Thayer v. National Real Estate Trust Co.
Court of Chancery of Delaware
Exceptions to Claims. The company was organized, among other things, to carry on a plan of receiving deposits for accumulation.
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Exceptions to Claims. The company was organized, among other things, to carry on a plan of receiving deposits for accumulation. Its charter provided for the operation of a “thrift department” in the following language: “All moneys received by the company in the ‘thrift department’ shall be set aside and kept separate and apart from all other funds of the company and shall be invested only in first mortgages on real estate * * * and shall not be used for any purpose whatever except for the purpose of fulfilling the contracts of the company in said ‘thrift department,’ except that whenever any…
1Opinion of the Court
The Chancellor.
The court is called upon in this case to decide who are entitled to participate in the distribution of the assets of this insolvent corporation. Practically all the moneys obtained by the receiver were derived from the “thrift department” and are, therefore, moneys paid into that fund by holders of thrift certificates, or as they are more correctly called the instalment first mortgage certificates. Both-by the charter of the company and the certificates issued by the company, the company was obliged to set aside and keep separate and apart from other moneys of the company, the…
2Cited by2 opinions
- Fell v. Securities Co. of North AmericaCourt of Chancery of Delaware · 1916
- Fell v. Securities Co. of North AmericaCourt of Chancery of Delaware · 1915