This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 Excerpt: ...The creditors, upon the receipt of this statement, may then decide whether or not to extend further accommodation or permit the business to ...Read MoreThis historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 Excerpt: ...The creditors, upon the receipt of this statement, may then decide whether or not to extend further accommodation or permit the business to be disposed of. 4. Status of creditors.--There are four general classes of creditors; first, those holding preferred claims which, by virtue of provisions of the statutes, have a general lien on all the assets. They must be paid before any other creditors are paid: these claims are ordinarily for taxes and labor liens. In a recently decided case the Court of Appeals of the State of New York held that the unpaid salary of a bookkeeper was a preferred claim which the individual stockholders of a company are responsible for and if only one stockholder is able to pay he shall liquidate the debt. The second class of creditors is known as fully secured creditors, so-called, because the individuals have security for the full amount of their claims. They will realize on the security at the best price obtainable and will return any excess over their claims to the receiver for distribution to the unsecured creditors. The third class is known as partially secured creditors and includes all who have security for part of the amount of their claims and whose duty it is to realize on the security which they hold and satisfy their claims as far as they may be able, from the assets pledged to them. Such persons rank with the unsecured creditors for any portion of their claims not satisfied. The fourth class and in the majority of cases the largest both in number and amount, is that class known as unsecured creditors. Persons in this class rank for payment equally in whatever assets the receiver may have left after the first three classes have been satisfied. 5. Definition of the term "Statement of A fairs."--The term "Sta...Read Less
Hardcover reprint of the original circa 1918 edition, Volume 21-beautifully bound in brown cloth covers featuring titles stamped in gold, 8vo-6x9". No adjustments have been made to the original text, giving readers the full antiquarian experience. For quality purposes, all text and images are printed as black and white. This item is printed on demand. Book Information: Accounting Practice And Auditing, Volume 21. Madden, John Thomas. Indiana: Repressed Publishing LLC, 2012. Original Publishing: Accounting Practice And Auditing, Volume 21. Madden, John Thomas. New York, Alexander Hamilton Institute, circa 1918. Subject: Accounting.
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