Metropolitan Bank v. New Orleans Brewing Ass'n

Citations

• 51 La. Ann. 1525
• 26 So. 418
• 1899 La. LEXIS 590

Syllabus

<p>Syllabus.</p> <p>1. Receiver. — The appointment of a receiver was proper; it had the approval of the legal representatives of the defendant company. He cannot be removed in an attack collaterally made.</p> <p>2. Notice. — The receiver had, when his application to sell was granted, given ten days’ notice, as required, of his application to sell the property.</p> <p>S.Party'in Interest.- — The receiver was a party in interest, whose application to sell could be considered and granted if, in the judgment of the court, it was to the interest of the creditors; besides, a creditor joined in the application.</p> <p>4. Order of Sale. — The court had the power to order a sale of the mortgaged premises, subject to the laws regarding the appraisement of property sold at judicial sale. Although the amount of the bid may be less than the amount of the mortgage, the adjudication will be valid.</p> <p>5. Lots. — The forming of lots and the appraisement of lots, in order to fix the interest of creditors, is not a method unknown to Louisiana laws.</p> <p>6. Add Parties Before the Court. — Many of the debts were due and owing; all parties were before the court to be heard regarding the terms and conditions of the sale. The application to sell is treated as having been made contradictorily with all parties concerned and as if the proceedings were in the name of the mortgage creditors seeking to foreclose their mortgage.</p> <p>7. Other Measures Not Practicable. — If different steps were to be taken, the property would be sold only after great delays and after incurring ruinous costs. It. being in the hands of a receiver, he cannot in these proceedings be divested of his possession, and the property cannot be sold without regard 'to his possession.</p> <p>8. Costs. — The receiver’s charges and other charges should be equal to the services rendered.</p> <p>5). Bales for Cash to Meet Debts Due. — All creditors must be placed on a footing corresponding with their respective rights.</p>