Receivership Sheets Lumber Co.

Citations

• 52 La. Ann. 1337

Syllabus

<p>Syllabus.</p> <p>1 Creditors, who stand by and make no objection whilst the property of their debtor, a corporation in the hands of receivers, is sold by the sheriff under order of the court, and who acquiesce in the manner in which such sale is conducted, will not be heard upon an opposition to the receivers’ final account, filed long afterwards, to complain that the sheriff did not conform to the terms of the order, and sold in lots when he snould have sold in block.</p> <p>2. A receiver who buys property of the estate under his administration, when sold under order of court, will be held liable for at least the appraised value of such property when the sale is not attacked for nullity.</p> <p>3. A receiver, who is a creditor, is not permitted to obtain an advantage by appropriating the assets in his hands to the payment of the debt due him. He must account to the court for such assets and take his chances, as to the payment of his debt, with other creditors similarly situated.</p> <p>4. The privilege accorded by Act 145, of 1888, in favor of saw and planing mill, etc., employes, is barred by the prescription of thirty days from the maturity of the debt. Where persons are employed at a certain amount per month, it will be presumed, in the absence of proof to the contrary, that their salaries become due at the end of each month. But, where receivers are appointed, the salary pro tanto for the current month becomes due at once.</p> <p>5. Receivers are not permitted to expend money which comes Into their hands at discretion, and where such expenditures are not authorized by the court, and do not appear to have been of benefit to the creditors, they will not be allowed as credits.</p> <p>6. Where a receiver shows want of capacity in the management of property entrusted to him, and a lack of appreciation of his obligations as receiver, his claim for compensation may be. rejected or reduced.</p> <p>7. The amount to be allowed as fees to counsel employed by the receiv