State ex rel. Attorney Gen. v. Fid. Loan & Trust Co.
| Decision Date | 11 April 1901 |
| Citation | 113 Iowa 439,85 N.W. 638 |
| Court | Iowa Supreme Court |
| Parties | STATE EX REL. ATTORNEY GENERAL v. FIDELITY LOAN & TRUST CO. |
OPINION TEXT STARTS HERE
Appeal from district court, Woodbury county; George W. Wakefield, Judge.
Action on relation of the attorney general, in which it is prayed a receiver be appointed to take charge of the property of the defendant company, and distribute the proceeds thereof to its creditors, and that it “be dissolved as a corporation, its franchises forfeited, and that it be ousted therefrom.” The defendant resisted the appointment of a receiver on different grounds. After hearing, decree was entered as prayed. The defendant appeals. Appeal dismissed.William Milchrist, for appellant.
Milton Remley, Atty. Gen., Charles A. Clark, and Wright, Call & Hubbard, for appellee.
The defendant resisted the appointment of a receiver on various grounds, but not its dissolution as a corporation, and to that part of the court's decree ordering that “the Fidelity Loan & Trust Company be and is hereby dissolved” no exception was taken. The appeal is “from the judgment of the district court appointing U. G. Whitney receiver.” Indeed, the officers authorizing an appearance for defendant indicated their wish that resistance in the action be limited to that part of the petition asking for the appointment of a receiver. That this might be made during life of the corporation is not questioned, but was its status such after the decree as that it might prosecute an appeal? Undoubtedly, a corporation may continue in existence for the purpose of appealing from and testing an order dissolving it, for its life is then the issue. Until the final adjudication, no one may say it has ceased to exist. So a person may appeal from an order adjudging him insane, and in connection therewith is the right to appeal from orders such as the appointment of receiver, which are incidental to and dependent on the dissolution. See Kelsey v. Fermentation Co., 45 Hun, 10. But here there was no such appeal. The defendant, by acquiescing in the decree, conceded the termination of itself as a legal entity. The appeal from a part of the decree in no way affected the portion not appealed from. Section 4113, Code. The order of dissolution is as complete and final as it will be in a thousand years. The court was empowered by section 1640 of the Code to make it, and all have acquiesced in it as made. From the time of that entry the corporation has been dead, all its agencies ended, its employés, including attorneys, discharged; and it put, without exception or notice of appeal, beyond all future corporate activity. The effect was to “put an end to its existence for all purposes whatsoever, and to destroy every one of its faculties, so that thereafter it can...
To continue reading
Request your trial
-
Clark v. Williard
...of Iowa have made the official liquidator the successor to the corporation, and not a mere receiver. State ex rel. Attorney-General v. Fidelity Loan & Trust Co., 113 Iowa, 439, 85 N.W. 638. His title is not the consequence of a decree of a court whereby a corporation still in being has made......
-
McDonald v. Pacific States Life Ins. Co.
... ... as Commissioner of Insurance of the State of Colorado and Primary Statutory Liquidator of ... Cross, 175 U.S ... 400; Security Trust Co. v. Dodd, 173 U.S. 629; ... Oakey v ... Burns, 86 S.E. 270; State ... ex rel. v. Crabbe, 114 Ohio St. 504, 151 N.E. 758; ... receiver. [ State ex rel. Attorney General v. Fidelity ... Loan & Trust Co., 113 ... ...
-
United States v. Federal Surety Co.
...of Iowa have made the official liquidator the successor to the corporation, and not a mere receiver. State ex rel. Atty. Gen. v. Fidelity Loan & T. Co., 113 Iowa, 439, 85 N. W. 638. His title is not the consequence of a decree of a court whereby a corporation still in being has made a compu......
-
O'Malley v. Hankins
...by the law of its creation. [Authorities.] So the lawmakers have plainly said. So the Iowa court [State ex rel. Attorney-General v. Fidelity Loan & Trust Co., 113 Iowa, 439, 85 N. W. 638] adjudged in decreeing dissolution. ‘We think the Supreme Court of Montana [Mieyr v. Federal Surety Co.,......