The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-19
DRAW THEIR MONEY
'ss-v
JUDGE BUM DECIDES THAT PER-
SONS WHO MADE DEPOSITS
DEC. %
IN THE BANK OF MINNESOTA
CAN RECEIVE THE SAME AT ONCE
FROM THE RECEIVERS OF
THE BANK. -.
QUESTION ABOUT OTHER BANKS
VIII Be Argued Next Weeik-Supreme
Court DecisiOns-Other Legal
News

All persons who deposited money
in the Bank of Minnesota on Tuesday,
Dec. %, 1896, the day the bank closed
it's doors, will get their money back.
Such was the ruling of Judge Bum
yesterday, after listening to extended
arguments on the question by the at
torneys for the depositOrs and the at
torney for the receivers. Messrs. Sey-
mour and Lightner, William H. Light
ner himself appeared as such attorney.
The hearing took place in court
room on the top floor of the court
house. The room was crowded With in
terested parties, including score or
more of lawyers representing the de-
rositors of the Bank Of Minnesota, and
also the Allemania bank, as there was
likewise a hearing granted on similar
petition for the ruling of the court as
to the disposition Of the moneys de-
posted in that bank on the day it clos
ed. --1A .--... -.--- 80
The hearing in the case of the Bank
of Minnesota was granted on the petit
ton of the receivers for the direction Of
the court as to the disposition of the
deposits made on Dec %, 1896 numerous
petitions for the return of such deposits
having been filed by various deposit
tors.
The receivers contended that the de-
posts ought not to be returned. 1t
was admitted by them, however, that
the Bank of Minnesota was insolvent
on the 22d day of December, 1896, and
that the officers Of the bank must have
known that the bank was insolvent.
Judge Bum held that this was the
principal point involved. If it was adj
mitted that the bank was insolvent,
then it was the duty Of the receivers
tC return the deposits made on Dec.
%. The court, therefore. ordered the
receivers to pay over to the various
depositors all the moneys deposited by
them on that day.
The court held that it appeared, from
the petitions and admissions Of the
parties, that the bank was insolvent
on all of the 22d day of December 1885,
and that the officers of the bank were
presumed to have knowledge of its con-
ditiOn on that day, and that, by receiV-
ing the deposits, knowing the bank 10
be insClvent, they gave the depositOr
the right to rescind his contract and
recover the checks or money deposited
so long as they were not mingled with
the funds of the bank, and could be
identified.
Similar petitions regarding the dis
position Of the checks deposited on Dec
q have also been filed, but the court
deferred the hearing of argument on
this question until next Monday fore
noon.
Argument was also heard on the sim
liar petition of the receivers Of the Al
lemannia bank, regarding the deposits
made on the day the bank closed In
this case it is not admitted that the
bank was insolvent on all of the day
that it closed its doors. Judge Bum
said that he could not render any de-
cision in this case until the matter had
been fully gone into and all the facts
established. The court accordingly ad-
journed the hearing until one week
fl ON today.
The petition Of Charles S. Staples,
the assignee of the West Side bank,
regarding the deposits made on the day
the institution closed, will be heard
by Judge Bum week from Thursday,
Jan. %.