Illinois Watch Case Co. v. Cowan-Myers Co.

The answer admits that on April 23, 1921, the Cowan-Myers Company, a corporation engaged in the *350business of selling at wholesale and retail jewelry, watches and kindred merchandise, transferred to the individual defendants as trustees for the benefit of creditors, all of its property consisting of stock in trade and bills receivable. The trustees were given full power to continue the business, or, if in their judgment advisable, they could discontinue, sell the assets in bulk or by parcel, and pay all present creditors holding claims amounting to $100 or less, and upon full payment of the…