Walker v. Joseph Dixon Crucible Co.

The Chancellor.

The petitioner, Edward F. C. Young, was appointed receiver of The Joseph Dixon Crucible Company, an insolvent corporation, in January, 1881. At that time Orestes Cleveland, who had been president of the company, was indebted to it in a large amount. To secure the payment of this indebtedness, on the 28th of February, A. r>. 1881, he confessed a judgment in favor of the receiver for $55,117.49, and $5 costs, and, about the same-*343time, delivered to the receiver five certificates of stock of the' insolvent company, one for two hundred shares, belonging to him-8 self, and four, for…