People ex rel. Gerberding v. Superior Court of S.F.

The Pacific Bank suspended payment and closed its doors on June 23, 1893. On the 11th of August following seven of its creditors, representing an indebtedness of three thousand and sixty-three dollars and twenty-nine cents, filed a petition in involuntary insolvency asking for an order to show cause why it should not be adjudged an insolvent. The grounds of the petition were that the bank being in *110 solvent had suffered its property to remain under attachment for more than four days; that in contemplation of insolvency it had conveyed to the People’s Home Savings Bank certain real property; that it was concealing and removing a portion of its property, and that it had failed for over forty days to pay money deposited by depositors. Thereupon an order was made directing the corporation to show cause on the twenty-fourth day of August, 1893, why it should not be adjudged an insolvent debtor, and directed to surrender its estate for the benefit of its creditors in the manner required of insolvent debtors. On August 15th the vice-president of the bank filed an answer denying that the transfer of the bank property to the People’s Home Savings Bank was without consideration, or to…