Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-01-03

recommend an amendment to the pres.
ent statute. limiting deposits by any
one individual to $1,000 In any ana All
OF the So wings banks OF this state; and
further provi ing that III ease of ylo-
istions of this law the deposifor shall
forfeft all interest on his deposits IN
excess oa chat sum. The LAW, with tins
penalty attached. would come az near
to enforcing itself as any other upon
our statute books"
PAYMENT Or DEPOSITS.
Concerning, ahis subject. he says:
In this sstsp.e, we, have no provision OF
law projecting savings banks i'll tine pay
nent of money on orders presented after
the death of the depositor. Such pro-
vision would not Only be a protection to
the bank. but would enable depositors to
obtain funds in times of most pressing
need, and also to make distribution OF
small funds on deposit without the ex-
pcnse of administration. / would there
fore recommend the enactment of Il atas-
ute authorizing savings BANKS to pay or
ders drawn by depositors, even after tho
death of the same. providinp such orders
/ are presented within thirty days after
latc and at any subsequent time. if the
bank has not received actual notice Of
such death.
Our statute provides that me4,ey de-
posted by a minor is = property of and
to be paid to the order of the deposbpor;
That It is not the property of the parents:
that sucn deposition may maintain an ac-
tion in his own name to recover such de-
post. and that the receipt of such minor
for the deposit is a valid release to the
bank. Money is often deposited by par
ents or others in the name of a minor too
young to understand the nature of the
| transaction. Not infrequently circum-
stances arise which make 1t necessary to
withdraw money so deposited. Under our
present statute this can only be done on
n hl
young he may be. AT the same time. the
bank Is legally bound to pay any minor
his deposit whenever 1t is demanded.
without any regard to the propriety OF
such payment or the age of the child.
For the better regulation of this matter,
! would recommend the enactment of a
statute, providing that money thus depos-
tied may. at the discretion of the trus-
tees, be aid to such minor, or to the per-
son making the deposit, and that such
payment shall be valid and discharge the
| bank from further liability
vERIFIcATIoN OF DEPosIToRs'
BOOKS.
care must be taken not to burden the
banks with unnecessary duties or expen-
SEES, as the cost ultimately comes out of
the earnings from which depositors ar.
paid dividends. though every safe guard
must be placed over the depos;tor' $
money" says Mr.. Undertake.
''Should any such law be passed. the
most important things to be determined
are NOW frequently Inc NerlnctfttDn
should be made: by whom made: and how
to get in the depositors' ,isooks. After
careful consideration OF all .hcse features
OF the srbject,'i would reeommeHd that.
II any law is enacted In this state, X pro-
Vide fer a. verihcation Of dep SitoLS socks
every three to five years. under ru4As pre-
scribed BY the respective. bnarfsp OF trus-
approval app tx Of the STATE o BANK Examiner ae
This, work Will never De satisfactory.
however until some provision is added
making it he..duty of the depositors to
bring in their books for veriheation, and
providing some penalty in the way of for
fixture of dividends " the books are not
duly presented. 1t might not be best,
in the first instance. One verifcation
might be made and II found necessary
the law misht be amended.
UNCLAIMED DEPOSITS.
The settlement of the affairs of insol-
vent savings banks, and the attempt to
find all Of the depositors therein. call at
tcntion 10 the matter OF unclaimed de-
posts. ii appears that twenty years aft
er the affairs of the Newport Savings
Bank were placed in the hands Of 4 re-
ceiver for settlement. he stlh head "A small
sum OF money due depositors WAC could
not be found. Doubtless all of the older
savings banks In the State have such ac-
counts. AS a rule, The individual ac-
counts of This kind are small ana the ag-
gregate would also be small when COM
pared with the total amount of deposits
SO long as the banks continue business
under igie present law, they must treat
these accounts the same as others, and
pass IA their credit the regular semi-an-
nual dividends. In mast cases The trds-
ices do not know what accounts are Of
this character, and even II they did the
banks could not protit tllerefrom. With
oit some statutory provisions regulating
tiie matter, such accounts. must remain
amount indefinitely. Legislation is need
ed to provide some means Of disposing OF