Washington Irr. Co. v. California Safe Deposit & Trust Co.

Citations

• 115 F. 20
• 52 C.C.A. 614
• 1902 U.S. App. LEXIS 4180

Syllabus

<p>1 Foreclosure Sale — Property- Passing — Construction of Decree.</p> <p>A decree foreclosing a mortgage on the property of a corporation, and directing its sale, although its language describing the property to be sold is broad and comprehensive, expressly including all property, of every name and nature, belonging to or possessed by the corporation or the receiver in the suit, cannot be construed to include money in the hands of the receiver, and such money will not pass by the sale unless the decree expressly so states.</p> <p>XL Same — Earnings of Receivership after Confirmation — Estoppel of Purchaser.</p> <p>The purchaser of the property of a corporation at foreclosure sale receipted to the receiver for, “all and singular, the property in his control and possession as such receiver, as the same appears by his final account and report.” Such report, which showed the net earnings of the property after confirmation of the sale, as belonging to the purchaser, was confirmed without objection, and distribution made in accordance with the receiver’s account. Held, that the purchaser, by its action, and failure to object to such account, confirmed its correctness, and could not thereafter claim a larger amount as net earnings.</p>