The Somerset reporter., 1899-03-23
tons, ana as trust funds Whenever deposit

Is made in trust the name and residence of the
person for whom IL Is made, or the purposo for
which the trust Is created, shnll be disclosed II,
writing 10 the bunk, and the deposit shall be
credited TO the depostor rs trustee for such
person or purpose; and II no other notice OF
the existence and terms OF trust has been
given in writing to the corporation, the de-
posit, with tho interest thereon, may, In tho
event OF tho death OF the trustee, DO 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 s. 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 10 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 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 tollowsi
Section III. Money deposited in savings
bank or trust company by married woman or
minor, is the property Of and TO be paid to tho
order of tho depositor, and is not the property
of the husband OF parents. and such depositors
may maintain actions in their own names
against the bank or trust company to recover
hair dnyl IA. huf mn
to money fraudulently deposited by or in the
name of married woman or minor belonging
to q 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, tho
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 and twenty.
two OF chapter forty.scven of tho revised
statutes, Is hereby amended SO as to read as
follows;
Section 49, After degree OF sequestratlon
is passed as provided in the preceding Sec
ton, the court or any justice thereof, in vaea-
ton, shall appoint commissioners who shall
give such notice OF the times and places of
their sessions as the court or such justice
orders; receive and decide upon all claims
against the institution, and mako report to
the court at suoh 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 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 deductlng 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 be found and
whose heirs or legal representatives are IN.
known. the court may order such unclaimed
funds to be paid into the state treasury, to
gether with q statemen giving the names of
suoh 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 lawful right thereto when made
to appear upon proper proceedings instituted
In the court ordering such disposition of such
unclaimed funds
Section 9. 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 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 ut 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 depostors 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 ono hundred and twenty
one and one hundred and twenty-five of this
chapter. Improved Mar. 81