Page v. Moore

Supreme Court of Pennsylvania February 3, 1913

Page v. Moore, 239 Pa. 285 (Pa. 1913)

86 A. 855; 1913 Pa. LEXIS 554

Brown, Fell, Mestrezat, Moschzisker, Potter, Stewart

Opinion of the Court

Per Curiam,

The bill in this case was filed by a trustee in bankruptcy to have declared void an assignment of all the assets of a corporation, made by its officers to themselves *287to secure a pre-existing indebtedness. The court found that the corporation was insolvent when the assignment was made; that the defendants knew it was insolvent and that the assignment was executed for the purpose of giving them preference. If these findings were correct, the assignment was void, Sicardi v. Keystone Oil Co., 149 Pa. 148, and the decree directing a reconveyance and an accounting was properly made. Findings of fact by a chancellor will not be disturbed unless it is shown that they are clearly erroneous. We are not convinced that any error was made by the learned judge who heard the case and the decree is affirmed at the cost of the appellant.

Reference

Full Case Name: Page, Trustee v. Moore
Cited By: 2 cases
Status: Published
Syllabus: Corporations — Insolvency — Directors — Preference — Equity —Findings of fad. 1. An insolvent corporation cannot transfer its assets to its own officers and directors for the purpose of securing them for preexisting indebtedness, Where an insolvent corporation has executed an assignment for such purpose, a court of equity will decree the same to he null and void at the suit of the trustee in bankruptcy of the corporation, and will order a reconveyance and an accounting. 2. Findings of fact by a chancellor will not be disturbed unless clearly shown to be erroneous.