Pairpoint Mfg. Co. v. Phila. Optical & Watch Co.

Citations

• 161 Pa. 17
• 28 A. 1003
• 1894 Pa. LEXIS 622

Syllabus

<p>Corporations — Insolvency— Confession of judgment — Preferences.</p> <p>Iu Pennsylvania an insolvent corporation may prefer a creditor by a confession of judgment: Lake Shore Banking Co. v. Fuller, 110 Pa. 156.</p> <p>Corporations —Conflict of laws — Preferences.</p> <p>Where no disability to make a preference of one creditor before another is imposed upon a foreign corporation by its charter, the prohibition of such a preference by a general enactment of the state where the corporation is chartered, can have no extra-territorial effect.</p> <p>Corporations — Receivers—Execution—Creditors—Sale.</p> <p>A sale under a judgment confessed by an insolvent corporation will not be restrained by a court of equity on the ground that a sale of the company’s property can be more advantageously conducted in the interests of all the creditors by receivers. Until the rights of the other creditors are violated no one has a standing to challenge the execution creditor’s right to use the means provided bylaw for the enforcement of his claim.</p>