Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-17
STATE OF MAINE.
kennebec County. Supreme Judicial
Court. In EQUITY.

Court, In Equity.
William B. Shelton. Bank Examiner VS..
Waterville Trust Company.
The petition of Charles F. Johnson and
Harry L.. Holmes, Receivers of the Water
vile Trust Company, respectfully shows,
l.. That certain parties VINO are de-
positors in said Company are also makers.
sureties, or endorsers, upon certain
promissory notes due and owing to said
Watervlle Trust Company; and that said
parties claim that the full amount of
| Receivers in set-off to the amount due
upon said notes, whether other depositors
are paid in full or not.
2. 1t also shows that in accordance with
the well established custom among banks,
checks drawn by certain depositors upon
the said Waterville Trust Company had
been presented to the Clearing House AS
ISOLATION in Boston, in the State of Mas
citation to the Waterville Trust Company,
said checks had been marked paid" and
charged to the account of the depositors
drawing them and draft had been
drawn by the Treasurer of said Water
vile Trust Company on its correspon-
dent the First National Bank of Boston
ton and forwarded to said Association
before an order was received from the
Court. prohibiting the Watervile Trust
Company from transacting any further
business. 1t also shows that before said
order was received other checks had been
forwarded to it by said Boston Clearing
House Association for which no draft had
been drawn. 1t also shows that before
said order was received. certain drafts
were drawn by the said Waterville Trust
Company upon the First National Bank
of Boston, The Atlantic National Bank
of Boston. Massachusetts, the Liberty
National Bank of New York City and the
Casco National Bank of Portland, Maine,
in favor of certain parties, and said
drafts had not been presented for pay
ment at the time said order was received.
3 1t also shows that the Treasurer of
said Waterville Trust Company and the
cashiers of its several branches had
drawn Treasurer'S or Cashiers checks
and delivered the same to certain parties
who paid therefor either by check drawn
upon their deposits or in cash; and that
these Cashiers checks were unpaid at the
Court prohibiting the Waterville Trust
Company from transacting any further
business.
q: 1t further shows that the said Water.
named in certain trust mortgages and
that according to the provisions of said
trust mortgages coupons due upon the
bonds secured by said trust mortgages
Trust Company, and that to meet the
payment of said coupons when they
should fall due the mortgagor company
in said trust mortgages had in some in
stances made a special deposit with the
Saio Watervlle Trust Company as said
trustee and that said deposit had not been
applied to the payment of said coupons
at the time of the receipt of said order OF
the Court
5. 1t also shows that after the close of
banking hours upon Saturday, May s, 1909,
certain parties gave to the officers or
agents of the said Watervile Trust Com
pcsits to be entered upon the books of the
said Watervile Trust Company. to their
credit. at the opening of the bank upon
the following Monday morning, but that
before gotI
day morning, said order of the Court was
received,
g. 1t also shows that the WatervilIe
Trust Company had banking rooms at
Materville: Dexter, Newport. Corinna and
Hartland, in the State of Maine, and was
authorized by it's charter to carry on
the business of trust company in each
OF these places: that it's principal office
treasurer conducted it's business at its
banking rooms in that city under the di-
rection OF its president and board of d.
Iectors: that cashiers were appointed by
iness of said Waterville Trust Company
at its banking rooms in the towns in
this state above named that daily re-
ports of the business transacted were
maze TO the treasurer at Waterville
Maine, by these cashiers, and that all
leans were passed upon by it's board of
directors at Watervlle. Maine; that GER
tain depostors in what were known as
pany in said towns of Dexter, Newport.
Corinna and Hartland. claim that they
should be paid in full whether the assets
of said trust company are sufficient to
pay all depostors. including those at the
Waterville bank in full or not, and that
If the assets should not prove sufficient
to pay. all in full, that the loss should
fail entirely upon depositors in the Wa
terville bank.
Z. 1t also shows that A. H. Emery a
few days previous to the receipt of the
crder of the court, deposited with the
said Waterville Trust Company. at it's
banking rooms in Corinna. Maine a draft
of s60S.63 drawn on certain party in or
near Boston. Massachusetts This draft
was left for collection and credit and no
ertry was made upon the books of the
Waterville Trust Company other than
memoranduH that such a draft had been
forwarded to the First National Bank of
Boston, which was the Boston correspon-
dent of the Waterville Trust Company.
On May 18th. 1909. the said First Nation