The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-03-11
II. II. HULL MADE RECEIVER.
Affairs of n Savannah Loan ana
building Association In Court.

Building Association In Court.
Henry H. Hull was yesterday appointed
receiver of the property and assets of the
Savannah Real Estate Loan and Build
ing Company, of which ]. S. Collins is
! president.
The action was taken on application of
Isabel Lathrop, through her attorneys,
Messrs. Lawton & Cunningham the COM
| pany being indebted to her in the sum OF
S25OOO. The suit which was filed in the
| Superior Court was brought against j. 8.
| Collins, H. II. Hull, w. D. Simkins, w.
]. Lindsay, Thomas Nugent, r. NJ. Hicks,
Jacob Paulsen, Hugh Logan, j. Randolph
Anderson. Christian Berdon and Joseph
! Oehl, as well as against the company di-
rect. these parties being either the indors-
ers on one of the notes given the plaintiff
also indebted.
The company owns two lots known as
lots Nos. and 8, Milen's farm, located
just south of Lovers Lane, each of which
contains about ten acres, more or less, and
each of which is divided up into ninety
two building lots. Lot No. is under mort
gage to Christian Berdon. trustee. and lot
No is mortgaged to Joseph Oehl. both
mortgages having been executed in the
latter part of 1889. 1t is alleged also that
all of the other real estate belonging to
the company is under mortgage to various
parties.
On April 16 promissory note for $12 500
was executed by the company in favor of
the plaintiff, she having loaned it that
amount A second promissory note for
$l2500 was made in her favor on the same
date by the company this note being in
dorsed by j. S. Collins and the other par
ties defendant named above with the ex-
ception of the two last, who are the
mortgages.
The defendant company, therefore. is
indebted to the plaintiff, She states, in the
sum of $4,000, with interest at per cent.
from April &c. 1897, the day upon which
| the notes were due. Payment of these
notes has been demanded and refused.
| Upon one of these notes for $125OO the
| indorsers are liable.
The plaintiff was secured on these loans
| by deeds of conveyance upon lots Nos 5
and s, Milen farm, these deeds being sec
ondary to The mortgages before mention
| ed The defendant company also agreed
| 10 pay all attorneys fees, commissions
! and costs, il the courts had to be an
pealed to for the collection of the amount.
The petition alleges that the defendant
| company is insolvent and unable TO nav
| its obligations, and demands therefor
! have been refused As there was no i,de-
| quate remedy at law the plaintiff appealed
! TO the equity courts. The defendant com
! pany Is indebted to other parties In large
amounts, 1t is stated, and the properly il
owns is not sufficient in value to pay the
! indebtedness in this case. 1t is necessary.
! therefore, II is stated, to look to the other
assets of the company
The petition states that it was brought
| on behalf of all the other creditors of the
| company, and that irreparable damage 10
| the creditors would be caused unless some
! action be taken at once. Judgment against
the company for the $4,000 is asked. and
against the other defendants for the $l2, 500
for which they became indorsers. 1t was
asked that the judgment be declared a
lien against the property of the company.
| that the company be declared insolvent,
and that a receiver be appointed to mar
| shall its assets under the direction of the
court.
Judge Falligant issued an order requir-
ing the company and the other defendants
to show cause before him on March is
why an injunction should not be granted
and a permanent receiver appointed to
collect in all the assets under the direction
of the court, In the meantime he appoint
ed Mar. Henry II. Hull temporary receiver,
to take charge of all the companys prop
erty nnd assets, and directed that the re-
ceiver give bond within ten days in the
sum of 5000