174 Ga. 185 | Ga. | 1931
Macon Grocery Company brought a petition for mandamus against A. B. Mobley as superintendent of banks and as liquidator of the Citizens Bank of Fort Valley, and also against that bank, alleging that the said bank is a banking corporation operating its banking' business in Fort Valley until November 27, 1928; that it is now insolvent and in process of liquidation by the State superintendent of banks, who took possession of the bank and all its assets on the date just stated; that at the time of closing the bank and taking possession thereof the superintendent of banks held for collection certain checks aggregating $1,004.71, belonging to petitioner; the checks having been drawn on banks outside of Fort Valley and left with the Citizens Bank for collection, but not having been collected when the bank closed, which checks the superintendent of banks collected after he took possession of the bank and its assets, receiving in cash the sum of $1,004.71; that petitioner had demanded this sum, and the demand had been refused; that petitioner duly filed with the superintendent of banks its claim as a preferred claim for the sum stated, which the superintendent recognized as a valid claim for that amount, but refused to recognize it as a preferred claim, notifying petitioner that the rank of its claim had been changed from the rank of a preferred claim to that of a depositor to the amount of $1,004.71. On April 9, 1929, plaintiff filed its petition praying for a judgment establishing its claim for said sum as a preferred claim and entitled to priority of payment.out of the assets of the
A general demurrer to this petition was sustained, and the plaintiff excepted.
Section 3434 of the Civil Code provides that all liquidated demands bear interest. The plaintiff’s claim was for a liquidated demand; and it is insisted that under the absolute provision of the statute it bears interest. But we do not think that the plaintiff’s demand in this case falls within the general rule. In a sense it is an exception thereto; and there are other exceptions which might be mentioned. Plaintiff’s demand falls rather under the general rule and generally recognized principle that there should be no allowance of interest upon the funds in the hands of a receiver, unless the funds produce interest. The defendant contends that when a debtor becomes insolvent and his affairs are placed in the hands of a receiver for liquidation, it is just to all his-creditors, regardless of the rank of their claims, that the amounts of their debts shall be calculated as of the date of the suspension; that the object of an insolvency proceeding is liquidation; that, the debtor being insolvent, the amount of the estate not being equal to the amount of his debts, there is not a sufficiency of assets to pay all the creditors, and it would be unjust and in
In principle that case is analogous to this. The bank was insolvent and was placed in defendant’s hands for liquidation. The