Com. v. Tradesmen's Trust Co.

Citations

• 237 Pa. 316
• 85 A. 363
• 1912 Pa. LEXIS 937

Syllabus

<p>Corporation — Trust companies — Insolvency—Dissolution—Voluntary closing — Sufficiency of answer.</p> <p>1. A traverse to the averment of insolvency in a petition by the Attorney General for a receiver to wind up the affairs of a trust company, should be positive and unequivocal, and it is no sufficient traverse for the answer to deny the necessity for dissolution, on the ground that it had voluntarily closed its doors, not on account of insolvency, but in order to conserve and distribute its assets; and even when the traverse is positive and unequivocal, it is ineffectual if the fact that the institution has closed its doors is admitted,</p> <p>2. Insolvency,' in its legal sense as dealt with by the law regulating banks, trust companies and kindred corporations, exists whenever such an institution, from any cause, is unable to pay its debts in the ordinary or usual course of its business.</p> <p>Appeals — Certiorari—Order dissolving corporation.</p> <p>3. ’ No appeal lies from an order of the Court of Common Pleas of Dauphin County dissolving a corporation. If an appeal is taken from such an order it can only be regarded by the appellate court as a certiorari, taking nothing up except the record in the case.</p>