Frost v. Puget Sound Realty Associates

Citations

• 57 Wash. 629
• 107 P. 1029
• 1910 Wash. LEXIS 809

Syllabus

<p>Corporations — Receivers — Appointment—Grounds—Acts Ultra Vires. The fact that a realty and investment company is acting ultra vires in violation of the trust company act is not ground for the appointment of a receiver at the suit of subscribers, since only the state can question the acts of the company on that ground.</p> <p>Same — Evidence—Sufficiency. It is error to appoint a temporary receiver of a realty and investment company, at the suit of a few subscribers, where the evidence shows solvency, careful and capable business management and no probable loss to subscribers that can be avoided by a receivership.</p> <p>Same — Remedy at Law. The wrongful payment of commissions by a realty and investment company to one of its trustees is not ground for the appointment of a receiver, where the subscriber has a remedy at law without the aid of a receivership.</p>