The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-06-01
ISSUES BEFORE THE JUDGES
Compromise Effected in the Receiver
ship Suit Of Milligan Against Rand.
Decree In the United States Court Settling
the Claims Against the Old First National
Bank-0ther Matters Of Law.

A decree from Judge Woods, Of the United
States Court, was catered yesterday in the
suit Of Lippincott against the Shaw Carriage
Company, which grew out of the litigation IN
the Superior Court Of this county betwesn
Harry J. Milliesn. receiver of the First National
bank. No. So, and Frederick Rand, receiver OF
the Indiana Banking Company. IL was shown
10 Judge Woods that Receiver Rand had re-
Gently written to receiver MilIigsn a. follows:
s.For the purpose OF compromising all mat
ters between the Indiana Banking Company.
myself, ~ receiver thereof, and It's several
partners, and the bank Of which you are re-
seivsr, It's stoskholders and its creditors. l make
the folio wing proposition, viz: That you may
take Judgment against me on your intervening
petition against me IS receiver or the Indiana
Banking Company for twenty-five Thousand
dollars (s25, 000L as . preferred claim, and |
will at once pay the sum-, but out Of that sum
You must pay your receivers certificate or note
Tor e, go. IS to s A. Fletcher & Co, and which
I now hald- ] will also assign to You the tax
certificates I hold 10 the Shaw Carriage Com
pany's property. You are to obtain the consent
Of your court to this settlement, and I the con-
sent of my court 70 said settlement"
The decree allows an acceptance OK this COM
promise. which shall be In full settlement and
satisfaction Of all matters and things between
the ~litigants. In connection with this PROPOSE
ton Alex. b. Conduit, Joseph P. Ship and
OA4 - N00kg1f I'll " tnC
Of the First National Bank. No. So, reported
that on tee 18th of May its successor. the First
National. No. 2556, through It's president and
cashier. proposed to accept for its claim against
It's predecessor $50, 900 in addition to the s15. 900
heretofore paid through sale of assets by Harry
j. Milligan, receiver. This amount the bank
would accept in full payment, s~atisfac-
ton and discharge of any and all
claims held by il against tho re-
sewer and stockholders Of the First National
NJ * IuH0~ Wx~1s c~1orsa tha or~apf>nro
of this proposition by Receiver Milligan. whom
he directed to apply all the cash now in or that
may come into his hands up to and including
the 3lss Of May. To raise funds necessary TO
ordered to issue on the 31st Of May receivers
certificates for sums sufficient to pay and dis
charge balance Of said claim Of the First Ma
tiorsl Bank. No. 2556. The certificates bearing
interest ut 6 per cent. are to be payable on the
LIST dag Of August, 1883.
IL was further ordered that all property, real
and personal. and all credits and cnoses in
action, including all causes ot action against the
stockholders Of said bank No. So. and all rights
Of assessment pou the stockholders shall be re-
tanned by the receiver to secure payment, first,
Of the receivers certificates including that here
tofore issued TO the Bank of Commerce, and
second. Of the liabilities in general of said bank
tnclud ing expenses of receivership. The re-
eeivsx withdraws all exceptions heretofore
fled to the report Of the master in
chsncery upon intervening petition Of the First
National Bank. No. 2556.
The committee reported other minor features
Of adjustment which thecourt ordered to % &C.
eepted aud then instructed the receiver to en-
force payment by suit, or otherwise, of claims
against s. w. Elliott, the estate Of Thomas NJ.
Sullivan, M. NJ. Finch, Sarah T. Morrison,
Matte McLape and ID. w. Noble. In con-
elusion it was ordered that parties who
held stock in said bank No. 80
pt the time of liquidation, excepting receiver and
members OF the Indiana Banking Company and
the estate Of w. C. DsPauw, shall be released
and discharged from any and all liability of any
kind growing out Of their ownership of stock,
whenever they shall pay into the registry Of the
United States Court, or to the receiver, q sum
equal to 60 per cent. OF the full or par value Of
the stock held by each OF them. This payment
has TO be made by July /, 1855, and moneys here
sofors paid TO the trustee are to be deemed
and treated - . release and discharge in case
She moneys so in the hands OF tho trustee shall
be paid out By him as ordered by court upon liza
Utilities Of said bank and expenses of the recsiv.
orship.
Yesterday. upon the payment Of SO, 900 BY
Receiver Rand to Receiver Milliean. the latter's
,uit against the former was settled IN Superior
Court No. 2. Recsiver Rand 10 also taxed with
Sosts OF salt, which, with the g.. 600. are to be
paid out Of the assets OF the Indiana Banking
Company.