City Insurance v. Commercial Bank

Citations

• 68 Ill. 348

Syllabus

<p>1. Corporation—right to sue after it ceases to exist. It is, no doubt, true, when a corporation surrenders its charter, or ceases to exist by efflux of time, or its charter is declared forfeited by a judicial'tribunal of competent jurisdiction, that it can neither sue nor be sued, although the obligation of its contracts survive and may be enforced against any property that belonged to the corporation, which has not passed into the hands of Iona fide purchasers.</p> <p>2. Same—suspension of business by judicial order no ground for quashing attachment against. Where real estate belonging to a bank of another State was attached in our courts by a creditor, it was held, that a decree of a court of the State where the bank had its place of business, finding the hank insolvent, appointing a receiver, and restraining it from further transacting business, afforded no ground for quashing the writ of attachment, as the bank was liable to be sued in this State to reach property held by it.</p> <p>3. Comity of States. Even if the bank had forfeited its charter under the laws of its State, the obligation of its contracts survived, and its property not in the hands of a bona fide purchaser may be subjected to the payment of its debts, by suit commenced by attachment, there being nothing in the comity existing between States rendering it improper on the ground that by the local laws its effects are in the hands of a receiver.</p> <p>4. Interpleader in attachment. Under the Statute relating to Attachments, the right of a third party to interplead extends to real estate which may be attached.</p> <p>5. Decree—does not operate out of State on title to real estate. In attachment of real estate of a bank of the State of Rhode Island, it appeared by the pleadings and proof on interpleader, that, under the laws of that State, the courts had declared the bank insolvent, prohibited it from further transacting business, and by decree invested a receiver with the title to all its propert