Emerick v. Jackson Consol. Co.

HUDSPETH, Justice.

The chief question in this ease is the jurisdiction of the court to sell through its receiver the encumbered assets of an insolvent corporation, where the secured creditors object and there is no equity for the general creditors or stockholders.

The appellees, stockholders and general unsecured creditors of Jackson Consolidated Company, a domestic corporation (no stockholders’ liability), commenced this, a statutory proceeding for an injunction and receiver to wind up said corporation under 1929 Comp., § 32-174 et seq. Sections 3 and 4 of the complaint, filed on June 8, 1932,…