Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-12-23

| which all claims against said bank and pro-
vided for by said deed should be presented
for payment or be forever barred, and
that of the time so specified and limited
public notice was given during all the pc
! Rod from the 22d of December, 1866, to
the 1st day of January, 1869, in the fol-
lowing newspapers, to-wit: The Gazette,
Union, Banner, Union and Dispatch,
Banner Of Peace, two German papers,
and the Press and Times, at Nashville;
at Knoxville, in the Commercial, Press
and Wing, newspapers published there;
| at Memphis, in the avalanche and Ap-
| peat newspapers published there. These
| publications were kept up continuously
| during the time aforesaid in either one or
the other of the papers at each place.
That said notice, sOpublished as aforesaid,
was in words and figures following, viz:
S'PLANTERs' BANK NOTES.
ETn accordance with an act of the
Legislature passed Dec. II, 1866, entitled
AN act to expedite the distribution of
| the effects of banks which have or may
make assignments among their creditors,
notice is hereby given to the holders of
the notes of the Planters Bank of Ten
nessee to file them with the undersigned
at the bank, in Nashville, between now
and the first day of January, 1869, and
receive certificates therefor, or they viii
be forever barred from any participation
in the assets of the bank The certificates
will be received at par in payment of
debts due the bank, whether rendered be-
fore or after the first day of January,
1859. ID. WEAVER, Trustee
In this form the notice was continued,
in the said newspapers as aforesaid, until
the - day of -, 1868, when the
| notice required was published as afOre-
said in the following form, (Which is
substantially the former down to fireworks
'.Planters' Bank of Tennessee, ~ and then
states, ''to present them to the under
signed at the bank in Nashville, for pay
ment, between now and the first day of
January, 1869, or they will be forever
barred" And defendants aver that ''pC
toner McCauly did not, nor did any per-
son holding said notes, within the time so
| fixed, present them for payment, or other
wise, nor until long after the said first day
of January, 1869, and this they are ready
to verify, and submit whether they should
make any further answer"
To the plea the petitioner demurs for
the following causes:
1. That the act of the General Assem-
bly, of the 18th of December, 1866, relied
upon in said plea as forming bar of his
claim, does not apply to or embrace sol
vent banks; and as the Planters Bank
has ample funds to pay all its debts and
liabilities, the said act can furnish no de-
Tense to said bank or said Weaver, as
trustee, against his right of recovery.
2. That said act of the 18th day of De-
Cember, 1866, is unconstitutional andvOid,
and, therefore, cannot interpOse any de
tense or bar against his right of recovery.
8. That the assignment of said bank in
trust forthe benefitOf its creditors isinyalid
and void for matters apparent on its face,
and did not therefore communicate to de-
PENDANT Weaver, as the designated Trus-
tee, any power or authority to fix the
period for presenting claims or fixing the
notice thereof, as required by the act OF
18th of December, 1866.
T. That defendant Weaver was not, at
the time he fixed upon the period for
presenting claims, and undertook to give
the notice mentioned in said plea, Trustee
! of said bank, under its said assignment,
within the meaning of said act of the 18th
! of December, 1866, but was a mere re-
ceiyer under the order and DEGREES in the
cause, and that he could not, as such Re-
ceiver, fix upon the period or give the
! notice provided for in said act.
). That the notice alleged to have been
given by defendant Weaver, is not sUtfi-
/ cient in substance to start the running of
the bar provided for in said act against
the claims of the creditors of said bank.
g. That the said notice was not, taking
. the allegations of the plea to be true,
published as required by the provisions of
said act of the 18th day of December,
1866, and of the act of the 18th day of
February, 1868.
S. H. Tobey, heretofore filed his peti-
ton i'll the cause of G. NJ. FOgg vs. the
Union Bank of Tennessee, a cause pend
ing in this court upon an assignment made
by that bank to Joseph w. Allen, trus-
tee, and which assignment is similar in
all respects to that of the Planters Bank
10 Weaver, and to which assignment FOgg
occupied the same relation as did Berry
to the other, having filed bill to close up
the trust under the order of the court,
and upon which bill a similar fiat was
given. TObey, like MCCauly, alleges
himself to be the holder of the issues or
notes of the Union Bank, and asks to be
permitted to participate in the trust fund.
To the petition, plea similar to the one
quoted above is filed, and differs only in
this: By this last plea, it is alleged that
! notice, without any change or modItlca-
| ton, was given Gin at least one of the
| newspapers in the cities of Knoxville,
| Nashville and Memphis continuously
from Dec. q, 1866, to Jan. l, 1869.
To this plea a demurrer, substantially sim
liar to that of McCauIy, is filed.
t These banks were chartered many years
ago, and continued to act under their dis
tinct and individual charters until the
passage by the Legislature of the State, on
+ March /, 1860, of what is known as the
= 'sBank Code" They accepted this code,
and it, wholly, or in part, became the meas
Y ure of their powers and conferred theil
, franchises. There are many provisions II
4 this which it willnOt benecessary tonOtice
: and | shall refer here only to so much a
! has been drawn into consideration in TIN
u discussion at the bar Section 9 of sai(
s act provides that no bank shall! lie char
c tered for a greater period than fifteel
o years. Section IA provides that no par
of the capital stock shall be withdraw
G until its whole liabilities are satisfied
Section 20 provides that banks and tn
/ business of banking in the State shall b
e subject to such general laws regulatln
l. the same as the Legislature may iron
IS time to time enact. Section 80 provide
II in case of the insolvency of any bank
| 4 I,o1I J,., IN
u renee, in payment, over all other creditors
Il Section 80 provides that banks may SUI
n render their charters and discontlnu
u business.
a By an act passed June s, 1865, amends
u tory of the Bank Code, as stated above
e it is provided:
lie l. That banks, the Legislature NJ
III being in session, may surrender the
'h charters to the Governor.
81 2. Each and every bank is empowcTe
III to make assignments to trustees or II
as ceivers, provided that, by the assignment
~ preference of payment is given to not
u holders over all creditors.
nj The act of the Legislature, relied upo
u in the plea, as completing the bar to pet
u toner, was passed and went into effe'
', on the 18th day of December, 1866, an
~ is as follows:
~ ''That in all cases where any of q
banks of this State have or may herea
. ter make assignments for the benefit
their creditors, it shall be the duty of q
Mt trustees appointed, by the deed or court
- execute the same, to fix a time, whit
n shall not be less than two years, in whit
a all claims against the bank, and provide
- for by the deed, shall be presented f
~ payment, after the expiration of whit
on time all the effects of the bank shall
he distributed, and paid over as fast
-od realized, ratably, to the creditors, who
~, claims shall have been presented accor
~ inc to the provisions of the assignment