Standard Oil Co. of Louisiana v. Apex Oil Corp.

This was a general creditors’ snit against Apex Oil Corporation, a Tennessee corporation, engaged in the business of selling oil and gasoline, etc., at wholesale and retail. On March 27, 1940, J. C. Dale, Jr., was appointed Receiver of part of Apex’s property consisting mainly of its stock of merchandise and accounts receivable. He liquidated these assets in 1940 except a few of the accounts which were uncollectible and were sold in 1944.

He also brought two suits in his name as Receiver for the benefit of the creditors and stockholders of Apex, to recover monies that had been wrongfully…