Daily Kennebec journal., 1902-09-24
MANY MONTHS AGO
Bank Examiner Tried to Get An Ac-
count from Receiver Small.
An Earlier Chapter in History Of Au.
burn Trust Co. Case.

The recent appointment of new re-
ceiver of the American Banking and
Trust Co.. of Auburn, in place of L.
Linn Small, who has occupied the posi-
ton for some time. under appointment of
the late Justice Walton, recalls the fact
that in January last Hon. F. E. Timber
lake, bank examiner of Maine, took legal
steps to compel Mr.. Small to make an
accounting. The following is a copy of a
bill in equity. brought by Mr. Timberlake,
as bank examiner against the trust COM
pany:
STATE OF MAINE
ANDROSCOGGlN, SIS.
Supreme Judicial Court in Equity
Fremont +. Timberlake, Bank ExamiE-
er VS.. American Banking and Trust
Company.
NOW comes Fremont f. TimberIake.
the above named complainant as he is
Bank Examiner, and says that the orig
inal petition was filed in the above pro-
ceedings December 2S, A d. 1896 and a
formal decree of the court made Decem-
Der 81, A. d. 1896, appointing L. Linn
Small. Receiver of said respondent cor
poration with authority and direction of
said court for said receiver to settle the
affairs of said corporation, and pay and
settle its liabilities; that the said re-
ceiver accepted the said trust and filed
| his DOnu 1OF the IdltHI I'll ulScnafSe OF MS
duties January l, A. D. 1897 and returned
into said court an inventory of all of
the assets of said corporation March 81,
A d. 1897, and that on petition the orig
inal bill was taken PRO CONFESSO
June /, A. d. 1897, and the receiver finally
authorized TO fully liquidate and settle
all the affairs of said corporation; that
commissioners were appointed by this
court to hear and allow claims AGAINST
the corporation, and that February IA,
A. d. 1893, said commissioners made final
report of all claims and liabilities of the
same. 1t is further represented that
said receiver has paid dividends to the
creditors follows: May H. a. d. 1893,
twenty-five per cent. November II, A. d.
1899, twenty-five per cent and October
q, A. ID. 1891 twelve and one-half per
cent. The complainant further says that
the principal portion of said liabilities to
wit: s45. 1913 of the same was due to
depOsitOrs in said corporation; that the
charter granted to said company, as well
as the general statute laws of the State
provide that if the assets of the institu-
ton not sufficient to satisfy these
tai stock and the holders of the same
shall be liable to an assessment equal to
amount to the par value of said stock TO
pay such creditors in full; that said
statute law also imposes upon this COM
plainant the duty and responsibility of "a
general supervision of the affairs of the
receiver and requires such receiver TO
make annual reports of his doings to the
Bank Examiner; that all of these pro
visions of law Were enacted for the pur-
pose of protecting the depositors in such
corporations and to the end that their
claims might be satisfied in full as
speedily as Is consistent with a reason
ably prudent settlement of the affairs
of the corporation; that Notwithstanding
ceiver was appointed the claims of said
creditors have not been satisfied. eX-
cepting SO far as above stated, notw1th,
standing the report of the receiver to
this complaint shows that he still has in
his hands assets of the corporation
sufficient in amount for that purpose,
and Notwithstanding no effort has been
made on his part to enforce the liability
as already stated against the stock
holders thereof.
1t further appears from the records OF
this court that said receiver has never
settled any account of his doings in this
capacity or of any part thereof. The
complainant says that said receiver has
removed from the State and now resides
beyond the jurisdiction, of this court
court cannot be enforced against him
excepting through the protection af-
forded by the original bond filed by him
with the court for the faithful discharge
of his duties in said capacity.
WHEREFORE this petitioner for the
reasons herein set forth, moves
l. That said receiver be ordered and
directed forthwith to file with this
court full and complete account of an
his doings and proceedings in said ca
pacity. and after due notice, present
himself with his vouchers for the settle
ment and allowance of the same.
. That he return to this court full
and complete schedule of all notes,
chooses in action, mortgages, real estate,
| cash and other assets of said corporation
now remaining in his hands. with full
| and complete statement as to their pres
ent location, including therein schedule
| of such real estate, mortgages and other
assets the title to which has been trans
| ferred to him from time to time by or
der of the court for the purpose of en-
abling him to more conveniently handle
and dispose of the same.
| g. That said receiver after settling said
account and accounting for the assets
and property of the corporation remain
| ing in his hands. be discharged and re-
| lieved from further acting in this said
| capacity and that some other suitable
person residing within the limits of the
jurisdiction of this court be appointed in
his stead to finally settle the affairs of
| the corporation.
FREMONT f. TIMBERLAKE.
| Bank Examiner.
Banking Department.
| Augusta. Jan. 81. A. ID. 1902.
| STATE OF MAINE.
| IANDROSCOGGIN SIS.
Supreme Judicial Court, February !, 1892.
| on the within notice ordered that l..
Linn Small, Receiver, forthwith file an
account as prayed FOR.
| 1t is further ordered that hearing be
had upon the remaining prayers of the
motion. in Chambers, at Auburn in said
| County. on Tuesday February II. 1892 at
| 9 o'clock A. NJ. and that the Receiver be
directed to attend
| 1t is further ordered that notice here
| of be given to said L. Linn Small. Re-
| ceiver by the Clerk. by mailing to him an
attested copy of this motion and order by
| registered letter addressed to l.. Linn
Small. Haverhill, Mass.
| A. r. SAVAGE,
Justice s. J. Court.
A true copy of Motion and Order of
L Court thorenn