State Ex Rel. Union Bank & Trust Co. v. District Court

HONORABLE ALBERT BESANCON, District Judge,

sitting in place of MR. CHIEF JUSTICE JOHNSON, disqualified, delivered the opinion of the court.

The charter of the Beaverhead Ranch Company, a Montana corporation, expired by limitation on September 24, 1927, and its then directors, Lewis Penwell, C. B. Witter, H. H. Pigott, Mathias Staff and R. Lee Word, by operation of law became trustees of its assets for the benefit of its creditors and stockholders. From the above date to January, 1,934, such trustees in the operation of the properties became rather heavily indebted to the Union Bank and Trust…