Grand Lodge K. P. of Alabama v. Shorter

' The appeal is from a decree appointing a receiver or fiscal agent of the endowment, funds of a fraternal insurance company.

The equity of a like bill was declared as early as January 19, 1928, in these words: “Its object is the protection and preservation of a trust fund, which is being depleted and dissipated fraudulently and wrongfully, to the irreparable injury of policyholders who have a property right interest in such funds. Very clearly, a policyholder under these circumstances has the right to invoke equity’s jurisdiction for the protection of trust funds, and may maintain a bill of…