Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1853-02-16
,vssgal Decision.

Errors and Appeals Oh the pow
Ll!istee of a defunct Banking corpora
49, 10 collect its debts beyond sufficient sum
the process satisfy its creditors The decision
carefully corrected, and indebted % an
hinder is eminent legal friend for comprehensive "yl
of wire abus" of the points decided. Mis- sssppian.
ed yer srLLAEUs
Hundred 1t the settled doctrine in this state,
air, that upon the dissolution of a corporation
2rmng whether by lapse of time Judgment of
pei feure, the principles of the law
les in force, excepting so faras as they have been
pc altered or modified by Legislation.
AccordiHg to a law upon the disso.
ution of corporation, all its real
aiming unsod, o the grantor and his
rs the debts to and from it are nguished
d its personal estate in the Govern
(nt; and these provisions ofhe common law
decided in the Commercial Bankof Matches
Chambers s 4 NJ II and reafir-
applicable to banking corporation,
ept far legislation may have changed
II By the of tbs Goth of July A. D. 1913,
ing prescribing M mode Of proceeding agans ncorpo-
mo rated Banks for coaton Of their corporate fran
vor chisc, Clutch. Code 349) it was, in substance
duty provided that by Judgment of forfeiture
about against Bank. its debtors should not be
N the leased from their debts and liabilities o
same, but the Court should appoint a trustee
orb "to take charge of the books and o the
he'd bank, to and collect all debts due o it
bur and to sell and dispose Of all property owned
by it or held by others for its and the pro
lere ceeds of the debts when collected, and of the
ut property when sold, to apply, as might there
after be directed by law, to the payment Of the
debts of such Bank" hld that by this law
Rrovsons made aonc for the creditors of {
ank subjected to forfeiture under it: there
mo saving in behalf Of atockholdcrs; and fa
their rights and interests in the chooses il
Eo action property of the dissolved Bank were
lar concerned, they left unaffected by The
act, and to be controlled by the common
pts law.
he of he CglgcTcql Bank Of NoirIp
day VS.. Chambers, 8 S d NJ H. cited and reviewed
hhat and the conclusion reached, that far from
Ih OF recognizing any claim right exist in tn
e, ana stockholders of a Bank after judgment of for
empe feure and the appointment of uude
ed hot the of lS43 to the surplus after the debt
kresp are paid, the in that intended, will
d air full view of the subject TO DECIDE that tn
\lhe creditors were the only parties whose right
were saved by the operation oltia act.
Stockholders of a bank Is such arc not il
Of the word creditors of such bank
ley constitute the Incorporation itself; an
uscquently could not he their creditor
preservation therefore, 10y legislation, OF III
|,scrts Of a dissolved Bank, would not ope
Bite in behalf Of Stockholders but would rati
induce Legislative intention o exclude ther
and leave them o their fate at law.
As general rule in where it is doubt
full what estate is vested in trustees, they wi
ID it be presumed to take estate large enoug
bn Of to enable them accomplish the purposes
might their trust; but will not by construction b
number held 10 take greater than the
Eautions the demands
derived When, therefore, trustee Of Dissolve
ZION any Bank appointed under the act of 18i3, hs
collected funds sufficient pay the debts Of SUI
6tor. Bank his powers duties aud rights
trustee end and he canno. law full