11-39-25 - Trustees to be appointed. - Mississippi Statutes

§ 11-39-25. Trustees to be appointed.
 

When judgment of forfeiture and ouster shall be rendered against any corporation or against any person pretending to exercise corporate franchises, the debtors to such corporation, or other body, shall not be thereby released from their debts and liabilities, and it shall be the duty of the judge of the court rendering the judgment to appoint one or more trustees to take charge of the books, evidences of debts, assets and property of such corporation or body pretending to exercise corporate franchises. Such trustees are invested with full power and authority to sue, in their own name, for and to collect all debts due to such corporation or body pretending to exercise corporate franchise, and to be sued in any court upon permission to sue being first obtained from the chancery court, and, generally, to maintain any action, or to revive or have revived against them any suit or judgment for or against such corporation or other body. The proceeds of debts collected and property sold shall be applied by such trustees to the payment of the costs in the quo warranto proceedings and in payment of debts, under the direction of the court. 
 

Sources: Codes, 1857, ch. 35, art. 22; 1871, §§ 1506, 1609; 1880, § 2599; 1892, § 3532; 1906, § 4029; Hemingway's 1917, § 3024; 1930, § 3065; 1942, § 1132; Laws, 1908, ch. 193.