Horace Gray

“ The property of a corporation is doubtless a trust fund for the payment of its debts, in the sense that when the corporation is lawfully dissolved and all its business would up, or when it is insolvent, all its creditors are entitled in equity to have their debts paid out of the corporate property before any distribution thereof among the stockholders. ”

“ But upon the consolidation, under express authority of statute, of two or more solvent corporations, the business of the old corporations is not wound up, nor their property sequestrated or distributed, but the very object of the consolidation, and of the statutes which permit it, is to continue the business of the old corporations. ”

“ It is also true, in the case of a corporation, as in that of a natural erson, that any conveyance of property of the debtor, without authority of law, and in fraud of existing creditors, is void as against them. ”