Wright v. Euless

The J.O. Wright Tobacco Company was chartered under general law to do a wholesale tobacco business in Fort Worth. After a brief business career, it became insolvent, and, by the unanimous action of its shareholders, abandoned the undertaking and placed its entire assets (personalty only) in the hands of the president and other directors as trustees, for distribution ratably among its several creditors.

After it had thus ceased to do business, and after a partial distribution had been made by these trustees among the creditors, including Lichtenstein Bros. Co., the latter company, a foreign…