HILLSBOROUGH COUNTY BUILDING & LOAN ASSOCIATION AND PROTECTIVE REALTY HOLDING CORPORATION, APPELLANTS,
v.
B. G. FOLSOM AND -FOLSOM, HIS WIFE, D. E. FOLSOM, MRS. R. D. STEPHENS, JOINED BY HER HUSBAND, R. D. STEPHENS, ET AL., APPELLEES
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The Florida Supreme Court held that a circuit court sitting as a court of chancery lacks jurisdiction to appoint a receiver and administer the affairs of an allegedly insolvent building and loan association. Such matters fall exclusively within the Comptroller's statutory authority, not the courts' equity jurisdiction.
The circuit court lacks jurisdiction to grant the requested relief. Under the applicable statute, if the allegations are factually supported, the Comptroller has the duty to assume control of the building and loan association for winding up its affairs. The demurrer should have been sustained and the bill dismissed.
“the Circuit Court is without jurisdiction to grant relief prayed”
Establishes the core holding that circuit courts lack equity jurisdiction over insolvent building and loan association matters
Previewing 1 of 3 key quotes on this case — the court’s exact language, pinpointed for members.
Join FLexlaw to unlock all legal intelligenceHillsborough County Building & Loan Association and Protective Realty Holding Corporation filed an amended bill of complaint seeking an injunction to …
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In this case a bill of complaint was filed and thereafter an amended bill of complaint was filed. *347Demurrers to the amended bill of complaint were overruled. The prayers of the bill were for an injuuction to prohibit the transfer of stock in a building and loan association, to annul a certain portion of the financial statement of the building and loan association, to require Protective Realty Holding Corporation to transfer and convey to Hills-borough County Building & Loan Association all assets received by the former corporation from, the latter, for an accounting to have Hillsborough County Building & Loan Association to be decreed insolvent and for the appointment of a Receiver to liquidate the affairs of Plillsborough County Building & Loan Association.
The controlling question presented by the appeal is whether or not the Circuit Court as a Court of Chancery may assume jurisdiction to appoint a-Receiver and to administer the affairs of an alleged insolvent building and loan assoociation.
On authority of the opinion and judgment in the case of The State of Florida ex rel. E. M. Porter and Dade County Security Co., etc., v. H. F. Atkinson as Circuit Judge, et al., filed at this term of the Court, and cas'es there cited, we hold that under the facts alleged in the bill of complaint in this case the Circuit Court is without jurisdiction to grant relief prayed. If the allegations of the bill of complaint should be found by the Comptroller to be based upon existing facts, it will be his duty to assume control of the building and loan association for the purpos'e of winding up the affairs thereof under the provisions of the statute in such cases made and provided. The demurrer should have been sustained and the bill of complaint dismissed. The order appealed from is reversed with directions to the Chancellor to dismiss the bill of complaint on authority of the opinion and judgment in the case of The State of Florida ex rel. *348E. M. Porter and Dade County Security Co., v. H. F. Atkinson as Circuit Judge, et al., supra, and cases there cited.
Davis, C. J., and Whitfield, Terrell and Buford, J. J.,. concur.