The Yazoo City Whig. [volume] (Yazoo, Miss.) 1844-1851, 1846-02-13
ProfeasIonaI AdrertIgerlenLs..

10 DO do dc - Do 500
nsALL Jos WORK ausT 81 PAID 'foa 81
DELIVERY.
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ton in the nature Of quo warranso Is fleJ,
until its termination. Thisclause attracted
the largest share Of the Courts attention,
yei the whole act. and the whole series Of
acts on the subject passed under review TO
some extent. Tie Court was unanimous
in the opinion that this section did not i'm
pair the obligation of the contract Of the
State with the Bank, 10 the sense Of the
Constitution. Upon this point there was
no division. though in other particulars there
was
All the acts upon this subject hiustzls
viewed in cJnnexion. and regarded as one,
The statute Of 1910 forbade al assignments
of their negotiable securities. by the Banks,
at the same time that It declared a suspen-
sion of specie payments a forfeiture Of char
ter. Not more than one or two Banks in
this State were then in condition to avoid
falling under this provision. But for this
provision they might have made general
assignment or transfer Of their assets to
trustees to collect for the creditors and stock.
holders, and such assignment would have
been valid. Other acts followed on the same
subject, when at last, came this now under
consideration. The act Of 1910 forbade ali
TRANSFERABLE act of ls43 forbade all COLI
Iections by the Bank, during the tendency
Of any proceeding by quo warranto, and if
these sections now under consideration. be
declared unconstitutional, the judgment of
forfeiture viii not only operate TO extinguish
all debts now due to such institutions, but
nearly all which were due in 1910, as we
know that from the operation the valuation
law, the process OF collection was very slow
from 1910 to Is43. In view OF all these
E enactmenfs am authorized bs majority
a Of the Court TO say, that the 9th section of
the act of 1913 could never have obtained
b their sanction except in connection with the
e remaining sections; because apart from the m
!. its manifest and direct effect would be an
:. extinguishment not only of all debts due at
a the time of the judgment Of forfeiture, but
6 of all due at the date Of ding the Informs
i ton. This retroactive effect Of the iudg>
81 ment could not but iopair tho obligation Of
d the charter.
n The 9th, 9Th, and 10Th sections are there-
8 fore in our view inseparabIy connected
&, they are paris of one whole-and the Ctr
~ having been sustained, the others must be
i, likewise. It was sustained because its
Sc avOwed and ostensible object was 10 preseF'v,
Id the assets Of the Banks pending litigation
al and until the Court could under the remain
Sc ing sections, have them collected and appli
ii. ed to the creditors. The remaining point
al, will be disposed Of more briefly. II is OBJ
o. iected that the law is imperfect. and canno
nix be carried into effect, because il does no
By say in what name suits for the collection q
Is> debts due the Banks shall be brought. Tn
lg words Of the act are t'that upon iadgmeu
cts of forfeiture against any Bank, the debtor
or of such Bank shall not be released by sue
tie Judgment from their debts and liabilities
his the game; but Il shall be the duty of Il
sits Court rendering such judgment to appoi
lte, one OF more trustees TO take charge Of &
it books and assets of the same; To sue for Al
BY collect all debts due such Bank, and 10 q
ties. and dispose OF all property owned b. SUI
I'm. Bank, and the proceeds Of the debts VIII
collector, and Of the property when sold,
cen apply as may hereafter be directed By law
we the payment Of the debts Of such Bank. !"
mes Acts Of Is4s. page IS. By the iudgm'
inal Of forfeiture, or by the execution Of
d on judgment according 10 some Of the authC
reral ties, the corporate fanchhes OF the 30
or it are at an end. Il suit Is to be thoughts
le OF canno. be presumed to have been the int
many ton Of the Legislature, that il should be
ence the name Of defunot corporation; am
,ues- necessity il must be in the name Of the i
aba. tees. The law in regard 70 estates Of d
n the dents does moi direct. that the suits brou
hing. By execdtrs OF administrators shall b
;Oun, their own name; Jet 20 one can doubt
these this is the proper mode. The analogy
The tween The Two statutes is perfect.
Bald. supply he succession o. representation.
case right of suit add as an incident 70
3 sctlright the power u sues must be 10 the /
ansfer Of the trustees. No doubt tie Lsgisll
other might have continued The c0Fpolate
bo.ste chises. 50 Car as y au9hari1e suits
hough brought u she name Of he banks to