The Mt. Sterling advocate., 1893-08-15
NEW FARMERS BANK.
The Legal Fight Over the Re
ceivership a Stubborn
One.
A Conflict of Authority Between
Judges Apperson and
Cooper.
J. G. Trimble Appointed Tenn
porary Receiver.

The fight in the courts over the
appointment of an Assignee or Receiv-
er for the New Farmers Bank has
occupied the attention of the COM
munity for several days. On July 81,
the directors of this bank made deed
of assignment to r. B. Young, and a
few days later he presented bond to
County Judge Lewis AppersOn, who
decided the bond insufficient. August
Sth, Mr.. Young again offered a bond
with Trust Company as one of the
sureties. This bond was also rejected
for the reason that the Trust Com
pany was not located within the
State.
About this time Messrs. John
Evans, j. G. Moberly, Thomas j.
Evans, Harvey Rogers and w. H.
Prewitt, filed suit before Circuit
Judge John E Cooper, for the ap-
pointment of a Temporary Receiver.
A committee had soon after the
assignment, been appointed to look
into and report on the assets of the
bank. A meeting of the stockholders
was held August 8. and this commit
tee reported over $325,00O of gilt edge
paper, and after CHASING a compare
tive small amount as bad, and SINH
lar amount as doubtful, they reported
$229,O00 as paper, either made or en-
dorsed by VIM Mitchell and r. A..
Mitchell, which they did not pass on
at all, simply chasing it as the Mich
ell paper. BY this time there had
developed two distinct factions,
popularly known as the Mitchell and
the Evans factions. The Mitchells
claimed that they had collateral suffi-
cient to offer to make their paper
good. The committee said they had
no time to examine this collateral.
AT this meeting of the stockholders
after hearing the report of the COM
mittee it was decided to appoint Thos.
J. Evans and w. H. Prewitt as Trus-
tees, to collect sufficient amount OF
the notes owing the bank to pay off
the depositors and for this they were
to receive 81 per cent. Mcssrs. Evans
and Prewitt gave notice that they
would apply before Judge Apper-
son to give bond. The attorneys for
Mr.. r. B. Young objected, and CON-
test resulted. Judge AppersOn al
Ilowed Messrs. Evans and Prewitt to
qualify. In the meantime Judge APP
person had been served with a re-
straining order by Circuit Judge
Cooper, which order Judge Apperson
disregarded. Mr.. Young by this time
had secured a bond for over million
dollars. Mr.. Young's attorneys took
the case before Judge John E. Cooper
for a Temporary Receiver, and the
attorneys for Evans and Prewitt at
tempted to have Judge Cooper sworn
off the bench, making the ground Of
the affidavit that he was indebted to
the bank. Judge Cooper refused to
vacate, saying that if he was indebted
to the bank he would have the amount
to pay (Which by the way is not yet due)
if he was able, and he was glad to say
he was yet able to pay it, whether Mr.,
Young, Messrs, Evans and Prewitt OF "a
third party was the Receiver of the
bank. And fortunately for the bank,
if he himself should become insOlvent,
his surety was good.
The case was bitterly contested,
and yesterday afternoon Judge Cooper
decided to appoint Mr. J. Green Trim
BILE as Temporary Receiver and gave
him till to-day to make the bond.
This is a most excellent appointment,
and a generally satisfactory one to the
community at large, as Mr.. Trimble is
recognized as one of our best and
most careful business men. The at
torneys for Messrs. Prewitt and Evans
gave notice that they would give bond
and take an appeal.