Wachner v. Richardson

In the year 1929 the American Mortgage Company, which will hereinafter be referred to as the Mortgage Company, was a going concern with many financial transactions and at the same time the American Loan Society, which will hereinafter" be referred to as the Loan Society, was a building and loan association. At the time of the inception of this litigation both were insolvent, the assets of the Mortgage Company being under the control of a receiver and the assets of the Loan Society being under the control of the Building and Loan Commissioner of California. The corporations were managed by the…