Virginia-Carolina Chemical Co. v. Provident Savings Life Assurance Society

The petition for injunction and receiver in this case was not based on what is termed the “insolvent traders’ act” (Civil Code §§2716-2722). It depends upon the general powers ■of a court of equity. The grounds on which the plaintiff’s right to proceed must rest are substantially as follows: the holding of two notes, aggregating about $1,000 principal, not reduced to judgment nor secured by any lien on the property of the Georgia Industrial Company; the taking out of insurance policies upon the lives •of two directors of that company, and the giving of a note' for the premiums, and assignment…