So. Caro. State Bank v. Santee Mills

Counsel

Messrs. Mitchell Horlbeck and E.H. Henderson , for appellant, cite: Right to set off against insolvent bank is governed by facts existing at insolvency and not by conditions created later: 143 S.E., 646 ; 1 F.2d 312; 264 U.S. 160 ; 44 Sup. Ct., 296 ; 68 L.Ed., 617 ; 167 U.S. 344 ; 17 Sup. Ct., 835 ; 42 L.Ed., 192 ; 146 U.S. 499 ; 13 Sup. Ct., 148 ; 36 L.Ed., 1059 ; 167 U.S. 344 ; 88 Fed., 53. Assets of insolvent corporation should be distributed ratably among creditors: 136 S.C. 511 ; 105 N.E., 360 ; 8 C.J., 62; 151 S.C. 67 . Messrs. Elliott, McLain, Wardlaw Elliott and B.D. Carter , for respondent, cite: Insolvency of creditor against whom set-off is claimed creates an equity permitting set-off: 136 S.C. 197 ; 134 S.E., 285 ; 146 U.S. 499 ; 13 S.Ct., 148 ; 36 L.Ed., 1059 .