Franklin Lumber Co. v. Harold Anderson, Inc.
| Decision Date | 29 March 1929 |
| Citation | 145 A. 477 |
| Parties | FRANKLIN LUMBER CO. v. HAROLD ANDERSON, Inc. |
| Court | New Jersey Court of Chancery |
Suit by the Franklin Lumber Company against Harold Anderson, Inc. On order to show cause why receiver's final report and account should not be confirmed and allowances made. Objections overruled.
Koehler & Augenblick, of Newark, for receiver.
Robert M. Boyd, of Montclalr, for objecting mortgagees.
CHURCH, Vice Chancellor. The order appealed from in this matter was entered upon the return of an order to show cause why the final report and account of the receiver for the defendant corporation should not be confirmed.
An appeal having been taken, I feel that I should state the reasons why I advised the order.
The defendant corporation was decreed to be insolvent under the General Corporation Act (2 Comp. St. 1910, p. 1592 et seq.), a statutory receiver was appointed, and the statutory injunction issued.
The receiver converted all the assets of the defendant corporation into cash, and had in his hands for distribution $33,363.91, which money was the proceeds of the sale of three parcels of real estate.
The receiver asked for an allowance of $4,000 for his services, and for an allowance of $3,000 for the services of his counsel who were also solicitors for complainant; the latter allowance to be for their services in both capacities. These allowances were made in the amounts asked.
The receiver reported that the moneys in his hands consisted of three funds, and in his report he determined the order in which these moneys should be distributed; he also recommended that the general expenses of administration of the estate, including his fees and those of his counsel, should be prorated among the several funds.
Of the numerous claimants to the several funds, Mr. Boyd was the only one who appeared in opposition. He represents two mortgagees, one of whom is interested in the "15 Fairway Fund" and the other of whom is interested in the "17 Fairway Fund." No exceptions to the report have been filed by any one, including Mr. Boyd.
On the return of the order to show cause, Mr. Boyd did not question the determination of the receiver as to the order of distribution of the several funds, and the receiver's determinations appearing to be correct, that part of his report was confirmed, together with the other matters set up in the report. Nor did Mr. Boyd question that the general and administration expenses should be distributed among the three funds in...
To continue reading
Request your trial
-
Supreme Fuel Sales Co. v. Peerless Plush Mfg. Co.
...Realty Corp., 106 N. J. Eq. 21, 149 A. 809; Meister v. J. Meister, Inc., 103 N. J. Eq. 78, 142 A. 312; Franklin Lumber Co. v, Harold Anderson, Inc., 104 N. J. Eq. 306, 145 A. 477; Philadelphia Dairy Products Co. v. Summit Sweets Shoppe, 113 N. J. Eq. 458, 167 A. 667, as is urged by petition......
-
Holly Knitwear, Inc., Matter of
...Decorative Utilities Corp. v. National Motors Trucking Corp., 123 N.J.Eq. 48, 196 A. 381 (Ch.1938); Franklin Lumber Co. v. Harold Anderson, Inc., 104 N.J.Eq. 306, 145 A. 477 (Ch.1929), mod. on other grounds 105 N.J.Eq. 542, 148 A. 792 (E. & A.1930); Lembeck v. Jarvis Terminal Cold Storage C......
-
Sullivan v. James Leo Co.
...between the parties. Albert & Kernahan, Inc., v. Franklin Arms, Inc., supra, at page 471, 153 A. 598. Cf. Franklin Lumber Co. v. Harold Anderson, Inc., 104 N.J.Eq. 306, 145 A. 477, affirmed 105 N.J.Eq. 542, 148 A. 792; Meister v. J. Meister, Inc., 103 N.J.Eq. 78, 142 A. We are firmly of the......
-
Bassett v. Merchants' Trust Co.
... ... Electrical Co., 9 Del. Ch. 247, 80 A. 801; Franklin ... Lumber Co. v. Anderson, Inc., 104 N.J.Eq. 306, 145 A ... ...