Golden v. Fifth Judicial District Court

31 Nev. 250
CourtNevada Supreme Court
DecidedApril 15, 1909
DocketNo. 1826
StatusPublished
Cited by9 cases

This text of 31 Nev. 250 (Golden v. Fifth Judicial District Court) is published on Counsel Stack Legal Research, covering Nevada Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Golden v. Fifth Judicial District Court, 31 Nev. 250 (Neb. 1909).

Opinions

By the Court,

Norcross, C. J.:

.This is an original proceeding in prohibition. The petitioner, Frank Golden, is the president of the Nye and Ormsby County Bank, a corporation. Respondent Mark R. Averill is Judge of the Fifth Judicial District Court of the State of Nevada, in and for the County of Nye. Respondents J. J. Mullin and Gilbert C. Ross are receivers of the said Nye and Ormsby County Bank, appointed by said respondent Averill, judge as aforesaid, on the 24th day of February, 1909. Petitioner prays for a writ to prohibit respondents from proceeding further under said order of February 24th appointing said [252]*252receivers, and from proceeding under an order made on the 9th day of March, 1909, by the said respondent Mark Averill, judge as aforesaid, requiring petitioner herein to appear and show cause why he should not be punished for contempt for refusing to deliver to said receivers, upon demand being made upon him therefor, the assets and property of said corporation in his possession, including the books, papers, and records of said corporation; and also from further proceeding under any order made subsequent to and in pursuance of said order of February 24th.

The following are all the facts shown upon the hearing of this cause which we deem necessary for a consideration of the legal questions presented:

On the 24th day of February, 1909, a petition was filed in the lower court praying for the appointment of a receiver and for the ultimate dissolution of the Nye and Ormsby County Bank, a corporation, pursuant to the provisions of section 94 of an act entitled "An act providing a general corporation law.” (Stats-1903, p. 155, c. 88.)

The petition is entitled as follows: "In the Fifth Judicial District Court of the State of Nevada, in and for Nye County. In the matter of the application for the dissolution of the Nye and Ormsby County Bank, a corporation, and the appointment of a receiver thereof to wind up its affairs.”

The petition alleges: That the Nye and Ormsby County Bank is a corporation duly incorporated under the laws of the State of Nevada, with principal place of business at Tonopah in the said County of Nye, engaged in a general banking business at said town of Tonopah and maintaining a number of branch banks in other towns and cities in this state. That it has a capital stock of $500,000, divided into 5,000 shares of the par value of $100 each, of which amount of stock 3,972 shares have been issued. That of the petitioning stockholders Frank Golden is the owner of 700 shares and James J. McQuillan, T. W. Kendall, and W. J. Douglass the owners of 100 shares each. That the assets of the said corporation are of the value of $1,600,000. That the amounts due depositors do not amount to the sum of $400,000, and the other liabilities of said corporation do not exceed the sum of $200,000. [253]*253That the amount due the stockholders is the par value of the issued stock, $397,200. That said corporation is solvent, but, owing to the prevailing financial stringency in the State of Nevada and the United States, is unable to procure and has not the actual coin needed to pay all of its obligations in full. That on the 23d day of February, 1909, the said corporation ceased to do any banking business and to receive or pay out deposits. That by reason of the foregoing facts the assets of said corporation are in danger of waste through attachment and litigation. That if a receiver is appointed to wind up the affairs of the corporation, the assets of said corporation will be sufficient to pay all the depositors, creditors, and stockholders ; otherwise, the assets will be sacrificed and sold below their real value, and a serious loss and injury sustained. That none of the directors of said corporation have been guilty of any negligence nor active breach of duty. "Wherefore petitioners pray that an order to show cause issue forthwith why a receiver should not be appointed herein * * * with full power and authority to wind up the affairs of said corporation and to liquidate all its business, and that an injunction issue herein prohibiting and restraining said corporation * * * from exercising any of its powers and doing any business whatsoever, and at the due and proper time and on sufficient cause shown to this court, it make its decree dissolving said corporation and terminating its existence. Frank Golden, by Jas. J. McQuillan. Jas. J. McQuillan. W. J. Douglass. T. W. Kendall.”

Upon the same day and immediately following the filing of the said petition, the court issued an order or citation including an injunction, which, after reciting the fact of the filing of the said petition and that good cause appeared therefrom for the appointment of a receiver for the purposes aforesaid, commanded: "Now, therefore, it is hereby commanded that you, the Nye and Ormsby County Bank, a corporation, appear and show cause forthwith before the above honorable court at the court-house in Tonopah, Nye County, Nevada, why this court should not make and enter its decree appointing a receiver with all the power and authority authorized and conferred hy the laws of the State of Nevada for the purpose of [254]*254winding up. the affairs of the Nye and Ormsby County Bank, a corporation, and for a decree at the due and proper' time and upon sufficient showing dissolving said corporation and terminating its existence. And it is further ordered and commanded that, until the further order of this court, you, the said Nye and Ormsby County Bank, a corporation, your officers, agents, employees, and servants, desist and refrain from exercising any of the corporate powers of said the Nye and Ormsby County Bank, a corporation, or doing any business whatsoever. It is further ordered that this order to show cause and injunction be served upon the secretary of the said the Nye and Ormsby County Bank, a corporation. Doné in open court this 24th day of February, 1909. Mark R. Averill, Judge of said District Court.”

This order or citation was returned by the sheriff as having been served on the secretary of said banking corporation on the day of its issuance. At 5 o’clock p. m. of the same day, the matter came on to be heard before the court. Findings of fact and conclusions of law were made and filed, and an order and decree, together with an injunction, entered. The findings of fact recited: That the petitioners appeared in open court by Messrs. Bartlett, Thatcher & Gibbons, their attorneys, "and said Nye and Ormsby County Bank appearing in open court by A. M. Nye, its attorney, and said bank being -further present in court by James J. McQuillan, its vice-president, and C. H. Phillips, its secretary.” "Findings of Fact. Said court finds each and all the allegations and averments set forth and contained in said petition to be true. The court further finds that none of the directors of the said the Nye and Ormsby County Bank, a corporation, have requested or asked that they or either of them be appointed receivers of said the Nye and Ormsby County Bank, a corporation.” By the order and decree entered in pursuance of the findings of fact and conclusions of law, said respondents, J. J. Mullin and Gilbert C. Ross were appointed receivers of the property and effects of said bank "wherever the same may be situate” and further ordered "to proceed diligently to wind up the affairs of said corporation, and to distribute its assets, subject, however, to the control and further order- of this court.”

[255]*255It was further ordered that the temporary injunction be made permanent.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

State ex rel. Hersh v. First Judicial District Court
464 P.2d 783 (Nevada Supreme Court, 1970)
Jones v. Free
422 P.2d 551 (Nevada Supreme Court, 1967)
Seaborn v. First Judicial District Court
29 P.2d 500 (Nevada Supreme Court, 1934)
Ex Rel. Hatch v. Court
257 P. 831 (Nevada Supreme Court, 1927)
Maitia v. Allied L. & L. S. Co.
248 P. 893 (Nevada Supreme Court, 1926)
State ex rel. Howell v. Wildes
34 Nev. 94 (Nevada Supreme Court, 1911)

Cite This Page — Counsel Stack

Bluebook (online)
31 Nev. 250, Counsel Stack Legal Research, https://law.counselstack.com/opinion/golden-v-fifth-judicial-district-court-nev-1909.