Jones v. McPhillips
Supreme Court of Alabama
in Equity by Creditors of Insolvent Banh, for Removal of Assignee, Appointment of Receiver, and Administration of Trust by Court. Appeal from the Chancery Court of Mobile. Heard before the Hon. John A. Foster.
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in Equity by Creditors of Insolvent Banh, for Removal of Assignee, Appointment of Receiver, and Administration of Trust by Court. Appeal from the Chancery Court of Mobile. Heard before the Hon. John A. Foster. The bill in this ease was filed- on the 9th July, 1884, by James McPhillips and others, depositors and creditors of the Bank of Mobile, against the said bank, its board of directors as individuals, and Winston Jones, as trustee or assignee in an assignment which said bank had executed to him for the benefit of its creditors; and asked the court to assume jurisdiction of the trust…
1Opinion of the CourtStone, C. J.
On the 8th day of July, 1884, the Bank of Mobile, pursuant to a voted order of its board of directors, made a general assignment to Winston Jones, assignee, conveying all its property for the benefit of all its creditors, giving no preferences except as the law secures. Jones was one of the directors of the bank. He had been selected as trustee by the board of directors, and he accepted the trust. The assets assigned are estimated at four or five hundred thousand dollars ; the liabilities much larger. The depositors who receive no interest on their *318deposits — a preferred class — will probably…
2Cases cited16 opinions
- M'Crea v. PurmortCourt for the Trial of Impeachments and Correction of Errors · 1836
- Moses v. MurgatroydNew York Court of Chancery · 1814
- Security Loan Ass'n v. LakeSupreme Court of Alabama · 1881
- Nicoll v. MumfordNew York Court of Chancery · 1820
- Shepherd v. M'EversNew York Court of Chancery · 1819
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3Cited by10 opinions
- Ex parte JonasSupreme Court of Alabama · 1914
- LeGrand v. Eufaula National BankSupreme Court of Alabama · 1886
- Grand Lodge, K. P. v. ShorterSupreme Court of Alabama · 1929
- Gilmer v. GilmerSupreme Court of Alabama · 1944
- Jones v. McPhillipsSupreme Court of Alabama · 1886
5 more not listed; retrieve them via the Exa API.