First N. Bank v. N. Y. etc. Coke Co.
First N. Bank v. N. Y. etc. Coke Co.
Opinion of the Court
The fund in controversy was the proceeds of the sale of certain real estate of the New York & Westmoreland Gas-Coal & Coke Company, a corporation chartered under the laws of this state. That the real estate and nothing else was sold, appears by the return of the sheriff to the writ of venditioni exponas. The court below distributed the proceeds to the lien creditors of said corporation according to their priority. The appellants contend that they should have been distributed to the creditors pro rata. This is the rule in regard to personal property, but it does not apply to real estate. The second section of the act of April 30, 1844, P. L. 532, provides that,
The decree is affirmed and the appeal dismissed, at the costs of the appellants.
Reference
- Full Case Name
- FIRST N. BANK v. N. Y. ETC. COKE CO.
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- 1 case
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- Syllabus
- The proceeds of real estate held in fee by a corporation and sold at sheriff’s sale for the payment of its debts, are to be distributed among its lien creditors according to priority of lien, and not pro rata: Section 72, par. rv., act of June 16,1836, P. L. 776; § 2, act of April 30,1844, P. L. 532; § 1, act of April 7, 1870, P. L. 58. Hogg’s App., 88 Pa. 195, and Hopkins’s App., 90 Pa. 69, distinguished.