Norwich bulletin., 1914-04-30

and if so, at what rate and to what | date
 1 Some of the savings department de- | positors claim interest at the rate of
 per cent up to the date of order l of court (April 16),-while others claim ] interest at the rate of per cent up
 to the date of appointment of the re-
 ceiver.
 l No debt can arise against an in solvent estate in the hands of a re- 1 ceiver.
 ] From this principle comes the gen. 1 eral rule that only claims as then ex- | isting can be recognized as obligations 1 of the estate For this reason interest
 cannot be allowed on claims after the insolvency has been judicially de- clared or that which Is its equivalent a receiver appointed pursuant to G. $. Sec. 3461
 Thomas vS. Western Car Co., 149 U. S.. 116;
 White V. Knox, III U. S., 7s4;
 Bank Comm'rs V. Trust Co.,, 70 N. H., 536. 53S.
 A similar result followed the order of the court of April Is, 1913, made under the authority of P. A. S913, Chap. 1S7, Sec. 10. restraining The Thames Go. from paying its deposits or any part thereof and from declar- ing or paying any dividends on it's followed by the appointment of a re- 1 ceiver on July 1, 1913.
 Claims which by contract carry in terest, or those which carry interest as legal damages for debt already due, draw interest up to the adjudi- cation of insolvency, or the appoint ment of the receiver, or an order of court made. as in this case, restrain ing the Thames Co. from paying any dividend.
 In the Matter of Murray, 6 Paige, 204;
 22 Cyc. 1916.
 If the insolvent estate prove suffi- cient to more than pay the claims and expenses as against the company its shareholders and stockholders, inter est should be allowed upon the claims as due at the date of adjudication in insolvency or the appointment of receiver or the making of such order of court, ratably in the surplus As against the insolvent estate interest is calculated to the date of adjudi- i cation of insolvency or the appoint ment of receiver, or the making of such order; as against the insolvent 1 stockholders the claims carry interest l upon the mount then found due. Richmond V. Irons, 121 U. s, 27, 64; White vs. Knox, (Supra);
 Chemical Nat. Bank V. Armstrong, 1 59 F. S72. g;
 N Y. Security & T. Go. " Lom- bard Inv. Co.,, 73 F. 5S7, 554 This is the rule of our statute co. 1 $ 342) when the insolvent estate
 proves solvent And 1t was the rule l adopted in Green. Adm'r V. Abbott ct al., Admr. 2 Root, PAP. Dividends and Interest. Applying the principles to the ques- tions submitted, it follows:
 1. Any depositor of the commer- cia1 department, whether general or special, or in any of the savings de-
 partments, whose deposit by his con- l tract with the Thames Co. bears in tereSt, may have interest at his con- i tract rate upon his deposit to the date of the order of court, April Is. 191S ?. Savings bank depositors as a rule, are not entitled to dividends on their deposits until declared As we understand the facts of this case the several savings department depositors
 have not made their deposits upon a special contract to pay them a stated rate of interest. If our understanding be correct, the savings department de- pos1tors are not entitled to interest or to dividends upon their deposits be- yond the last declaration of dividend ! Their claims are to be allowed in the ! amount due at the time of the order of court, April Is, 1913 Neither the receiver of Atlantic Ma tional bank, nor the finance commit
 tee of The Thames Loan and Trust company. nor the trustees of said com pany. nor the claimants of uncollect- ed dividends, are represented, and none of them will be bound by the
 judgment herein.
 No Opinion Expressed.
 These questions have not been ar
 gued before us; the receiver takes no
 position in regard to any question
 submitted, but merely submits certain authorities thereon. As the decision
 of these questions will affect the body
 of the estate we are of the opinion
 that the receiver should take such po-
 sition as in his best judgment will best
 protect his estate,
 We therefore refrain from express
 ing any opinion or advising the re- eeiver in reference to the several mat
 ters affecting the interests of these unrepFesented paftis.
 Tn superior court is advised to rem der its judgment of advice in con- fornity with the conclusions herein expressed
 CouneeI and !pferasteI par+i.-