Campbell v. John W. Taylor Manufacturing Co.
New Jersey Court of Chancery
On appeal of the Prentiss Tool and Supply Company, a preferred creditor, from the determination of the receiver allowing the claim of William Hurt, trading as S. C. Hurt & Son, as a preferred creditor.
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On appeal of the Prentiss Tool and Supply Company, a preferred creditor, from the determination of the receiver allowing the claim of William Hurt, trading as S. C. Hurt & Son, as a preferred creditor. It is stipulated between counsel that the testimony taken before the receiver in this matter shall be used in this hearing; and it is further admitted that, on December 8th, 1900, the John W. Taylor Manufacturing Company made an entry in their journal to- this effect: “S. C. Hurt & Son, draft $700.” And that was transferred to the ledger account, giving -S. C. Hurt & Son credit for $700; that…
1Opinion of the Court
Grey, Y. 0.
(orally).
Tlio preferred claimant, Mr. Hurt, is shown to have advanced $700 to the insolvent company. He had an understanding that it was to be used to pay the wages of the company’s laborers. It was so used. When the insolvency of the company was declared he proved this $700 advance, as a preferred claim, under section 83 of the General Corporation act (P. L. of 1896 p. 303), allowing a preference for the amount of wages due to laborers, &c., in the regular employ of the corporation, for labor done within two months before the proceedings in insolvency. The receiver has allowed…
2Cited by2 opinions
- Lammerding v. Lammerding, C., Co.New Jersey Court of Chancery · 1931
- McGraw Hill Pub. Co. v. Sloan ChanceNew Jersey Court of Chancery · 1929