Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-18
JUDGE LAMBS ORDER
Receivers to Manage Mr.. PAGES Property,
Subject 10 The Orders Of the Court.
WHAT THE BANi>'s BILL SAYS.
A Full List OF Unnamed Creditors
Asked FOr-Thc Answer of the he-
spouI.nts-The Matter of suppress
sing Information.

The announcement made exclusively in
the Dispatch yesterday morning. that the
business affairs Of Mr.. James B. Pace
had been placed in the hands OF Judge
George l.. Christian and Mr. J. J. Monta-
que, as receivers. instead Of trustees
caused a great deal Of speculation as to
the significance Of the change. As pub
lished yesterday. Judge Lamb maze
Messrs. Christian and Montague receivers
Of this vast property upon the petition
Of the Metropolitan Bank. which institu-
ton held a note Of Mr.. Pace for S-@VO'
which is secured by lO5 shares Of Planters
National Bank stock. This note was
drawn by Mr.. Pace. payable on demand
and bears date July 1. 1894. Interest was
paid on il for one year. and the Metro
poitan Bank also claims interest at
per cent. from July /. 1895 The object Of
the suit was not 10 set aside the deed Of
assignment. but TO have the property con-
yeyed 20 the trustees managed entreiy
under the courts direction. The course
adopted. as stated yesterday was not
unfriendly 10 Mr Pace and his interests.
NEW DIRECTION or THE COURT
The bill OF the bank SAYS in part:
Your complainant alleges that a large
amount OF very valuable 2 ocks and bonds
Of the said James g. Pace so conveyed
90 the trustees were hypothecated and
pledged by the said Pace for debts due
by him prior 10 the execution or the sald
deed That the property conveyed is very
valuable. and complainant Is advised, ana
therefore charges. that the said trustees
should not be allowed 10 adminEter 80
large a trust without the direction OF
the court: but that where so many IN
terests are involved. and such delicate
and difficult questions are 90 be passed
on and decided. the trusts Of said deed, In
Justice TO all concerned. should b., adj
minstered by a court Of chancery, by
receivers appointed by H. and always
acting under us direction and control
Your complainant further alleges that
II and other creditors similarly sfrated
are entitled TO have an account Of all
the debts and demands secured in
tended 10 be secured by said deed duly
ascertained. and a correct stStement
made Of the debts properly belonging 10
each class ascertained before there is any
sale OF said real estate. or any distr.bu-
ton Of said assets and also 20 bsve the
Justice 20 all concerned. and complainant
Is entitled TO have a decree made al thor
izing 10 20 sell the 103 shares Of stock
held by IL as special collateral security
for IT'S debt and also for its share Of
the trust assets applicable % its deed.
The bill here recites that the COM
uiainant and other creditors OF NJ Pace,
embraced IN the fifth class. are without
remedy in the premises. save in a court
Of equity. and prays that the trustees.
J. T. Pace. and an creditors named in
the deed be made parties defendant 20
this bill and required 10 answer the same.
BRING THEM ~ THE STATE.
Going further into the objects Of the
suit the cOmpainants pray that the
court shall exercise its power over an
Of said parties. so as 20 require them to
bring within this State and under its
jurisdiction any property belonging to
said trust funds not within this State,
that the debts due hy said j. r. Pace.
and secured hy said deed OF trust OF De-
cember "a. 1885. may be ascertained and
the amounts and priOrltie- thereof duly
stated: that the trust subject may De
deCreed 70 be- sold. and tho proceeds
brought into court and duly Administered;
that the rights Of all parties may Doe dee
termined, that an injunction may DE
awarded enjoining and restraining the
said trustees. Christian and Montague,
and AN others. from making any di-pOsi-
ton ~ said trust subject until otherwise
ordered by this court. that the receivers.
when appointed. shall bee empowered 90 DO
all things necessary 90 prevent a sacri-
fee Of property held as collateral. for
debts that your complainant may be al
lowed by decree % sell the said l03 shares
0f Planters National Bank stock and ap-
ply the proceeds 10 their debt. that a pro-
per sum may be allowed your complain
ant ont Of the trust funds 10 pay its
counsel for instituting and conducting this
suit. and that your complainant and all
other creditors OF the said James B Pace.
similarly situated. and who may come IN
and make themselves parties 10 this suit,
may have such other further and general
relief as the nature " their case may
require. or 10 equity shall seem meet"
Answers 10 the above bill We're filed By
both Messrs. Christian and Montague.
trustees. and by Mr. J. r. Pace. In both
these fej0inders the statements as set
forth ir the bin are admitted % be true.
and the respondents concur In the prayer
Of the Metropolitan Bank.
DECREE OF THE COURT
Here IS the decree Of Judge Lamb. ap-
pointing Messrs. Christian and Montague
receivers instead Of trustees.
This day came the plaintiff and filed
its bin in court praying for the appoint
ment Of receivers. and TO said bill James
T. Pace. and j. j. Montague and
George l.. Christian. trustees, filed their
answers. and thereupOn on the said
plaintiffs motion. il IS adjudged. ordered,
and decreed that j. }. Montague and
George l.. Christian, trustees as afOre-
said. are also hereby appointed receivers
OF an the real and personal preporty
and effects OF every kind whatsoever
embraced in or conveyed or assigned by
James y. Pace 10 said Montague and
Christian. trustees, By his deed Of trust
bearing date December IL, 1856 a copy Of
which is filed with the bill. and they are
hereby directed as such receivers and
trustees 10 take possession Of all OF the
property OF every kind above referred
10. and 20 hold and manage the same
unde- the orders and directions Of this
court. And all persons are hereby en-
ioined and restrained from interfering in
any way with the possession, control. and
management Of said property by said re-
ce!vers and trustees.'
And the said j. J. Montague and
George l.. Christ n. trustees and re-
ceivers as azores d. are authorized and
directed 10 cause an inventory OF the
said properfy % BE- made with all con-
veriert speed and 70 cause the same u
Ia. filed In the Clerks Office Of this court
The said George l. Christian and j. j.
Montague receivers and trustees. as
aforesaid. shall have power 70 manage
and 10 take care Of the said property 10
provide for the insurance OF any build
ings on said property 10 pay all taxes