Gibbes v. Greenville & Columbia R. R.

Citations

• 18 S.C. 289
• 1882 S.C. LEXIS 134

Syllabus

<p>1. A finding of fact by tbe Circuit judge reversed because opposed to tbe preponderance of the evidence.</p> <p>2. Money, necessary for the proper and successful management of a railroad, borrowed by the officers of the road while acting as receivers under an order of court, giving them power “to continue in the possession and management of the property,” should be repaid out of the fund in court, realized from the income of the road while in the receiver’s hands.</p> <p>S. Such loan having been secured by a deposit of bonds belonging to the railroad company, which bonds were afterwards sold to the credit of the loan, and the payee, under a call for creditors, having presented his petition for the payment of the balance out of the receiver’s fund, other creditors could not assert, by way of counter-claim to this petition, the right to have the hypothecated bonds -surrendered to the court or their value accounted for.</p> <p>4. Eifty-four Rond Case, 15 S. O. 304, and Ex parte Brown and Wife, Id. 531, recognized and followed.</p>