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STATE, BY & THROUGH HEALY v. SMITHER

No. 81901; CA 14978; SC 27160, 26165.

626 P.2d 356 (1981)

290 Or. 827

STATE of Oregon, Acting BY and THROUGH Frank J. HEALY, Corporation Commissioner, Respondent, v. Harold F. SMITHER, Respondent, v. Asa L. Lewelling, Petitioner, United States National Bank, Defendant, The American Insurance Company, Petitioner.

Supreme Court of Oregon.

Decided April 7, 1981.

Attorney(s) appearing for the Case

James N. Westwood, Portland, argued the cause for petitioner Asa L. Lewelling. With him on the petition were Clifford N. Carlsen, Jr., Portland, and Miller, Nash, Yerke, Wiener & Hager, Portland. On the brief were Clifford N. Carlsen and Bruce A. Rubin, Portland.

John R. Barker, Portland, argued the cause for petitioner The American Ins. Co. With him on the petition and briefs was Lang, Klein, Wolf, Smith, Griffith & Hallmark, Portland.

No appearance by respondent State of Oregon, respondent Smither, or defendant United States Nat. Bank.

Before DENECKE, C.J., and LENT, LINDE and PETERSON, JJ.

PETERSON, Justice.

In this receivership proceeding, the assets of the receivership are inadequate to pay the creditors in full, and one creditor claims priority over another creditor of the same class. The trial court ruled in favor of the creditor asserting a priority (Lewelling). The other creditor, American Insurance Company (American), appealed and the Court of Appeals reversed, holding that the parties "are entitled to share equally in the assets now held by...

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