O'Neil v. Burnett

Citations

• 263 Pa. 216
• 106 A. 246
• 1919 Pa. LEXIS 401

Syllabus

<p>Insurance — Insurance companies' — Insolvency—Injunction—Assets, trust funds for creditors — Set-off of individual debt in suit for trust funds.</p> <p>1. An injunction, restraining an insolvent insurance company, its officers and agents, from transacting any of its business or disposing of any of its property, issued upon the granting of a rule to show cause why the insurance commissioners should not liquidate the business of the company, fixed the status of money subsequently collected by an agent on outstanding mortgages as trust funds in his hands, and he could acquire no right thereto superior to that of other creditors. *</p> <p>2. An agent of an insolvent corporation cannot set up his individual debt in a suit brought against him for trust funds in his hands.</p> <p>3. The officers of a corporation cannot make a valid agreement with an .agent that will enable him, after the insolvency of the company and while it is enjoined from transacting any business or disposing of its assets, to collect money on account of the corporation and appropriate it in payment of his individual claim.</p> <p>Practice, O. P. — Set-off—Pleading.</p> <p>4. A defendant’s set-off must be pleaded with .as much certainty as plaintiff’s statement of claim.</p> <p>Interest — Money had and received — Date from which interest runs.</p> <p>5. In an action for money had and received, where there has been no prior demand, interest should be computed from the beginning .of the suit.</p>