St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-02

Of this an Indebtedness aggregating
S53S, 1882, has been proved and filed
with the assignee.
1t will be seen that. estimating the
uncollected assets at their face value,
they are ample to pay all the indebted
ness of the bank and leave large
surplus. 1t is proposed to reOrganiZe
the bank in this way: $250,000 in money
has been subscribed and paid in for the
purpose of reopening the bank, and the
subscribers of this sum are to receive an
equivalent in the old stock Of the bank.
OF the old stock, $3.50, 900 in value has
w. Ii. Lightner, who is To
see that the subscribers get
the amounts coming to them and that
any balance remaining shall be can
celed. Upon this being done and on the
courts order granting the petition
the stockholders, old and new, reOrgan-
lie the bank, ana with the S250.000
above referred to and the assets re-
turned resume business as q bank.
That this plan will be beneficial to the
creditors cannot be questioned. 1t adds
S250.000 in cash to the banks assets
and other additional security. Besides,
it is matter of general public concern
that, if possible, aud without injury to
the rights of creditors, the bank should
be permitted to resume business with
out delay.
Can this be lawfully done? In the
Stale eX rel. St. Paul & Duluth Railroad
Company VS.. Young, ii Mimi, So, the
court say: ''No question can be made
of the authority of the insolvent court,
with the consent of all the parties in
tereSted, to restore the property to the
debtor. ~ How this consent Is
to be signifed, whether actively 10y APP
pearing in court and in writing, or on
the record asserting, or passively, by
failure. after notice to object, is not de-
cided.
In this case the number of creditors
now remaining are about 1,200, very
few of these residing cut of st. Paul
and Minneapolis. The total amount of
claims proved is 1888, 31S.32, leaving
still unclaimed $751;, 257.9G of the indebt-
edness shown by the banks books.
Twelve only OF those who have proved
their claims have fled releases.
The notice of this application has
been published for three weeks con-
SecutiYely.
copy of this published notice was
mailed, postpaid, at ST. Paul, Aug. 3,
1892, twenty days before the hearing,
addressed to every known creditor of
the bank. This publication and mailing
was as required by the courts order,
and the presumption of law is that the
notice reached the parties addressed in
due course of mail.
In addition to these precautions as to
publicity, the matter being of great and
general concern to the people, all the
daily newspapers published i'll st. Paul
have given frequent and full notice
thereof i'll their columns.
The order OF the court in its recItals
was designedly made very full, so that
all interested could have clear notice OF
what was proposed to be done and the
reasons upon which the court would be
called upon TO act.
TO this citation creditors, $40 in num-
Der, and representing over 100000 Of
the remaining Indebtedness, not only
assent. but petition the court to grant
the order asked.
Among these petitioning creditors are
all who have filed releases.
Not one creditor objected.
Under such circumstances, but for the
purposes of this case only, | hold that
all the parties interested, and who are
entitled to be heard i'll this case. have
consented to the conveyance and reas-
signment by the assignee to the Com
mercial bank of lis estate and assets, as
prayed for in the petition. Aud | bas
this order upon such consent. My at
tention has been called to chapter 81.
General Laws, 1885, which is an amend
ment to section %, chapter Al, General
Statutes, 1878, by adding thereto the
following:
And whenever said trust estate shall
have been, OF shall be, taken out of the
hands of said assignee. by means of any
legal proceedings or actions in any court
or courts: and whenever said assign
ment shall have been declared void as
TO creditors. or by reason of said pro-
ceedings, or for any cause, the further
administration of said trust is or has
been rendered impracticable, unadvisa-
bic or nugatory. said assignee shall,
upon proper showing thereof. and upon
such notice as shall be required by the
court, be in like manner discharged,
and the sureties Oh his official bond re.
leased"
Without saying that the above law is
applicable to the case at bar. | have nc
hesitation in deciding that, from the
facts hereinbefore stated, the further
administration of this trust is and has
been rendered unadvisabe in this, that
1t is clearly to the best interests of al
concerned TO reorganiZe and reopen the
bank.
A meeting of the stockholders of the
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