State Inv. & Ins. Co. v. Superior Court of San Francisco

Citations

• 101 Cal. 135
• 35 P. 549
• 1894 Cal. LEXIS 997

Syllabus

<p>Corporations—Insolvency—Jurisdiction of Superior Court.—The superior court acquires jurisdiction over the estate of an insolvent corporation, when a petition in insolvency has been filed by its creditors, setting forth facts constituting the insolvency of the corporation, and praying that it be adjudged an insolvent debtor.</p> <p>Id.—Adjudication of Insolvency—Relation to Petition.—An adjudication of insolvency of the debtor has relation to the time when the petition was filed, and renders void any intervening transfer or encumbrance of the property of such debtor.</p> <p>Id.—Insolvency of Insurance Corporation-—Dissolution—Statutory Construction.—The insolvent act, by the declaration that its provisions shall apply to corporations, includes corporations organized for the purpose of insurance, and has not been superseded by the provisions of section 601 of the Political Code providing for the dissolution of insurance corporations.</p> <p>Id.—Power of Court—Decree of Dissolution—Distribution of Assets. The provisions of section 601 of the Political Code are intended to secure merely the dissolution of the delinquent insurance corporation, and do not confer upon the court which decrees the dissolution the power tO' distribute its effects to the stockholders and creditors through its own action.</p> <p>Id.—Jurisdiction of Court Statutory.-—The jurisdiction of the superior court to decree a dissolution of any corporation exists only by virtue of statutory authority; and its jurisdiction is limited by the provisions of the statute, both as to the conditions under which it may he invoked and the extent of the judgment which it may make in the exercise of' this jurisdiction.</p> <p>Id.—Order to Show Cause—Injunction—Receiver.—When the attorney general commences an action to dissolve a corporation, the only order which the court is authorized to make is one requiring the corporation to show cause why its business should not be closed, and, until the return day of this o