Gehr v. Mont Alto Iron Co.

Supreme Court of Pennsylvania March 23, 1896

Gehr v. Mont Alto Iron Co., 174 Pa. 430 (Pa. 1896)

34 A. 638; 1896 Pa. LEXIS 902

Fell, McCollum, Mitchell, Sterrett, Williams

Opinion of the Court

Per, Curiam,

Our consideration of the questions presented in this record has satisfied us that neither of the specifications of error should be sustained:

Nothing can be profitably added to what was said by the learned president of the common pleas in disposing of exceptions to the auditor’s report and decreeing distribution of the fund in court. The decree is therefore affirmed on his opinion and appeal dismissed, with costs to be paid by appellants.

Reference

Full Case Name: Daniel O. Gehr and Annie M. Wiestling, Shareholders and Creditors of Mont Alto Iron Company for themselves and any other shareholders and creditors of said company v. Mont Alto Iron Company — E. S. Wiestling, President E. B. Wiestling, Secretary and Treasurer D. O. Gehr, W. B. McDowell and Tench McDowell, Directors of the Mont Alto Iron Company
Cited By: 14 cases
Status: Published
Syllabus: Corporations — Receiver—Distribution of estate. Where a corporation in the hands of a receiver is insolvent without possibility of rehabilitation, and there is nothing to do but to convert its assets and distribute them equitably, the bondholders of the corporation, although their bonds are not due, are entitled to participate with the general creditors in the distribution of the fund raised by the sale of material which the receiver has manufactured from raw product belonging to the corporation, and in the fund raised by the sale of the real estate of the corporation. Corporation — Receiver— Taxes. Where a corporation engaged in the iron business is hopelessly insolvent, and in the hands of a receiver, taxes which have accrued during the time that the receiver was manufacturing raw product into finished material in order to facilitate the sale of the company’s property, should be paid in full.