Ballin v. Merchants' Exchange Bank
Wisconsin Supreme Court
Appeals from an order of the superior court of Milwaukee county: E. N. Austot, Judge. Action under sec. 3216, E. S., for the sequestration of the property of an insolvent trading corporation and the distribution of its assets among its creditors.
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Appeals from an order of the superior court of Milwaukee county: E. N. Austot, Judge. Action under sec. 3216, E. S., for the sequestration of the property of an insolvent trading corporation and the distribution of its assets among its creditors. On the 2d of December, 1889, the J. & E. B. Friend Lace Importing Company, a corporation in Milwaukee, was insolvent, having assets composed of a stock of merchandise worth from $1,000 to $8,000, and accounts of the nominal value of $11,000, and having liabilities considerably in excess of its total assets. On that day the defendants and appellants…
1Opinion of the CourtWiNslow, J.
A creditor of an insolvent corporation, knowing its insolvency, attaches its property, without collusion with the officers of the corporation. Afterwards, and while the attached property is in the hands of the officer, another creditor obtains judgment and commences an action under sec. 3216, R. S., to close up its affairs and sequestrate its property, making the attaching creditor and the officer parties to the suit. Can the attaching creditor be deprived of his lien upon the property attached, and be compelled to share equally with all other creditors in the property of the •corporation?…
2Cases cited9 opinions
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- Hospes v. Northwestern Manuf'g & Car Co.Supreme Court of Minnesota · 1892
- Fogg v. BlairSupreme Court of the United States · 1890
- Roseboom v. WhittakerIllinois Supreme Court · 1890
- Trester v. City of SheboyganWisconsin Supreme Court · 1894
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- Ford v. HillWisconsin Supreme Court · 1896
- Slack v. Northwestern National Bank of SuperiorWisconsin Supreme Court · 1899
- Speiser v. Merchants' Exchange BankWisconsin Supreme Court · 1901
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