Page:Federal Reporter, 1st Series, Volume 4.djvu/865

 BUCE V. FIEDMONT A ABLINOTON LIFB INB. 00. 851 �Texas, and Florida, — ^in trust for certain purposes set ont in the trust deed, which describes in detail the lands con- veyed. �Thp deed gives the trustee power to sell, dispose of, and convey the said effects for cash or on such credits as he may choose, and-with the proceeds to pay, first, two classes of pre- ferred creditors, one class prior to the other; and, afterwards, to secure to the policy-holders of the company, and benefici- aries under policies issued by it, the equitable value of their policies, as of the date of the deed, discrimina ting the policy-holders in the states of Kentucky, California, and Mary- land from those in other states of the Union ; and pref erring those policy-holders who may be "sati&fied" with the equita- ble values ascertained by the trustee, over those who may b© "not satisfied." By this deed the directors put the affairs of the company ih liquidation, and, by necessary effect, ter- minated the existence of this corporation, as a life insuranc» company. �On the eleventh day of this month the complainants, who are non-residents, exhibited their biU in this court, in which they charge that the defendant company is insolvent ; that its deed of the 30th ultimo is frau'dulent, and was intended to hinder and delay creditors, and was made without authority of the stockholders ; and, among other things, they pray for the appointment of a receiver, and for the setting aside of the trust deed as nuU and void. A rule was made by this court on the eleventh instant ealling upon the defendant company and the said Blakey, trustee, to show cause here, on the twentieth instant, why a receiver should not be appointed. �The company and Blakey appeared on the twentieth instant, and, in the form of two pleas, denied the jurisdiction of this court to entertain this suit. One of the pleas set out, as de- feating this jurisdiction, in substance, the fact that the said Blakey had on the third instant set on foot a suit in the chaneery court of Eichmond asking the aid of that court in aidministering his trust, involving the subject-matter of the suit here ; but it has been shown that the bill of Blakey bas not jet been filed in the said state court. The other plea to ����