Mills v. Cosmopolitan Trust Co.

Decision Date22 May 1925
Citation147 N.E. 830,252 Mass. 394
PartiesSUFFOLK KNITTING MILLS et al. v. COSMOPOLITAN TRUST CO.
CourtUnited States State Supreme Judicial Court of Massachusetts Supreme Court

OPINION TEXT STARTS HERE

Appeal from Supreme Judicial Court, Suffolk County.

Bill of complaint to establish trust by the Suffolk Knitting Mills and others against the Cosmopolitan Trust Company. From decree dismissing bill, plaintiffs appeal. Affirmed.

1. Banks and banking k317-Decree fixing time after which no new suit or action could be instituted against bank commissioner, in possession of trust company, held valid.

Under G. L. c. 167, ss 28, 29, 31, 36, decree of court of equity, after adequate notice, fixing time after which there can be no new suit or action brought against banking commissioner in possession of trust company for purpose of liquidating its business, is valid and binding.

2. Banks and banking k317-Decree fixing time after which no few suit or action could be brought held reasonable.

In view of G. L. c. 167, ss 28, 29, 31, decree, fixing time more than two years after commissioner took possession as time after which no new suit or action, against commissioner in possession of trust company to liquidate its business could be brought, held reasonable.

M. Witte, of Boston, for plaintiff.

H. O. Cushman, of Boston, and G. L. Vaughan, of Melrose, for defendant.

RUGG, C. J.

The plaintiff corporation, a depositor in the Cosmopolitan Trust Company, seeks by this suit to establish a trust in its favor in a portion of the funds of the trust company in the hands of the commissioner of banks who on September 25, 1920, took possession of its business and property under the statute, and who has since been liquidating its affairs. It is not necessary to recite the allegations of the bill further than to say that the plaintiff corporation has been diligent in asserting its various contentions as appears from Cosmopolitan Trust Co. v. Suffolk Knitting Mills, 247 Mass. 530, 143 N. E. 138. The present bill was filed on June 7, 1924, which was after the termination of the prior litigation. The defendant filed a motion to dismiss on the ground that by decree of court entered on August 15, 1922, after due notice and hearing, the time beyond which claimants should not present claims against the funds of the trust company was fixed at October 16, 1922, and that no suit in equity or action at law for the purpose of establishing rights to any property of the trust company should be brought after October 16, 1922. A final decree was entered dismissing the bill on this ground. The plaintiff's appeal brings the case here.

[1][2] The liquidation statute does not establish an...

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5 cases
  • United States v. Comm'r of Banks
    • United States
    • United States State Supreme Judicial Court of Massachusetts
    • December 15, 1925
    ...authority upon this court to establish a limitation of time after which new litigation must cease (Suffolk Knitting Mills v. Cosmopolitan Trust Co., 252 Mass. 394, 147 N. E. 830) does not import a legislative purpose to include within the field of its operation the United States or the comm......
  • Rothstein v. Comm'r of Banks
    • United States
    • United States State Supreme Judicial Court of Massachusetts
    • January 14, 1927
    ......In Suffolk Knitting Mills v. Cosmopolitan Trust Co., 252 Mass. 394, 147 N. E. 830, no question of practice was raised and the ......
  • Comm'r of Ins. v. Bristol Mut. Liab. Ins. Co.
    • United States
    • United States State Supreme Judicial Court of Massachusetts
    • May 25, 1932
    ...was clothed with power to fix the time and manner of ascertainment of damages sustained by the claimants. Suffolk Knitting Mills v. Cosmopolitan Trust Co., 252 Mass. 394, 147 N. E. 830. The court undertook by the interlocutory decree of February 7, 1930, to establish the method by which cla......
  • United States v. Commissioner of Banks
    • United States
    • United States State Supreme Judicial Court of Massachusetts
    • December 15, 1925
    ...... . .        J., CROSBY, PIERCE,. CARROLL, & SANDERSON, JJ. . .        Trust Company, In. liquidation: rights of United States as creditor, limitation. of claims. Limitation ... claim against the assets of the Cosmopolitan Trust Company in. the possession of the respondent commissioner of banks, and. the establishment ... new litigation must cease, Suffolk Knitting Mills v. Cosmopolitan Trust Co. 252 Mass. 394 , does not import a. legislative purpose to include ......
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