Appointment of receiver to sell debtor's property to prevent financial loss by judgment creditor.

- Where a debt secured by a deed is interest bearing and not due, and a redemption under § 9-13-60 will cause the judgment creditor to lose a substantial sum approximating the amount of the unearned interest, the debtor having no other property from which to satisfy the judgment, a subsequent judgment creditor may proceed in equity for the appointment of a receiver for the purpose of selling the property subject to the principal of the debt and accrued interest. Cook v. Securities Inv. Co., 184 Ga. 544, 192 S.E. 179 (1937).

Creditors can bring a petition in equity to reach the interest of a beneficiary under a trust unless the beneficiary's interest is exempt by the terms of the trust or by statute. The creditor must exhaust legal remedies before proceeding in equity, but this requirement does not apply if it appears that the attempt to exhaust legal remedies would be futile. Henderson v. Collins, 245 Ga. 776, 267 S.E.2d 202 (1980).

Cited in Grimmett v. Barnwell, 184 Ga. 461, 192 S.E. 191 (1937); Yancey v. Grafton, 197 Ga. 117, 27 S.E.2d 857 (1943).

ALR.

- Jurisdiction of equity to sequester, seize, enjoin transfer of, or otherwise provisionally secure assets for application upon money demand which has not been reduced to judgment, 116 A.L.R. 270.