In re Receivership of the New Iberia Cotton Mill Co.

Citations

• 109 La. 875
• 33 So. 903
• 1903 La. LEXIS 446

Syllabus

<p>RECEIVERS — PROPERTY IN CUSTODIA LEGIS— RIGHTS OP INTERESTED PARTIES —INVENTORY.</p> <p>1. Property in the hands of a Receiver is property in the custody of the law. The Receiver is but the agent through whom the court, for greater facility, acts.</p> <p>2. Without an inventory and appraisement and a statement of debts filed, the courr is without accurate knowledge of the situation of affairs with respect to the estate under its charge.</p> <p>. 3. And parties in interest, like creditors, share-holders, etc., are entitled to have access to reliable information (such as may be found in inventories, appraisements and schedules of indebtedness) touching the estate under administration.</p> <p>4. It is held that the taking of an inventory and the making of an appraisement of property, and the filing of a statement of liabilities, are proper preliminary acts of administration on part of a Receiver, and the same should ordinarily be done within a reasonable time after he takes charge.</p> <p>(Syllabus by the Court.)</p>