The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-03-20
md PERMANENT RECEIVER.
ANAL Real Estate, Loan and
M ny Co. TO BE Closed Out.

,oi Real Estate, Loan and
s"'n,jI DIM Co. to BE Closed Out.
rta neston of Isabel Lathrop against
saranA Nan Real Estate, Loan and
lny CoApany, for injunction and re-
D''' c,ma\up for a hearing before
c'',,' Fal,igAOt in the Superior Court
Yas5 mOrAng. H. H. Hull had al
s,5y been appointed temporary receiver
l's- the petitiAn was filed.
"- ,a answer waA fled by the defendant
Inv represented by Mr.. j. R. An
in which Vt admits all of the
oel ou4sations in the plaintiffs petition,
ma N5ssvs il is unabk at the present time
aN' rs obligations in cash, because
10 lg D. large amount of assets consist
j. cbisav of real eState upon which it
~ ~, tsen unable to rFalize owing to the
nna'19,,,Isfa stagnaton pf business in real
t,to circles during the past three
80 The company states it is I'M
ss.T,ipq 10 let this property go at sacri-
w.. referring to hold it intact for the
b.nofr Of all creditors. The company adj
roits that il owes a large amount of money
e. other persons than the plaintiff, but
5.riss that its affairs are in complica-
to5 state The difficulty with which the
many has had to contend since 1894
has NOT been in the question of price for
,,s nrapertv. but in the almost entire lack
Of demand for real estate. The company
simnv submitted its affairs to the discre-
Kan If the court as to whether receiver
sbonld be appointed for winding them up.
,rsssrs T.awton & Cunningham, attor-
nsvs for the plaintiff also filed an inter-
yerti5n for w. w Mackall trustee, to
whom the defendant company gave a
deed of trust to secure a note for IS, 1000
5ne the Southern Bank, a note for IS, 800,
dpe the National Bank of Savannah, two
notes for s.. 900 each, due j. Randolph An
derson. agent, and two notes for 81 800
and .250. due to w. S. Chisholm, agent.
As secondary to the above the deed was
given to secure a note for $1,000 due the
Southern Bank, a note for S,S96.S3, due
the OglethOrpe Savings and Trust Com
panv. note for $5,515.06 due the Ogle-
thorpe Savings and Trust Company, and
a note for $780, due to Jacob Paulsen, and
subject to the two foregoing classes are
the two notes for $12,50O each due Mrs.
Isabel Lathrop, secured by second mort
cages on the real estate.
The intervention holds that as there has
been no default in the payment of the two
promissory notes due to Mrs. Iathrop
the trustee, in accordance with the deed
is entitled to possession of the property
Of the company at once. The intervention
asks judgment against the defendant com.
pany under the trust deed in favor OF
the creditors so, represented; that the lier
given the trustee may be established anC
foreclosed, and that the receiver hereto
fore appointed by the court be ordered t
continue in charge of all the company:
assets and administer them under the
discretion of the court. The trustee wa:
made party complainant to the proceed
ing.
Mrs. Lathrop filed an amendment to he
original petition striking out the paragraph
in which she asked judgment against ]
S. Collins and others, defendants. as en-,
dOrsers on one of the notes for $125OO
leaving her claim solely against the com
pany.
Upon a hearing of these matters anC
there being practically no objection to
f5eeivership the court ordered that H. II
HUI be appointed and continued as re
ceyer Of all the property and assets o
the savannah Real Estate, Loan an,
Building Company, and thak he procee,
to collect the company's assets with al
convenience and dispatch. The officer
ana agents of the defendant compan,
were enjoined from interfering with tn
receiver in any way and instructed to turf
over to him all the company's assets il
uleT possession at once. This no doub
means that the company's property is +
De SOD real estate and all, and the asset
maTshaled for the benefit of the credi
tors.