J. A. Fay & Egan Co. v. Monroe National Bank

Citations

• 51 La. Ann. 613
• 25 So. 268
• 1899 La. LEXIS 441

Syllabus

<p>Syllabus.</p> <p>The contest was among creditors over the proceeds of the sale.</p> <p>The mortgage creditor whose mortgage was foreclosed was not a director of the corporation debtor, and was not concerned in so far as related to the payment by the latter of !ts indebtedness.</p> <p>The mortgage creditor, holder of notes deposited as collateral security, had the right to foreclose and to have the property sold. The testimony does not disclose as between the two corporations that the property was sold In the proceedings of foreclosure for the purpose of defrauding creditors by change of title. There was no collusive agreement between the two.</p>