Trust Company, originally a party defendant to this suit, by the terms of which it sold and transferred to that company…