Slade Bros. v. Eagle's Meat Poul. Mkt.
This text of 5 A.2d 692 (Slade Bros. v. Eagle's Meat Poul. Mkt.) is published on Counsel Stack Legal Research, covering New Jersey Court of Chancery primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Opinion
Complainant alleges a debt due him of $266.24. The bill is before me with notice of an application for the appointment of a receiver and answer on the part of the defendant corporation admitting insolvency.
The bill alleges that the assets of the corporation (consisting of fixtures in a meat market) are of an approximate value of $1,000, and that there is due the landlord the sum of $300 for rent for which he threatens to distrain and taxes due the city of Newark in the sum of $120, without interest.
The purpose of the statute R.S. (1937), 14:14-3 which is the preservation of the interest of the stockholders and creditors would not be accomplished by the appointment of a receiver herein. Such appointment would only add an additional burden upon the estate and tend to eat up the available *Page 337
assets. Glaser v. Achtel-Stetter's Restaurant, Inc.,
Exercising the discretion residing in the court, the appointment of a receiver is denied.
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Cite This Page — Counsel Stack
5 A.2d 692, 125 N.J. Eq. 336, 1939 N.J. Ch. LEXIS 90, Counsel Stack Legal Research, https://law.counselstack.com/opinion/slade-bros-v-eagles-meat-poul-mkt-njch-1939.