Hibernia Savings & Loan Society v. Ellis Estate Co.

This is an appeal from an order revoking an order appointing a receiver. The action was for the foreclosure of a mortgage on a piece of business property in the city of Marysville. On plaintiff’s ex parte application a receiver was appointed, who duly qualified and took control of the property covered by the mortgage involved in the action. Defendant, The Ellis Estate Company, occupied a part of the property, and the remainder was rented for $705 a month. In the affidavit forming the basis of the order appointing the receiver, it is alleged on information and belief: “That the mortgaged property was of a value less than the amount secured by the mortgage.” The defendant moved for an order vacating the order appointing the receiver, and on the hearing of that motion defendants produced a number of witnesses who testified that the mortgaged property was of a value in excess of $100,000, and counsel stipulated that there were present in court two witnesses called on behalf of defendants, namely, A. H. Gorwood and A. L. Galligan, both duly licensed real estate brokers in the city of Marysville, who were ready to, and, if called, would testify that the property in question was of a…