The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-18
RECEIVERS OF THE BANK OF MIN
NESOTA ARE REFERRED TO
STOCKHOLDERS.
JUDGE OTIS RECOMMENDS
THAT ACTION BE BROUGHT TO EN-
FORCE THE LIABlLiTY OF THE
STOCKHOLDERS
SINGLE. 1T MAY BE, OR DOUBLE,
He Does Not Commit Himself to
Either, hut VIII Await the Out
come of the Litigation.

Judge Otis filed an order yesterday
directing the receivers of the Bank OF
Minnesota to bring action against the
stockholders of the bank to enforce
the statutory liability on their stock.
The court finds that the capital stock
is $500. 00G all of which is outstand-
ing, and that for more than two years
$500, 900 Of it has been held by parties
who are hOpelesSly inSolVent- That
there is an unpaid and unsecured in
debtedness of 81 $1,000 and that the
assets Of the bank are wholly insult
ficient to pay said Indebtedness. That
it is necessary, after applying all the
assets OF the bank to the payment of
said Indebtedness, in order to pay the
balance Of said Indebtedness, to collect
and enforce payment Of all the indi-
Vidual liability of all the stockholders
And it further appearing that there
is a question as to whether stock
holders are liable to the extent Of one
dollar for each dollar of stock held. or
to the extent of two dollars for each
dollar of stock held, and that in any
event it is necessary to collect and
enforce the full liability whichever it
may be. after hearing the receivers
and the attorney, Johanna Anderson
and other creditors Directing to the
court authorizing the receivers to en-
force the liability upon the ground that
Johanna Anderson has begun an &C
tion for that purpose, the court orders
the receivers to proceed to collect and
enforce the payment in full Of all the
individual liability of stockholders.
and further orders that the stockhold-
ers must pay to the receivers one dol
lar for one dollar on or before August
/, and one dollar for one dollar on or
before September l.
However the first payment of one
dollar may be made without prejudice
to their right to dispute the legality
of the payment of the second dollar.
The court finds that W. H. Lightner,
one of the receivers and the holder OF
ten shares of the capital stock, has
volunteered to pay the double liability
on his holdings, $4,000, waving the right
to contest the payment of the double
liability. The court orders that he be
allowed to so pay the $1,000.
If the stockholders do not pay the
legal liability by the dates named, the
receivers may commence actions to re-
cover.
The court makes the order despite
the objections of Johanna Anderson,
who began suit against the stOckhold-
erS on her own account and on account
of other depOsitors and creditors.
The order is accompanied by the fol-
lowing brief memorandum.
It must not be understood that in
making the. foregoing order the court
i,as passed upon or considered or in
timated any opinion as to the extent
of the liability of stockholders, whether
it be single or double. That is to be
determined in the suit, which the re-
ceiVerS are authorized to bring to en-
force such liability, whatever it may
be. It is simply determined by the
order that resort must be made to the
stockholders to the full extent Of their
legal liability; that the receivers are
the proper persons to enforce, and that
the time has come for the institution of
such proceedings.
1t appears that Mr. L4ightner, one OF
the receivers, is also a stakeholder,
but, as he has not only volunteered
but insisted that the order should be
so drawn as to enable and require him
to pay the full limit of his liability, anG
that such payment by him should be a
full waiver Of his right to recover back
any portion of such payment, ne VIII
be relieved from all embarrassment
and his conduct fully justifies the con-
fidence reposed in him by the court.
The court was not aware that Nc.
Lightner was a stOckholder when ii
appointed him, and Mr.. Lightner had
no knowledge nor intirnation that he
was to be named until the order Of his
appointment was made and filed. He
at once apprised the court Of his rela-
ton to the nsolvent bank and rendered
his declination, and he has since at all
times been ready to resign on the
courts expressing Willingness to re-
lieve him. That time has not yet
come