124 Neb. 386 | Neb. | 1933
This is an appeal from an order of the trial court, approving the report of a receiver appointed in a mortgage foreclosure.
The plaintiff brought a suit to foreclose a second mortgage on farm land, and in connection with the proceeding procured the appointment of a receiver. The title to the land involved in the suit was in the Farmers State Bank of Overton. The bank was insolvent and the secretary of the department of trade and commerce was the receiver of the bank. The bank receiver appealed from the order appointing the foreclosure receiver. Wells v. Farmers
“I have collected for hay $826.85; for corn $173.65" total $1,000.50. * * * I have paid out for interest on the first mortgage * * * $793.50; for alfalfa seed $50; for lumber and repairs to buildings $29; for grasshopper poison $3; to our receiver for time and mileage $125.. Total paid out $1,000.50. No money on hand.”
The bank receiver objected to all items in this report except the item of $125 allowed the foreclosure receiver for his time and expense, for that “the depositors of the Farmers State Bank, Overton, Nebraska, have a first lien and a prior claim to all of the income derived from the assets of said bank, including the income from the above described premises, and that all other moneys paid out by (foreclosure) receiver Smith as shown by said report are contrary to law.” The trial court overruled the objections and approved the report.
The basis of the bank receiver’s position is that section 8-1,102, Comp. St. 1929, impresses the assets of an insolvent bank with a first lien for the benefit of the depositors and holders of exchange. The nature of this lien was determined in Guaranty Fund Commission v. Teichmeier, 119 Neb. 387, and later modified in State v. Thurston
It therefore follows that it was not error for the trial court to approve the final report of the foreclosure receiver, and the judgment of the trial court is
Affirmed.