Hadley v. Bank of Ellensburg

Citations

• 67 Wash. 680
• 122 P. 321
• 1912 Wash. LEXIS 1231

Syllabus

<p>Corporations — Insolvency—Preference—Evidence—Sufficiency. Findings that a corporation, which was adjudged insolvent about a year after giving a mortgage for $8,375, to secure an antecedent debt to a local bank, was not insolvent at that time, and that the mortgage was not an unlawful preference, are sustained where it appears that it was engaged in the retail meat business, that its total liabilities at that time did not exceed $15,000 and its assets were valued by various witnesses at from $15,000 to $22,000, none of its creditors had manifested an intent to enforce collections by legal proceedings, it was paying its obligations in due course, and did about $22,000 worth of business before it was closed up, and the mortgage covered only about one-half in value of its entire property.</p>