In re New Iberia Cotton Mills Co.

Citations

• 113 La. 404
• 37 So. 8
• 1904 La. LEXIS 656

Syllabus

<p>APPEAL — JURISDICTIONAL AMOUNT — BEOEIVEKS —ACCOUNTING—HOMOLOGATION—ACTION AGAINST COEPOEATE SUBSCEIBEE.</p> <p>1. In cases of insolvency, the test of our appellate jurisdiction is not the amount actually distributed under a provisional account, but the amount of the fund to be distributed in the ease. Brierre v. Their Creditors, 9 South. 640, 43 La. Ann. 423. The liability of a particular stockholder of the insolvent corporation for unpaid subscription is an incidental issue, which does not affect the question of jurisdiction on an appeal from the judgment of homologation.</p> <p>2. Section 8, Act No. 159, p. 315, of 1898, requiring the clerk to,enter in the order book notice of the filing of every petition, motion, etc., has no application to appeals, which are matters of constitutional right.</p> <p>3. Where the receiver filed his annual account, containing a detailed statement of the liabilities of the corporation, and showing collections and disbursements to date, on the homologation of said account, after due notices, and there being no opposition, the testimony of the receiver that all of said liabilities, except those styled contingent, were just debts of the corporation, as shown by its books and by notes and judgments, was sufficient to warrant the judgment of homologation. Succession of Rabasse, 23 South. 910, 50 La. Ann. 746.</p> <p>4. The suit brought by the receiver against the appellant to recover 65 per cent, of his unpaid subscription is not before this court, but if more should be collected by said suit than is necessary to pay appellant’s proportionate share of debts of the corporation, and the costs and expenses of administration, he would have his recourse for reimbursement against the receiver. Insurance Oo. v. Walle, 29 South. 503, 105 La. 89.</p> <p>(Syllabus by the Court.)</p>