In re Red River Line

Citations

• 115 La. 868
• 40 So. 250
• 1905 La. LEXIS 749

Syllabus

<p>1.Admiralty — Sale op Ship — Liability por Liens.</p> <p>A state court can only sell the right of the shipowner subject to maritime liens, and where the purchaser at a receivership sale paid, over and above his bid, a certain sum of money to lien claimants, who had filed a libel against the vessel in a court of admiralty, held, that the insolvent estate had no ownership or equity in the money so paid and received, and that the lien claimants, who were also creditors of the insolvent, could not be compelled to account for the same in the receivership proceeding's.</p> <p>2. Same — Vendor’s Lien — Prescription.</p> <p>A vendor’s lien or privilege on a steamboat must be enforced, under the Civil Code of Louisiana, within six months from the date of the sale, although a note payable at a distant day has been given for the credit portion of the purchase price. The privilege perempts or dies at the end of six months, and in such a case no plea of prescription is necessary. Where such note was received as cash, the debt was novated and ■ the vendor’s lien waived.</p> <p>3. Corporations — Mortgages.</p> <p>Mortgage claims against an insolvent corporation should be evidenced, not only by acts of mortgage signed by the president, but by proof that such officer was duly authorized by the board of directors to execute the instruments.</p> <p>4. Receivers- — Accounting.</p> <p>Where a receiver filed a provisional account, and the court decreed a distribution of the assets on hand among the privileged creditors, reserving the right of all creditors not paid to demand of the receiver a full and complete account of his administration, held, that all questions of accounting should be postponed until the filing of the final account.</p> <p>(Syllabus by the Court.)</p>