Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-06-28
From Saturdays Daily.

From Saturdays Daily.
Judgments aggregating $4,000 were
rendered about IL o'clock this morn
ing in the Wapello county district court
by Judge Robert Sloan, in the fam
GUS ottumWa Loan and Building asso-
citation case, which has occupied prac-
tlcaliy the whole time Of the court
since the opening of the March term
and in which the opinion in favor of the
receiver of the association was recent
~ delivered. Receiver w. H. Fl. AS
bury, for the defunct association, has
been instructed to proceed at once to
the collection of the individual judg-
mentS.
Term Finally Ends.
AS soon as the decree was signed
Judge Sloan dismissed court sine die
and the March term Of the Wapello
county district court came to an end
after eighty-two days of hard and I'M
remitting work on the part Of Judge
Sloan, the court officials and the at
torneys concerned in the Loan and
Building association case.
The Final Decision.
The decree rendered today is based
upon the opinion delivered by Judge
Sloan about two weeks ago. Since
that time each individual shareholders
account has been taken up and con-
sidered by the Judge and attorneys.
The records Of the association in that
individuals case have been gone over
thoroughly, the computations, accord
ing to the opinion rendered, have been
carefully and accurately made up and
the judgment now rendered is the final
decree Of the court
Two Hundred Judgments.
The final list contains nearly 200
names against whom DEGREES have
been rendered in various amounts.
These amounts have been divided into
two funds called primary and second
airy funds, according to the opinion
previously rendered. The primary fund
is first called to be collected and usel
for the payment of the Indebtedness
Of the association. If this fund does
not pay off the entire amount Of this
Indebtedness then what is lacking is
to be made up pro rata by those who
are liable for the secondary fund. The
amounts given in the secondary col
umn of the list below shows the maxi
mum amount for which each individ-
ual is responsible in this fund.
How Funds Are Created.
The basis upon which these two
funds are created is as follows: All
stockholders, excepting those who
withdrew their stock according to the
rules Of the association, are held liable
for the Indebtedness of the association
according to the amount of stock
which they held. No shares properly
withdrawn are held liable. Shares is.
sued and matured before insolvency
are held liable in a different degree
than those shares nlatured during IN
solvency.
Insolvency Is found to have taken
place during the year 1898, In which
series *" Of the stock was issued.
Upon all shares matured previous to
and including series tx" shareholders
are allowed the principal which they
paid into the association with interest
while their money was in the hands of
the association at ten per cent pre-
vious to 1891. and after that time with
| interest at nine per cent. All money
which. at the time " their settlement
with the association, they received
over that amount, must be repaid to
the association together with interest
on this amount of overpayment at the
rate of six per cent per annum up to
June 80 of the present year The total
of these amounts constitute the first
or primary fund.
| The secondary fund is to be secured
| From, G q rnhn1Hnrc mo fI1r ebo
withdrawing profits after insolvency
| took place in 1898. Only profits with.
drawn are liable. Shareholders who
paid money into the association be.
come creditors equal with all other
payments are part of the liability of
tho association.
In series tx" 81" and an" shares
are liable under the first fund and
shareholders who matured stock in
them are liable for the amount OF
PROM which they drew over and above
what Is charged against them under
the first fund There were but few
settlements in series IN" co." "P'
and o." and but few holding shares
in these series have judgments ren,
dered against them. There is no pro
fit allowed for series "R" and "S,'
and shareholders in these series are
creditors of the association to the
amount Of their payments.
The Judgments.
| Many of the amounts for which de.
crees have been rendered are secured
by mortgages and in the following list
the accounts SO Affected are marked
with stars.
The names Of persons against whom
DEGREES we're rendered this morning
with the amounts for which the person
is liable in both primary and second
airy funds is as follows:
| Primary. Secondary
George Haw ;. ....S327.00 $ 460(
]. Williamson, Est :. 1884 52.2t
3. z. McElroy :. ..1.295.S5
VIM. Daggett. Est >. 2s4.0o