The Republican journal., 1899-03-16

IS made in trust the name and residence of the
person 1of whom it is made, or the purpose for
"iich the trust is created, shall be disclosed in
wiring 10 the bank, and the deposit shall be
cfedlted to the depositor rs trustee for such
person or purpose; and if no other notice of
Che existence and terms OF trust has been
given IN writing to the corporation the de
poslt' With the interest thereon, may, in the
event OF the death of the trustee be paid to
the person for whom such deposit was made,
or TO his legal representative or to some
trustee appointed by the court for that pur.
| pose The trustees may refuse any deposit at
their pleasure
| Section 8. Such corporations are here,v
authorized and empowered to pay anv order
drawn by any person who has funds on denosit
| to meet the same, Notwithstanding the death
OF such drawer in the interval of time between
signing such order and its presentation, for
payment when said presentation is made with
in thirty days after the date of such order: and
at any subsequent period provided the cor
poration has not received actual notice of the
death of the drawer.
Section 4. Section one hundred and seventeen
of chapter forty-se of the revised statutes,
as amended by chapter one hundred ard
hundred and eighty-nine, is hereby further
amended so as to read as follows
Section III. Money deposited in A savings
bank or trust company by married woma,. or
minor, is the property of and to bs maid co the
order OF the depositor, and is not the property
of the husband or parents and such depcsitors
may maintain actions In their own names
against the bank or trust company to recover
flpj In a,a fta D,,tf -
to money frauduently deposited by or in the
name of a married woman or minor belonging
to a third person. The receipt OF such mar.
RED women minor for such deposits md
interest. or any part thereof, is valid release
and discharge to tho corporation. When money
is deposited in the name of a minor. tho
trustees may in their discretion pay tho same
to such minor or to the person making such
deposit, and the same shall be a valid payment.
Section ). Section one hundred and twenty
two Of chapter forty-sevcn of the revised
statutes, is hereby amended so as to read as
follows
section 20 After a degree Of sequestration
is passed as provided in tho preceding sec.
ton, the court or any Justice thereof. in vaca-
tIon, shall appoint commissioners who shall
give such notice Of the times and places OF
their sessions az the court or such Justice
orders, receive and decide upon all claims
against tue institution, and make report to
the court at such time as the court orders of
the claims allowed and disallowed and of the
amount due each depositor, which shall be
subject to exception and amendment, as re.
ports Of masters in chanccry. On application
OF any person interested, the court NAV ex-
tend the time for hearing claims by the com
missioners, as justice may require. When the
amount due each person is esta ''ished the
court shall cause others than depositors to be
paid In full and after deducting expenses the
balance TO be ratably distributed among dc.
posters. When it appears upon the settle
ment Of the account of the receiver of such an
institution that there is remaining in his hands
funds due depositors who cannot be found and
whose heirs or legal representatives are I'M
known. the court may order such unclaimed
funds to be paid into the state treasury, to
gether with o statement giving the names of
such depostors and the amount due each tho
same to be held subject for twenty years there
after to be paid TO the person OF persons having
established q lawful right thereto when made
10 appear upon proper proceedings instituted
in the court ordering such disposition of such
unclaimed funds
Section g. Whenever it may become necessary
to preserve the assets or protect depositors in
savings bank, the supreme judicial court in
equity, on application Of the bank examiner or
trustees OF such bank or both, may, after due
notice, make order restraining the bank
from paying out its funds or any portion
thereof or from declaring or paying any divi-
dends or deposits for such time as the court
shall deem advisable The court may Mt any
time revoke or modify the original order and
authorize the bank to pay dividends upon its
deposits, or pay any portion of its deposits to
such rs may desire to withdraw the same, or
make any other or further order that may be
necessary to protect the depositors in such
Institution. Nothing in this section shall be
construed to take away the rights OF the
parties in interest to proceed under the pro
visions of sections one hundred and twenty
one and one hundred and twenty-five of this
chapter. Improved Mar. 81