I dissent. The allegation of insufficient value in Scott v.Hotchkiss was less precise and less positive than the allegation in this complaint, yet it was held sufficient in form and in substance to warrant the appointment of a receiver. That decision made a precedent which this plaintiff has followed, and it ought to protect him.
The following is the opinion rendered in Department One, October 17, 1903, which is approved by the court in Bank: —