Practice where a corporation has a judgment against them, with an execution unsatisfied.

The following will serve as a precedent of a PETITION to sequester the property of a company, having an execution unsatisfied and for the appointment of a receiver.

Supreme Court.

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To the Justices of the Supreme Court. The petition of J.W., W. P. R., and J. A., complainants or plaintiff's in this suit or action. Respectfully showeth :

they recovered a judgment in the S. C. of the city of New York, against the M. I. Company of New York, for the sum of $- ; and on the same day the said judgment was duly docketed; and a writ of execution was thereupon and on the same day duly issued upon the said judgment, directed and delivered to the sheriff of the city and county of New York, returnable on the day of now last past. That the said writ was, on or about the return day thereof, returned by the said sheriff into the office of the clerk of the said S. Court of the city of New York, with his return indorsed thereon "no goods, chattels, "lands or tenements." And that the action at law, on which the said judgment was founded, was brought to recover the amount of a policy of insurance underwritten by the defendants and bearing date the

day of

[If the company should have attempted

to move for a new trial or to set aside the judgment for any cause, here put the matter forth; and show the application failed and that the judgment and execution remain unsatisfied and unaffected.] That the whole of the said sum of money last mentioned, together with all the interest accrued thereon, is justly and truly due to them, over and above all just credits thereon by way of set-off or otherwise. That the said The M. I. Company of New York is an incorporated company; and were duly incorporated by an act of the Legislature of the State of New York, entitled, "An act to incorporate the M. I. Company of New "York," passed the day of in the year ; that the said company were incorporated for the purpose of insuring marine risks, inland navi gation and transportation. That the said act further provided, in substance, that the corporation thereby created should have full power and authority to make insurance upon vessels, goods, wares and merchandise, freight, bottomry, respondentia, interest, inland navi gation and transportation and all other marine risks and also to lend money on bottomry and respondentia; and to do and perform all necessary matters and things connected with those objects or any of them. And it was further, in substance, enacted, that the capital stock of the said corporation should be $which should be divided into shares of and that the whole of the said shares should be subscribed and actually paid before the said corporation should be allowed to commence business. And it was further, in substance, enacted, that it should be lawful for the said corporation to purchase and hold so

each;

much real estate as should be necessary and convenient for the transaction of its business; and also to take and hold any real estate or securities, bona fide mortgaged or pledged to the said company, either to secure the payment of any debt that might be due to it and also to purchase on sales made by virtue of any judgment at law or any order or decree of a court of equity or otherwise to receive and take any real estate in payment or towards satisfaction of any debt previously contracted and due to the said corporation; and to hold the same until they could conveniently sell and convert the same into money or other personal property: provided always that it should not be lawful for the said corporation to deal or use or employ any part of their stock, funds or moneys in buying or selling any goods, wares, merchandise or commodities whatsoever or in the trade or business of an exchange or stock broker or in the purchase or sale of any stock or funded debt whatsoever created or to be created by or under any act of the United States or of any particular State; nor to emit any notes or bills or make any contract for the payment of money, except under the seal of the said corporation; and all such notes and contracts should, to all intents and purposes, be taken to operate as specialties at law; but it should, nevertheless, be lawful for the said corporation to purchase and hold any such stock or funded debt as last aforesaid for the purpose of vesting any part of their capital stock, funds or moneys therein, instead of investing the same in and upon any real security; and also to sell and transfer the same and again invest the same or any part thereof

in such stock or funds whenever and as often as the exigencies of the said corporation or a due regard to the safety of its funds should require; and also to make loans of its capital stock or funds in bonds and mortgages or personal security; and the same to call in and reloan on like security as the occasion might require: provided that nothing contained in any part of that act should be construed to authorize the said corporation to use and enjoy any banking powers or privileges whatsoever. And it was further, in substance, enacted, that that act should be and was thereby declared to be a public act, and that the same be construed in all courts and places benignly and favorably for every beneficial purposes therein intended, as by the said act, reference thereunto or unto the printed statute book being had, will more fully and at large appear, and to which your orators beg leave to refer.

And these plaintiff's further show, that shortly after the passage of the said act the said company commenced business under and by virtue of the said act of incorporation; and transacted such their business in the city of New York, where their office was and still is kept. And these plaintiff's further show, that they are informed and believe, that the said company has, for years last past and upwards, suspended the lawful and ordinary business of the said corporation; and they are further informed and believe that a large portion of the capital stock of the said incorporation, which amounted to $ still remains in the control or possession of the said company, its agents or officers.

That these plaintiffs are informed and believe that

the whole of the capital stock of the said company was subscribed for and was paid in by the subscribers, partly in money and partly in checks, notes or other securities; but your petitioners are ignorant what amount or portion of the said checks, notes or securities were collectable or were actually collected. That subsequent to the making of the policy of insurance of your petitioners on which the action at law hereinbefore mentioned was brought, the said The M. I. Company of New York, its officers or agents have surrendered up, transferred and re-delivered to the said stockholders or some of them, or have canceled or destroyed many of the said checks, notes or other securities without receiving payment thereof, otherwise than by taking, in lieu thereof, the stock of the said stockholders for the payment of which the said notes, checks or other securities were given; thereby attempting to relieve the said stockholders from paying the amount of the shares subscribed for by them respectively. That, independently of the claims upon the said stockholders, the said The M. I. Company of New York, its officers, trustees or agents, have in their possession, or within their control a large amount of property, both real and personal, including choses in action and evidences of debt to a large amount: which could not and cannot be reached under the process of the said the S. Court of New York.

And these plaintiff's show, that there are, at present, as they are informed and believe, no persons who will admit themselves to be officers or directors of the said company, or who will admit themselves, at this time, to have any charge or management of the prop