In re Security Savings & Loan Ass'n

NORCROSS, District Judge.

This is a proceeding upon the part of certain creditors for an adjudication in involuntary bankruptcy. The alleged act of bankruptcy charged in the petition is the appointment by a state court of a receiver on the 16th day of September, 1931, and that at the time of such appointment the corporation was insolvent.

The salient facts disclose that on March 7, 1931, E. J. Seaborn, as state bank examiner, took charge of the Security Savings & Loan Association, a Nevada corporation doing business in several states, and as such officer continued in charge of the association…