Standard Cotton Seed Oil Co. v. Excelsior Refining Co.

Citations

• 108 La. 74

Syllabus

<p>Syllabus.</p> <p>1. A receiver, or legal representative of a succession, instead of placing on lila account a certain sum as reserved for future costs, should ask for an ordei that all costs incurred, as well as the costs of the then proceeding, and thoSe to be Incurred thereafter, up to the date of final settlement, be taxed and paid by privilege from the fund stated in the account.</p> <p>2. The receiver’s commission being allowed at five per cent, of the fund to be distributed, a greater percentage than ten per cent, upon the same fund la refused the attorneys of the receiver. It is held, on the showing made, thal on those accounts — receivers and attorneys — fifteen per cent, is all that should be allowed on a distributive' amount of but little more than ?9,000.</p> <p>3. In insolvent estates, there must be taken into consideration, in estimating fees, the practical results achieved in the way of moneys realized for credi tors, and care is always to be had not too greatly to deplete by charges the small store of funds constituting the common stock out of which all are to be paid.</p> <p>4. A stockholder, who was also director, made advances of money which were used for the purpose of the corporation, to meet its debts and tide over ite difficulties. Held — it being shown that this was done legitimately and In good faith — no fraud, no deception, no preference, no wrong-doing of any kind — his rank and standing as an ordinary creditor is the same as that oí any other ordinary creditor.</p>