Lloyds of Texas v. Bobbitt

The Attorney General of Texas instituted these proceedings against the Lloyds of Texas, an exchange organized to write insurance under the “Lloyds Plan,” the individual subscribers (53 in number), and their attorneys in fact. The suit was for the appointment of a receiver to wind up the affairs of the exchange under article 5022, R. S., as amended by an act adopted at the First Called Session of the Forty-First Legislature, e. 11, § 1 (Vernon’s Ann. Civ. St. art. 5022).

On an éx parte hearing, held May 16, 1930, without notice to defendants, the district judge appointed W. D. Prince receiver,…