Peele v. Ohio & Indiana Oil Co.

63 N.E. 763, 158 Ind. 374, 1902 Ind. LEXIS 153
CourtIndiana Supreme Court
DecidedApril 22, 1902
DocketNo. 19,470
StatusPublished
Cited by7 cases

This text of 63 N.E. 763 (Peele v. Ohio & Indiana Oil Co.) is published on Counsel Stack Legal Research, covering Indiana Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Peele v. Ohio & Indiana Oil Co., 63 N.E. 763, 158 Ind. 374, 1902 Ind. LEXIS 153 (Ind. 1902).

Opinion

Gillett, J.

Appellant, as.a stockholder of the Upland Oil and Gas Company, brought this action against the appellees to have a sale made by the assignee of said Upland Oil and Gas Company set aside, and the order of court confirming said sale vacated. Issues were formed, trial had, and, pursuant to the prior request of appellant, the court filed in said cause its special findings of fact and conclusions of law. The court rendered a final judgment against appellant, and he prosecutes his appeal therefrom.

Appellant first seeks to raise a question as to the ruling of the court in overruling his demurrer to a paragraph of answer by which it was sought to plead an estoppel as to him. This error, if such it was, is not necessarily available. There were, as stated, special findings of fact and conclusions of law filed. As to those issues on which appellant had the burden, it is our duty to assume, where the findings are silent on such issues, that such issues were not affirmatively proved. If, therefore, it' appears from the findings in so far as they were based upon issues that the appellant had the burden of maintaining, that appellant is not entitled to recover, then it is our duty to disregard an intermediate error in the ruling upon a demurrer to an affirmative pleading of appellee, .because it would then be apparent that the ruling was not influential in the attainment of a proper result. §670 Burns 1901; Douthit v. Douthit, 133 Ind. 26; Elliott App. Proc., §635. The findings of fact, since no attempt has been made to bring the evidence into the record, solve most of the questions presented in the court below against appellant.

The special findings state the following among other facts: Upon the execution of the deed of assignment, the assignee recorded his deed, qualified, gave notice of his ap[376]*376pointment, and filed an inventory and appraisement of the property, which consisted of a tract of real estate, certain tools and appliances, and certain gas leases. The property was appraised at $2,500. The assignee subsequently gave notice of the sale of the property at public auction, as required by law. At the time and place fixed for the sale he received but one bid. That bid was made by appellant, and was in the sum of $402. The bid was not accepted, but notice was given of a continuance of the sale until another day. On the latter day appellant bid for said property the sum of $455, and the same was struck off to him. A verified report of this sale was filed in which the assignee stated, among other things, that the leases were valueless; that the product of the wells that had been sunk did not pay the cost of production, but that said wells had to be operated to hold the leases; that the appliances were out of repair and depreciating in value, and that he believed “it to be for the best interest of said matter that said sale be confirmed.” The court, after hearing evidence as to the value of the property, refused to confirm said sale. Eight days later the assignee filed a verified report,- stating that since the disapproval of the sale to appellant he had sold the property at private sale to one George Ely for the sum of $600 cash; that the assignee had made repeated efforts to obtain higher bids from other parties, but had been unsuccessful; that the bid of said Ely was the highest and best bid that he had been able to obtain; that he believed it was the highest and best bid that he could obtain; that said property had been appraised at a sum far in excess of its value; and that he believed that $600 was about its fair cash value. Upon the presentation of this report the court, by its order, confirmed the sale. The special findings show that on the day the sale was made all the property was worth in cash not to exceed $600. ■ Appellant’s counsel urge that as the sale was for a sum less than two-thirds of the appraisement, it should have been set aside.

[377]*377Counsel on both, sides agree that the statute that is in force relative to sales by assignees is §10 of an act found in Acts 1881, p. 74, §2671 R. S. 1881. The original act concerning assignments became a law March 5, 1859. That act was amended in 1875, and the latter act was in turn amended by the act of 1881. By Acts 1893, p. 34, the General Assembly sought to amend §10 of the original act of 1859, and by Acts 1897, p. 245, an effort was made to amend said act of 1893. The two acts last mentioned are void. The first purports to be an amendment of an act that by amendment had ceased to exist. Feibleman v. State, 98 Ind. 516; Boring v. State, 141 Ind. 640. The second act purports to be an amendment of an act that is void.

Section 10 of the act of 1881 provides that after taking certain specified steps the assignee shall “proceed to sell at public auction the property appraised (except such as has been set off to the assignor) to the highest bidder for cash or upon” certain specified terms of credit. The proviso of said section contains the following: “That said court, or the judge thereof in vacation, may, upon the sworn petition of the trustee, or on like petition of a creditor or creditors of the assignor, for good cause shown, extend the time for selling said property or any portion thereof to such time or times as the court or judge may determine will subserve the best interests of the creditors and may also, in like manner, extend the credit on sales not exceeding two years. The court may also, on like petition, authorize or ratify private sales of said property, when it is shown that such sales were or will be beneficial to the creditors of the assignor.” It will be observed that this section does not require that the property should sell for two-thirds of the appraisement. Counsel for appellant, however, urge that this section should be construed as in pari materia with §519 of the civil code (§744 Burns 1901, §732 Horner 1901). That section provides that “no property shall be sold on any [378]*378execution ox order of sale issued out of any court for less than two-thirds of the appraised cash value thereof, exclusive of liens and incumbrances, except where otherwise provided by law.” Without attempting to interpret this section, we hold that its provisions have no application to sales by assignees, even when made under an authority of court. The act concerning assignments is practically complete in itself, and to a large extent, at least, it prescribes the rules of procedure thereunder. Graves v. Hinkle, 120 Ind. 157. By the express terms of the statute, the assignee was entitled to sell at public vendue “to the highest bidder for cash or upon credit,” and it is provided that the court may upon petition “authorize or ratify private sales of property, when it is shown that such sales were or will be beneficial to the creditors of the assignor.” It thus appears that the statute contains its own limitation upon the authority of the court. The fact is not to be overlooked, either, in determining whether the rules that apply in sales on execution or upon decretal order are to be imported into this statute, that the sale in a case like this is not strictly in invitum, but that the proceeding has its origin in a deed to' an assignee of the debtor’s own selection. Of course, this consideration is not conclusive, but it bears somewhat upon the question as to the legislative intent. The requirements that the property be inventoried and appraised are not sufficient to create the inference that the appraisement was to fix a basis for a minimum selling price. Such a course is usual in trusteeships, and business prudence would require it to safeguard the rights of all concerned.

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Bluebook (online)
63 N.E. 763, 158 Ind. 374, 1902 Ind. LEXIS 153, Counsel Stack Legal Research, https://law.counselstack.com/opinion/peele-v-ohio-indiana-oil-co-ind-1902.