In re Croton Insurance
New York Court of Chancery
Thts case came before the chancellor on an application by the receiver of the Croton Insurance Company, an insolvent corporation, for leave to re-insure the risks which the corporation had assumed ; for leave to compromise claims against the corporation; and for leave to pay the officers of the company their salaries in full.
1Opinion of the Court
The Chancellor.
In the case of Bruyn v. The Receiver of the Middle District Bank, (1 Paige's Rep. 584,) this court decided that the cashier of an insolvent bank had no lien upon the funds of the bank for the payment of the arrears of his salary; and that he was not entitled to a preference in payment over other creditors. In this case the officers of the insolvent institution are not entitled to any preference in payment over other creditors. The receiver is therefore to allow them the amounts due them for their salaries up to the time of his appointment only; as debts to be paid ratably with…
2Cited by4 opinions
- Coyne v. . WeaverNew York Court of Appeals · 1881
- Ryder v. Phœnix InsuranceMassachusetts Supreme Judicial Court · 1867
- Brooks v. NealMassachusetts Supreme Judicial Court · 1916
- Anonymous v. GelpckeNew York Supreme Court · 1875