Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-10-12
WOODBURY. SUES
FOR ACCOUNTING
Frank Woodbury. Begins In
portant Action on Behalf of
Fathers Estate
CLICKS ARE MADE DEFENDANTS
Old Notes, Claimed to Have Been Me-
aotiated to Reduce Excessive Loan
to George Click, Basis Of Action
ENHANCEMENT Greatly Complicated
Statement of Defense.


AS a relic of the Woodbury. failure
which recently involved the First
/ National Bank of this city and re-
suited in its entire reorganization by
Mr.. D. T. Denmead with new capital
/ and stockholders, q petition in equity
was filed today for the October term
! of court, by Frank Woodbury., of Pas
adena. Cal, as trustee of the estate
4 of his father. f. j. Woodbury.. non
compos, and j. P Woodburys interest
4 therein, against George Click, the Hol-
\ land Land and Lot Company, Charles,
f. e., and A. G. Click, G. J. Lander,
IT. J. and Mrs Alice Click Fletcher He
seeks to recover on some of the old
/ bank,s questionable assets which he
was compelled to take out when the
bank was reorganized.
The ENHANCEMENT is a complicated
| one. and had it's origin many years
ago, when George Click was president
OF the First National bank, which
| was prior to Dec. 5, 1891. The plain
tiff claims that George Click was In
debted to the bank in sum largely
exceeding $4,000, the largest amount
! permissible on the part of national
bank to loan any one person under the
! national banking laws
In order to reduce the excessive loan
| to George Click it is averred by the
plaintiff that George Click delivered to
| the bank notes las follows: Charles
Click, Jan 8, 1892 $4,000; F. e. Click,
July /, 1897, $1,000; f. E. Click same
date. s3,342; c. ]. Lander, Dec. 8, 1891,
IS 900; Holland Land and Lot Com
pany, Aug. 20, 1892, $4,000; a total OF
$24,342. This left remaining. accord
ing to the petition, 1924 Of the orig
inal Indebtedness on the part Of George
Click. The Holland Land and Lot Com
pany, mentioned as q defendant, was
a former corporation, now not in ex-
istence, Of which George Click was
president, having been formed to es-
tablish the town of Holland, in Grundy
county. German settlement
Securities Arc Listed.
Collateral securities, deposited by
George Click, are listed in the petit
tion, viz: Certain shares, of National
Linseed Oil Company stock, First Ma
tional bank stock, and life insurance
policies. The oil and bank stock, it
is claimed, was afterwards sold by T.
j. Fletcher, as cashier. A controversy
as to how the proceeds from the sale
Of this collateral should have been
applied on the George Click indebted
ness is also involved.
The different insurance policies as
signed, all carried on the life Of George
Click, aggregate $S,s1S.60. The chill
dren Of George Click, made defendants
in the action, are claimed to have n
contingent interest in the insurance,
and that some Of them assigned the
same on Dec. ~ 1904, to the First Ma
tional bank as collateral security for
George Clicks Indebtedness The petit
ton also cites that George Click is, and
has been. for several years, incapaci-
tated by reason Of physical and mental
inflrmities, from transacting any BUSH
ness, and can not make the necessary
assignment to fully invest the plaintiff
with legal title and right to collect
the policies upon the death of George
Click.
Prays for An Accounting.
The prayer asks for an accounting |
with T. j. Fletcher Of the sale and dis
position Of the National Linseed Oil |
and bank stocks, and for such orders
and judgment as the plaintiff may be
entitled to in respect to same; and
that it be ascertained how much is
due on each Of the notes set out, and
a judgment against each maker for the
amount so found due; and an order |
investing the plaintiff with the author
ity to collect and receive the proceeds,
OF the insurance policies against any
right the children of George Click may |
have therein, and for such other and |
further ORDERS decree and judgment |
the plaintiff may be entitled to in a |
court Of equity upon full hearing Of
the matters involved.
Mr.. Click Explains Controversy.
Mr.. A. G. Click, in behalf of the de-
PENDANTS, gave out the following state |
ment Of the other side of the contro- |
versy as follows:
1.-THE transactions over which this |
d1lSO 6IS lOO lIlSOlVSu dUO
intricate to attempt any detailed state |
ment. Our family has lived in Mar
shalltown over forty years, and has
never denied a just debt or repudiated |
an obligation. We do not intend to
begin now. Mr.. Woodbury. seeks torecov-
er against us as sureties upon the debt
Of George Click. 1t suffices therefore
to say that George Click has not been
indebted to Mr.. Woodbury. or the bank
for many years, and that not one dol
lar of George Clicks paper is today
We naturally object to
paying claim which long ago was
paid i'm full. In other words, plain
tiff's suit is based upon something
which does not exist. What our obi
cations would have been, had the bank
failed, is a different question. We con-
cede we tried to save an institution
our father helped to found. II an ex-
listing debt of George Click can be as
certained, we shall pay it, whether it
be moral or legal obligation. But
so far no proof has been offered that /
would imply either.
while we regret the falling fortunes
Of others, which seem to have in
spired this suit-yet we cannot believe !
but that plaintiff is deceived
or ill-advised. We offered to
submit the matter to arbitration,