185 Ind. 114 | Ind. | 1916
— Appellee, as a stockholder in appellant company, instituted this action to procure the appointment of a receiver therefor. His complaint charges, in substance, that appellant is a corporation engaged in buying and selling petroleum and all of its products; that it' is indebted to divers persons in the total sum of $3,000 and is without sufficient property with which to meet such indebtedness; and that for the best interests of appellant and all of its creditors, stpckholders and officers, a receiver should be appointed to take charge of its business, to reduce its assets to money and to make a just distribution of the same among the creditors. The complaint further avers “that an emergency exists for the immediate appointment of a receiver without notice; that the giving of notice would cause irreparable injury to plaintiff before notice could be given and a hearing had thereon,” and concludes with a prayer for the appointment of such receiver. The complaint is verified by a .general affidavit on the part of ap
Appellee has filed a motion to dismiss the appeal on the ground that the same has not been perfected in full compliance with §1289 Burns 1914, §1231 R. S. 1881, which provides that: “In all cases hereafter commenced or now pending in any of the courts of this state, in which a receiver may be appointed or refused, the party aggrieved may, within ten days thereafter, appeal from the decision of the court to the supreme court, without awaiting the final determination of such case; and in case where a receiver shall be or has been appointed, upon the appellant filing an appeal bond with sufficient surety, in such sum as may have been required of such receiver, conditioned for the due prosecution of such appeal, and the payment of all costs or damages that may accrue to any officer or person by reason thereof, the authority of such receiver shall be suspended until the final determination of such appeal.”
The record in this case shows that in appointing the receiver to take charge of appellant’s business the trial court ordered, “that before entering upon the duties of his trust, the said receiver shall execute his bond to John F. Jóyce, the clerk of this court, in the sum of $1,900.00 with at least two (2) freehold sureties to be approved by this court, conditioned for the faithful discharge of his duties as such receiver.” Four days after the appointment of the receiver, appellant entered its- objections to such appointment and appealed from the the adverse ruling of the trial court. The amount of
The interlocutory order appointing a receiver without notice is reversed, with instructions to set aside such appointment.
Note. — Reported in 113 N. E. 4. See under (1) 2 Cye 834, 836; (2), (3) 34 Cye 126, 131. Notice asan essential preliminary to the appointment of a receiver, 72 Am. St. 35; 11 Ann. Cas. 980.