State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter25 > 25-21_139

25-21,139. Dissolved corporation; trustees; duties.The trustees shall proceed immediately to collect the debts and pay the liabilities of the corporation, and to divide the surplus among those thereto entitled. SourceR.S.1867, Code § 722, p. 519; R.S.1913, § 8346; C.S.1922, § 9298; C.S.1929, § 20-21,130; R.S.1943, § 25-21,139.AnnotationsSurplus property of ousted foreign corporation should be returned to its proper officers or representatives, not to stockholders. State ex rel. Spillman v. Brictson Mfg. Co., 114 Neb. 341, 207 N.W. 664 (1926).Bankruptcy court, in summary proceeding to recover bankrupt corporation's assets from trustees appointed in state court to liquidate corporation and distribute its assets, acquired no jurisdiction, where, at time of bankruptcy, receiver of corporation was holding its assets pursuant to court order. Marcell v. Engebretson, 74 F.2d 93 (8th Cir. 1934).