Page:Federal Reporter, 1st Series, Volume 6.djvu/788

 776 FEDERAL REPORTER. �property or effects until the further order of the court ; and, for the better protection of the property and its conversion into money, a receiver is speedily appointed, who, under the order of the court, ig vested with ail such property, or with sufficient specifie portions of it to pay the complainant's debt and costs, and ail ptior claims upon the same; and the debtor is compelled to assign and deliver such property to the receiver under the direction of a master of the court." �In Bloodgood v. Clark, 4 Paige, 477, Chancellor Walworth says : "In these cases of creditors' bills, where the return of execution unsatisfied presupposes that the property of the debtor, if any he bas, will be misapplied, and entitles the com- plainant to an injunction in the first instance, it seems to be almost a matter of course to appoint a receiver to collect and preserve the property pending the litigation; and where the sworn bill of the complainant shows that he bas an equitable right to ail the funds and property of the defendant to satisfy bis debt, and if the right of the complainant is not denied by the defendant in answer to the application for a receiver, there can be no good reason why the complainant, should not have a receiver appointed to preserve the property from waste and loss. Indeed, this court bas already declared that it is the duty of a complainant, who has obtained an injunc- tion upon such a bill restraining the defendant from collect- ing his debts or dispoaing of property which might be liable to waste or deterioration, to apply to the court and have a receiver appointed without any unreasonable delay. See Osbom V. Heyer, 2 Paige, 343. It is no suf&cient answer to such an application to say there may not be any property to protect, as the complainant proceeds at the peril of costs if tbci-e bo no property; and, if there is nothing for the receiver to take, the defendant cannot be injured by the appointment." �In Edmeston v. Lyde the chancellor says: "The principle being established that every species of property belonging to a debtor may be reached and applied to the satisfaction of his debts, the powers of this court are perfectly adequate to carry that principle into full ejBfect." 1 Paige Ch. U41, de- cided in 1829. See, too, 25 Barb. 663. ��� �