252 Mass. 394 | Mass. | 1925
The plaintiff corporation, a depositor in the
Cosmopolitan Trust Company, seeks by this suit to establish a trust in its favor in a portion of the funds of the trust company in the hands of the commissioner of banks who on September 25, 1920, took possession of its business and property under the statute, and who has since been liquidating its affairs. It is not necessary to recite the allegations of the bill further than to say that the plaintiff corporation has been diligent in asserting its various contentions as appears from Cosmopolitan Trust Co. v. Suffolk Knitting Mills, 247 Mass. 530. The present bill was filed on June 7, 1924, which was after the termination of the prior litigation. The defendant filed a motion to dismiss on the ground that by decree of court entered on August 15, 1922, after due notice and hearing, the time beyond which claimants should not present claims against the funds of the trust company was fixed at October 16, 1922, and that no suit in equity or action at law for the purpose of establishing rights to any property of the trust company should be brought after October 16, 1922. A final decree was entered dismissing the bill on this ground. The plaintiff’s appeal brings the case here.
The liquidation statute does not establish an express period of limitation within which claims must be proved or put in suit. It is provided in G. L. c. 167, § 28, that the
The suit in the case at bar manifestly was brought long after the expiration of the time limited in the decree of August 15, 1922.- That decree is a complete bar to the prosecution of the present suit.
The rights of the other plaintiffs as set out in the bill are completely subordinate on this point to the rights of the corporate plaintiff. They cannot prevail if it fails. It is not necessary to discuss their position as revealed on the face of the bill.
Decree dismissing bill affirmed with costs of appeal.