Montell v. New Castle Iron & Steel Co.
Court of Chancery of Delaware
Petition fob rule.—This is a petition for rule upon assignee for creditors to show cause why proceeds in his hands should not be paid to petitioner. On October 24, 1881, the blew Castle Iron & Steel Company made an assignment of its property and effects-for the benefit of its creditors to Alfred S. Elliott and on the same day the Chancellor appointed Edward Betts- and Charles M. Pusey as appraisers.
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Petition fob rule.—This is a petition for rule upon assignee for creditors to show cause why proceeds in his hands should not be paid to petitioner. On October 24, 1881, the blew Castle Iron & Steel Company made an assignment of its property and effects-for the benefit of its creditors to Alfred S. Elliott and on the same day the Chancellor appointed Edward Betts- and Charles M. Pusey as appraisers. On September 23, 1881, Edwin E. Montell had brought an action against the assignor in the Circuit Court of the United States for the District of Delaware and the 25th day of October he recovered a…
1Opinion of the Court
The Chancellor.
It is agreed that on the 24th day of October, 1881, the New Castle Iron & Steel Company, then being indebted to divers persons and firms and among others to Edwin E. Montell, Grubb & Sons, and Edwin S. Davies, made a voluntary assignment of all its effects to Alfred S. Elliott in trust to sell and dispose of the same and to collect and recover all the outstanding claims and debts due the said company and from the proceeds, after deducting his reasonable costs and charges, to pay the creditors of the said company in full, if the assets realized should be sufficient, but if not…
2Cases cited1 opinion
- Wharton v. ClementsCourt of Chancery of Delaware · 1868