The Portland daily press., 1899-03-20

IL made In trust the name and residence OF the
person for whom 1t IL made, or the purpose for
which the trust IL created, shall be disclosed In
writing to the bank, and the deposit shall be
credited 10 the depositor a. trustee for such
person or purpose; and II no other notice OF
the existence and terms OF q trust has been
given in writing to the corporation, the de-
posit, 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.
OF TO his legal representative, or 10 some
trustee appointed by the court for that pur.
pose. The trustees may refuse any deposit at
their pleasure
Section 8. Such corporations are hereby
authorized and empowered TO pay any order
drawn by any person who has funds on deposit
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
Ut 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 seven Of the revised statutes.
as amended by chapter one hundred and
eighty eight Of the public laws of eighteen
hundred and eighty nine, Is hereby further
amended so as to read as follows
Section III. Money deposited in = savings
bank or trust company by married woman or
minor, is the property of and to be paid to the
order Of the depositor, and is not the property
Of the husband or parents. and such depositors
may maintain actions in their own names
against the bank or trust company to recover
N hut ,nf a mil
to money fraudulentiy deposited by or In the
name Of a married woman or minor belonging
to a third person. The receipt of such mar
ried women or minor for such deposits and
interest. or any part thereof. is valid release
and discharge TO the corporation. When money
is deposited in the name OF minor the
trustees may in their discretion pay the same
to such minor or to the person making such
deposit, and the same shall be valid payment
Section 5. Section one hundred aud twenty.
two OF chapter forty of the revised
statutes, is hereby amended so as TO read as
follows:
Section 1872. After q degree of seQuestration
Is passed as provided In the preceding SEQ
ton, the court or any justice thereof. in vaca-
ton, shall appoint commissioners who shall
give suoh notice Of the times and places of
their sessions as the court or such justice
orders; receive and decide upon all claims
against tho institution, and make report to
the court at such time as the court orders of
the claims allowed aud dlsallowed and of the
amount due each depositor, which shall be
subject to exception and amendment, as re-
ports Of masters In chancery On application
of any person interested, the court may ex-
tend the time for hearing claims by the com.
missioners, as justice may require. When the
amount due each person Is established the
court shall cause others than depositors TO be
paid In full, and after deducting expenses the
balance to be ratably distributed among de-
posters. When 1t 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 DO 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 statement giving the names OF
such depositors and the amount due each, the
same to be held subject for twenty years there
after to be paid to the person or persons having
established a lawful right thereto when made
to appear upon proper proceedings instituted
In the court ordering such disposition OF such
unclaimed funds
Section 6. Whenever 1t may become necessary
to preserve the assets or protect depositors in
a 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 an 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 at 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 as may desire to withdraw the same. or
make any other or further order that may be
necessary 10 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. approved Mar. 81