Byrum v. Wise, Receiver

In July, 1933, a receiver was appointed for the Imperial Electrical Company, an insolvent corporation. On order of court the receiver sold all of the assets of the company for the net sum of $5,699.21, which was insufficient to pay lienholders. A hearing was had upon the question of priorities. On request the court found the facts specially and stated its conclusions of law thereon in substance as follows:

In 1922 the Imperial Electrical Company, hereinafter referred to as Imperial, became indebted and executed a series of notes aggregating $15,000 to the Union Loan and Trust Company of Union…