The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1915-02-10
Bankers Of State
Liable to IaiI
Terms Is | EIeId
Forgotten Law on Publication
Of Inactive Accounts and Es-
cheat to State Could Be
Widely Enforced.
Estate Capital nufcan
cor Evening iKerald.
lal Dc YnrEna IInlel.

tuA NNI MMNM|| HNMI.I.
Santa re. y. A.. Feb. io.--It Il be-
lieyed that every banker actively con-
nected with any bank in Sew Acxico
since 1898 may be subject to an I'M
prisonment of from six months to
seven years under the provlaiona Of
chapter 81 Of the session laws Of
1893.
This 40 >eWhat sensational situa-
tion has beea brought 70 light py a
letter from Attorney General Frank
w, Clancy % the various disirics at
s0rneys calling attention to the nom
enforcement OF this LAW, ils prosia-
sons and the penalty Il provides.
A section IN the pending nankins
Law provides for the repeal 81 this
act.
The Acknowledgement OF the law
also has been brought 70 the atten-
ton OF Governor Mcdonald, who,
when the reporters called on him TINS
morning. had open on his desk the
1893 session laws az the slxty~second
chapter. The governor said Il had
been hts intention 70 bring the mat
ter To tho notice OF the attorney gen.
eral since a section Of the act specific
ally provides that the sovernon shall
see TO its enforcement and since the
governor says that certain Of tbs Gls-
trict attorneys have been inclined 70
resent anything In the nature Of In
structions from him. He said he was
slad 10 know that the attorney gem
eral already had taken the matter up.
The embarrassing situation IN
which the bankers hnd themselves 10
due TO the provision of this law which
requires that all tanks having money
on deposit against which no check
has been drawn within three yearn
shall publish a list OF such deposits.
and that following the publication a
becomes the duty OF district attnrneys
10 see 60 Il that such money II es-
cheated to the state for the Use Of
the general school fund. Section
of the law provides 'any taliure on
the part OF any banking house to
f''''y and in good faith comply with
the provisions OF this act shall rem.
( der each director and managing olil-
Ger guilty Of a misdemeaner and upon
I conviction thereof he shall oe sem
fenced TO six months In Jail"
Since the law has been on the stat
ute books since isS3and since no such
| publication has ever been made by
any baak. II was asserted this morn
ing that all OF the officers and direc-
tors of the forty national banks anu
the nfty-one state banks were subject
10 six months imprisonment for each
year In which the law has been vIo-
lated. This would put cutie a mum
B Der OF bankers In Jail for seven years.
II has been estimated that, al .
minimum there u 100000 OF such
unclaimed funds in New Mexico
banks
The letter OF the attorney general
Co the district attorneys under dats
of January 20 is as follows:
4 My attention has Just been called
TO Chapter 81 OF the laws OF 1899, bs
Sections 4 and Of which a duty 4
imposed upon district attorneys. Thai
chapter requires that during chs
month OF January IN each year al
banks having money ON deposit
against which no check has beer
drawn within three years shall pun
lish a list OF all such deposltors. Fail
ure on the part OF any bank TO comply
with this requirement. makes each
director and managing Officer of th'
lbank guilty OF n mlsdemeanor. II I
specifically nude the duty OF distric
attorneys 10 take cognixanee OF ans
prosecute all violations OF the act an'
after the publication - made u N TN
further duty OF The district attorney
TO innugurate rroceedings for the es
cheat TO the state OF all such uaclaim
ed money.
so far as I am aware no attention
} has been paid TO this statute ana
= has been practically neglected.
r suggest that you can with prophet
? notify each bank In your district q
the necessity for complying with thi
law. Very truly yours.
FRANK w. CLANCY.
Attorney General.
state Treaaurer Marion. IN discus
= sing the law this morning. said ma
so far as he knew no money had eve
been paid in under a. As att0rnc
for the state National bank OF Aba
, duerque. he said he had advised th
board of directors that Il could NJ
be made applicable TO national bank
Il could be enforced against stat
banks he thought.
A search OF the proceedings OF a.
y legislature OF 1929 shows that u
law vas fostcred by u. 8. Rodey
"A ] Albuquerque.
Yes" said Judge B. 2. Rodey
hts office this afternoon, II drew q
escheat Law hfteen years ago al
had Il passed IA y a good law. and
intended Il should hold. Every 9th
state, practically. has some such ia
Il has No ulterior object. The al
!, was simply TO gather the money Il
by deceased perHOna and unclaimed
the state school fund. and TO coml
T. banks 10 advertise such. deposits
Ie that n there be claimant Il stan
= chance OF being drawn 20 his atie
IN tion"
y Judge Rodey said Il inlsht be ne
y cssary for the attorney general 20 Z
% bili In equity FOR an accounting fro
, the various banks for many yea
1 buck