Hamilton

Ke-Sun Oil Co. v. Hamilton

Good Law
61 F.2d 215·85 A.L.R. 204·1932 U.S. App. LEXIS 4231
United States Court of Appeals for the Ninth CircuitSeptember 26, 1932No. 6753California4,026 words

Opinion

Lead Opinion

Wilbur, J.

The'Oeneral American Tank Car Corporation brought an action against the Sunburst Oil & Refining Company for the appointment of a receiver for the management of the affairs of the latter corporation. It alleged that the Sunburst Oil & Refining Company, which wo will hereinafter refer to as the “oil company,” is indebted to it upon an unsecured claim for $76,517.62 for rent of its tank cars. It alleged that the oil company owns and operates an oil refinery at Great Falls, Mont.; that it owns large interests in oil and gas lands, leases, royalties, and oil well drilling equipment, tools, appliances, and a large stock of refined gasoline, fuel oil, road oil, and other petroleum products largely stored at the refinery; that it is the owner of ac *216 counts receivable; that the oil company’s property is worth approximately $1,726,000; that it has issued stock of the par value of $2,230,605; that its outstanding indebtedness is approximately $811,000; that of this amount $280,000 is secured by a mortgage, and $100,000 represents the taxes due to the United States, to the state of Montana, and diverse'counties; that $75,000 of the indebtedness represents judgments against the defendant;…

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