Show THE COFFIN assignment A judgment creditor objects to the disposition of assets john Ilo brecker jr et al judgment creditors or of the E c collin hardware company in the sum of 0 began bega arn an action tho the company and 1 the he national bank of tile the republic in t the lie third district clint t yesterday praying that the confessions of 0 judgment by the company in favor avor of the bank for the hum burn of on march I arCh 25 1891 a and nd now hold held by esth esther r coelln be decla declared red fraudulent and vold void and set aside also that an accounting lie ho had to determine how much money was mas received by the bank fr from om the elie assets asset of the company acquired b by Y reason of the elie said paid ft fraudulent c r ence and that the money thus I 1 ic e cf elved or so much thereof as may be necessary be applied to lie die payment of plaintiffs judgment and that they have judgment against the bank and it if tile money derived fro from an the bank be not sulli clent that esther bo be decreed to told hold her stock in the western hardware Hai dware company I 1 in trust forthe benefit of plaintiffs and that she bo be required to account to plaintiffs for the value thereof at the ume of the purchase by her less the price paid by her laid and that plaintiffs have judgment against her tor for bait such h difference or so much thereof as may be necessary fy their judgment the allegations up upon on which the prayer la Js based are in brief to the effect that the confession of judgment was ivas illegal for a number of reasons cited among which are that the fhe resolution which authorized the confession stated that C it barbati was a director of the corporation while lie he yea was not and was wag not even present at the meeting anti and that thai charles A doe and NE H collin who appe appeared sred to have a etea acted as directors were not stock stockholders holders in the company and had no interest Inie reat ther therein eirl it is further alleged that the company knowingly confessed judgment I 1 in n favor of the bank for 1012 04 more than the amount due upon the note all ot of abich was done for the purpose of defrauding creditors also that on said date I 1 li C coffin owned stock in the company of the face value of and owed elie company eon pany and that george NV cooper owned 1000 of the capital stock and had the bank bajik enforced the elie payment 0 of f its note against conin collin and cooper as the makers of th the time same and sold that their r stock jai in the die corn company pany in satisfaction thereof therdo f th that a t the assets of th the t company would ba have v a been sufficient clent dt t to s have paid the bad balance I 1 nce of the bank banks a c lalin claim as will well as the claims of the plaintiffs it Is then set out that the assets of the company were sold to frank knox for the use of the bank tor for the a sum u m ox of TO and that the united s tates states marbal armal IT collected the further sum of and atti after r deducting certain costs casts paid over to knox 1003 zi 01 04 nind took a receipt from the hank bank tor for 4 continuing plaintiffs allege that at the time of the purchase by knox tor for the bank the assets of the compa company ny amounted to and that both before and after the sale it was agreed between E C coffin president ot the company and the bank that the latter should hold the property purchased under the execution as security for the indebtedness of the company to the bank which aia wa done in it Is alleged that after the sale to the bank ahe latter caused to be bea organized a corporation kno known BS as the western hardware company compan Y with ft EL capital took of which v as fully paid up by the transfer to the western hardware company ot of all URI tile property purchased and held as security oe as aforesaid anti and that all the capital lit at this time held by the elie bank for its own use and benefit subject to the agreement above mentioned and that the bank caused the company to sell a portion of its mer chanall chajid lse se in the usual course of retail trade applying the proceeds in satisfaction of the indebtedness to said paid bank that pursuant to and in fulfill fulfillment of said agreen agreement rent the bank conveyed to esther coffan the wife or of E co coen all of the capital stock of the company owned by the bank upon payment by esther collin or of the unpaid portion of the banks judgment against tho collin coffin hardware company that for the purpose of hinderine and defrauding plaintiffs and other creditors 1 I C coffin procured an assignment of said judgment confessed as aforesaid from the bank to esther cont n and that upon the records of the court said judgment still appears unpaid and unsatisfied to the extent of and that esther coffin well knew the facts set out by the complaint at the time of taking tho the assignment ind and at the time she redeemed the capital stock of tile the western hardware company held by bv the bank also that esther coffan cocan paid the hank bank sll 11 COO for the capital stock of the western hardware company and the book Oc accounts Counts etc and that mail the reasonable market value of the same was nas at least wherefore they pray tor for the relief as set out above |