Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1905-11-11
THE AMERICAN BANKERS AS
ISOLATION.
CONTINUED FROM FIRST PAGE

! testimony that the entire will is
! written IN the handwriting of the
! deceased. then IL Is a legal anc valid
viii. regardless OF the legal form
and the cumbersome propositions of
I the attorney. Now here was a case
| in which there was insurance. You
can will your insurance money 10 any
Of your heirs and 10 is free of any
encumbrances. 7 mean TO say by
that that II you insure your life for
$40, 900, you may owe a million dol
! lars but not one dollar Of that in
surance money will so 20 pay your
creditors unless YOU should happen
20 lose your wife 20 whom you viii
! this money and get new wife.
Then If you attempted 90 will this
| insurance policy TO your new wife.
| IL you owed any money between the
time that you lost your first wife
and got new one. the court
would rule that the insurance money
/ in that case would go not 90 the new
| wife but 10 the creditors. They
! would step iu and wipe out your in
surance money. Now that is a tech
nical way uf ruling and OF course
| these are legal teChnicalities. and
| when 7 see YOU business gentlemen
Staggering around on legal questions
and when I even see lawyers disa-
| EreeinE on il. il is a source Of a
musement TO me. Laughter and APP
plause.) 7 suggest that YOU follow
| what we have found 90 be a very
| safe rule. which we always follow
down ia our country. That is,
when YOU don't know what 20 do. do
| nothing.
Mr.. Teter. I suggest that the only
| thing we can do is 20 do what our
brother from Virginia has suggested
| and that is that we do nothing this
| afternoon on this proposition We
have had q very beneficial discussion
/ on this question. but a. seems 90 me
we have too much before MS to at
| tempt TO settle e. to-day. and / was
going 20 suggest. and perhaps I may
as well as put &c n the form OF
| motion, that we continue this COM
mittec. or have a new committee
perhaps on broader lines, 90 go on
with this work. I viii make the
motion that the chairman appoint
| committee 10 continue the work OF
| reaching a satisfactory solution Of
the trust and joint account Ques-
tions. and that the principle duty OF
this committee be TO confer with
members in the different States in
assisting them and in urging them
20 bring about such legislation in
! their respective States as will be
| satisfactory, and TO come before this
| Section next year and report the
States that have made progress.
Let as keep this up until we have IL
an satisfactorily adjusted. New
| York seems 90 be all right, and Phil
adclphia reports progress. Perhaps
some OF the rest OF us can do some
thing in the next year.
The President: There was a prev
/ ious motion upon the accepting the
report OF the committee. Perhaps
the more proper motion would be TO
receive 10 and place IL on file and the
motion of Mr.. Teter would then be
in order.
Mr.. Greer; ] make that motion 20
receive it and place IL on file.
The motion was agreed 10.
Mr.. Teter. I now renew my mo-
ton.
The President: To has been moved
| that the chairman appoint a COM
! mittee OF three whose duty 10 shall
be 20 collect information during the
/ y
remedying the defects in existing
| laws in the different States on this
question.
Mr. Rother: / suggest that the
committee be composed Of FIVE mem
bers instead OF three.
The President: is that acceptable
TO the movers?
Mr.. Teter: And is Il understood
| fra r-fF &c
and joint accounts?
The President: Both trust and
joint accounts.
Mr.. Teter: A committee Of five is
satisfactory to me if il is TO the Sc
conder OF my motion.
| The President: Then the question
is on the appointing OF a committee
Of FIVE, having within it's scope both
joint and trust accounts
Mr.. Hanhart: Before adopting
| this motion / would like to say that
| a committee Of five would probably
! consist of members from different
States at a great distance from each
other, which would make the meet
ings of the committee a dificult
proposition to handle Would II not
be wiser TO appoint a committee OF
1 lnIee. MY experience IN THESE mat
ters is that il is very difhcult to Sc
cure a meeting Of a larger commit
tee.
MI. Rother: That is satisfactory
10 me, and believe that objection is
a valid one.
The President. Our experience in
this organization is that a small com
mittee is more desirable. OF course,
that is subject 10 the views OF the
| Section.
Mr.. Teter: I made the original
motion because my experience was
in the same direction, but 7 always
defer TO the views Of others. ] now
renew my original motion for a com
mittee OF three.
The President: If there be no OBJ
| lection, il will be understood by u
Unanimous consent that the motion is
for the appointment Of a committee
Of three. The chair will suggest
that IL is impracticable to select a
committee of hand, and doubtless
il will be acceptable to the incoming