P. E. Payne Hardware Co. v. International Harvester Co.

Citations

• 110 Miss. 783
• 70 So. 892

Syllabus

<p>1. Receivers. Property affected. Time of appointment. Assets. Claim of third persons.</p> <p>The right of a receiver became fixed at the date of his appointment, and his title accrues at that time, and liens and priorities of creditors, properly acquired before the appointment of the receivers, will not be disturbed by the receiver.</p> <p>2. Same.</p> <p>The receiver represents the creditors as well as the stockholders, and holds the property for the benefit of both, he is trustee for both, and' as trustee for the creditors can maintain and deiund actions which the corporation could not.</p> <p>3. Receivers. Assets. Claims of third persons.</p> <p>Under Code 1906, section 4784, providing that if a person transacts business in a company name, and fails to disclose the name of his partner by a conspicuous sign at the house where the business is transacted, the property used or acquired in the business shall, as to the creditors of such person, be liable to his debts. Where the goods of a harvester company were placed in the storehouse of a hardware company which acted as its agent, behind the sign of the hardware company, the business being conducted by the hardware company and the goods apparently formed a part of the regular stock of merchandise, there being no sign of the harvester company except an advertisement of the hardware company that it carried the products of the harvester company as part of its stock in trade. In such case the property belongs to the hardware company as to creditors, and a receiver of the hardware company is entitled to possession thereof, not withstanding that previous to the appointment of the receiver the harvester company had instituted an action for the property and had given bond and taken 'possession of the same.</p>