Taylor v. Bowker

Citations

• 111 U.S. 110
• 4 S. Ct. 397
• 28 L. Ed. 368
• 1884 U.S. LEXIS 1762

Syllabus

<p>Statute of Limitations — Equity—Corporations.</p> <p>If a statute enacts that when a corporation has unlawfully made a division of its property, or has property which cannot be attached, or is not by law attachable, any judgment creditor may file a bill in equity for the purpose of procuring a decree that the property shall be paid to him in- satisfaction of his judgment, the right of action thus conferred, being an equitable right, does not accrue until the issue of execution oirthe judgment and its return unsatisfied.</p> <p>If a statute confers upon a judgment creditor of a corporation an equitable remedy on the issue of an execution on the judgment and its return unsatisfied, and in a revision of the statutes the same equitable remedy is given, but without mention of the issue and return of execution, it is not to be presumed that the legislature intended by the omission to abrogate or modify an established rule of equity; that when it is attempted by equitable process to reach equitable interests fraudulently conveyed, the bill should set forth a judgment, issue of execution thereon, and its return unsatisfied.</p>