Greif v. James H. Wright Co.

Citations

• 10 Del. Ch. 308
• 91 A. 205
• 1914 Del. Ch. LEXIS 11

Syllabus

<p>The right to set off mutual debts due to and from a corporation, under Rev. Code 1852, amended to 1893, p. 793, c. 106, §21, providing that mutual debts between parties to an action, due at the time of action brought in the same right, may be the subject of set-off, was not defeated by the appointment of a receiver for the corporation under a statute authorizing the appointment of a receiver for insolvent corporations on the application and for the benefit of any creditor or stockholder, since such receiver takes the assets as a trustee and as a representative of the insolvent, and acquires no greater interest in the estate than the corporation had, and the assets are subject to such set-offs, liens and incumbrances as exist at the time of the appointment.</p> <p>A debt due to the receiver of an insolvent corporation, as distinguished from a debt due to the corporation, cannot be set off against a debt due from the corporation.</p>