In re the Peoples Surety Co.
Appellate Division of the Supreme Court of the State of New York
Appeal by Jesse S. Phillips and another, as receivers, from an order of the Supreme Court, made at the Kings County Special Term and entered in the office of the clerk of the county of Kings on the 26th day of June, 1918, denying their application to set off against the indebtedness of the Union Bank of Brooklyn to Peoples Surety Company a dividend of fifty dollars per share upon 150 shares of the stock of the Peoples Surety Company, held by said Union Bank of Brooklyn.
1Opinion of the Court
Jaycox, J.:
The facts herein are not in controversy, and are stipulated for the purpose of this motion. Briefly stated in chronological order they are as follows: That on November 12, 1908, the Union Bank was the owner of fifty-five shares of the capital stock of the Peoples Surety Company; that on April 5, 1910, said Union Bank was insolvent and possession thereof was taken by the Superintendent of Banks, pursuant to the Banking Law (Consol. Laws, chap. 2 [Laws of 1909, chap. 10], § 19; since amd. by Laws of 1910, chap. 452; now Consol. Laws, chap. 2 [Laws of 1914, chap. 369], § 57 et seq.);…
2Cases cited4 opinions
- In Re the General Assignment of HatchNew York Court of Appeals · 1898
- Lafayette Trust Co. v. HigginbothamAppellate Division of the Supreme Court of the State of New York · 1910
- Bridges v. . National Bank of TroyNew York Court of Appeals · 1906
- Assets Realization Co. v. City of BuffaloAppellate Division of the Supreme Court of the State of New York · 1907
3Cited by2 opinions
- Brown v. Deposit National BankAppellate Division of the Supreme Court of the State of New York · 1932
- Rockwood v. Foshay Trust & Savings BankSupreme Court of Minnesota · 1935