144 Ga. 78 | Ga. | 1915
(After stating the foregoing facts.) We are of the opinion that the court erred in granting the injunction against the receiver in this case, and in directing him to accept, in part payment of the indebtedness due by the defendant to the bank, the assignment of Mrs. Bissie Smith, dated January 3, 1914, and amounting to $298.44. The act of the bank directors in placing the bank in the hands of the bank examiner prevented the purchasing, by any debtor of the bank, of claims against the bank for the purpose of setting them off at their face value against debts due the bank by such purchaser. When the bank placed its affairs and assets under the control of the bank examiner by posting on the front door the notice, “This bank is in the hands of the State bank examiner,” which notice was signed by a majority of the directors of the bank in their own handwriting, this had the effect of converting the assets of the institution into a fund in the nature of a trust fund for the benefit of all the creditors of the bank. TJpon the posting of this notice the bank, which was soon thereafter placed in the hands of a receiver, ceased to be a going concern. To hold that where one, after the notice referred to was posted on the door of the bank, could purchase outstanding claims against the bank for the purpose of a set-off against the purchaser’s indebtedness to the bank, would create a disturbance of the .affairs of the bank and to a certain extent of the assets of the bank, which is not contemplated by the law as it now stands. This case in many of its facts is very similar to that of Nix v.
Judgment reversed.