The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1914-11-13
bird National Bank OF Cincinnati, 6

r..
] Jan. %, 1914 ......... $4,000. 90
March 2, 1914 Is, 100000
May 4, 1914 100000
and that to secure said notes, the
bank assigned and delivered to the
Fifth Third National Bank, upon the
above mentioned dates Bills Receiv-
able of the bank of Geo. Alexander &
Co., State Bank, amounting to $5S,000
Under it's charter the bank of Geo.
Alexander e Co., State Bank, was pro-
hibited from becoming indebted to
any persons or corporation in any
sum in excess of $1O,O0O.0O Acting
upon the advice of his counsel he has
instituted suit against the Fifth-Third
National Bank of Cincinnati, to re-
cover all of said collateral, alleging
that the contract between the two
corporations was Ultra Wires. This
suit was instituted on July IL, 1914, and
the court has been in vacation since
filing of said suit until recently. The
matter is now pending on demurrer
and the Commissioner hopes for a de-
cision at an early date.
| The Commissioner also found that
the bank of Geo. Alexander & Co.,
State Bank, had executed two notes to
the American National Bank, of Louis
vile, KY, one dated July l, 1907, pay
able on demand for $15,OOO.OO, and
payable on demand for $4,000 90.
And to secure said notes Geo. Alexan-
der & Co., State Bank, by it's Presi-
dent, Geo. Alexander, assigned and
delivered to the American National
Bank, of Louisville, Bills Receivable of
Geo. Alexander & Co., State Bank,
amounting to $35,31117. Upon the adj
vice of his counsel, the Commissioner
has brought suit to recover all of said
collateral and in the same suit, asks
judgment against the American Ma
tional Bank for $10,837.45, which Geo.
Alexander e Co., State Bank, had on
deposit with the American National
Bank, at the time the Commissioner
took charge of the Alexander bank and
which the American National Bank
has applied as a credit upon the two
notes amounting to $50 100000 held by
it against the Alexander bank. All
Of the collateral held by the Fifth
Third has been collected or at least a
suffic ient amount of it has been collect
ed by the Fifth-Third to pay all of it's
claim against the Alexander bank, and
of the collateral held by the American
National Bank, $1S,310.S9 has been
paid to the American National Bank.
This added to the s1O,S37.45 makes a
total of $29,148.34 collected by the
American National Bank upon it's two
notes mounting to $33,000.O0. SO 1t
is practically the proceeds of all OF
this collateral that the Commissioners
is seeking to recover, rather than the
collateral itself.
REAL ESTATE.
In dealing with the real estate, the
Commissioner has figured it worth the
price at which it was carried by the
bank, to-wit, $7,095.85, and the Com
missioner reports that one piece OF
said real estate was sold by the bank
to one Sallie Bramblett, prior to the
time he took charge of bank, the con-
veyance however ofsaid property to
said Bramblett has not been made.
Since taking charge OF the Alexander
bank the Commissioner has filed
petition in the Bourbon Circuit Court
asking for permission to convey this
property to Sallie B. Bramblett, also
asks permission to sell and convey the
balance of the real estate at either
public or private sale and the judg
ment of this honorable court was that
the Commissioners had no authority to
sell real estate, however, he proSecut-
ed an appeal to the Court of Appeals
of Kentucky and on October I, 1914,
that court decided that it was not ne
cesSary for him to ask the advice OF
the Chancellor, and that he had the
authority to sell said real estate by
either public or private sale and it also
held that he had the authority to carry
out the contract of the said bank with
Sallie B. Bramblett, and he comes
now and says that he is ready convey
to Sallie B. Bramblett and asks the
permission of the court to convey,
under terms and conditions of her
contract with Geo. Alexander & Co.,
State Bank, in consideration of $780,
600 about half of which sum has been
paid and retaining lien upon the
property for the unpaid purchase
price, the following described proper
ty, to-Wit.
"a certain lot of ground in White
Addition to the City of Paris, KY,
being No. 8, as shown on plat of said
addition filed and recorded in the
Bourbon County Clerks once in deed
book SO, page 249; fronting go feet on
Fithian Avenue, and running back of
equal width to a II foot alley
with the line of lot No. 8 on the south
152 ga feet with the line of lot No 10;
on the north 189 IA feet and being a
part of the same property conveyed
to Geo. Alexander & Co., State Bank,
by G.. A. Mcmillan, Master Commits
sioner by deed of record in deed book
81, page 324, in the office of the Clerk
of the Bourbon County Court
The other real estate owned by the
bank, the Commissioner has not at
tempted to sell because of the fact he
did not deem it advisable to offer it at
this time as he thihss it will bring
better pr.ce later. Most Of this prop
erty has been rented until the first of
October, and several parties have in
ouired ahOut il recently with a view