Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1916-10-28


neutrality-suspicious. The public ex,
aminer may. under his hand and official
seal appoint one or more examiners IN
n the duty OF liquidation and Distribution
the certificte of appointment to be filed
IN the office of the public examiner, ana
certified copy in the office of the clerk
Of the circuit court for the county IN
which such bank or trust company is To-
Gated. The public examiner may from
time to time authorize n special examiner
TO perform such duties connected with
such liquidation and distribution as he
may deem proper. The public examiner
may employ such counsel and procure
such expert assistance and advice as may
be necessary IN the liquidation ana dis-
tributiOn OF the assets OF SUCH bank or
trust company. and may retain such Of
ficers or employees Of such bank or trust
company as he may deem necessary. The
public examiner shall require from such
examiners in charge, special examiners,
counsel and assistants, such security Tor
the faithful discharge of their duties, as
he may deem proper.
Sec IS. COMPENSATION -- Expenses -
Payment and Accounting. The COM
pensation of examiners in charge, spe-
cih examiners, counsel and other em-
ployes and assistants, and all expenses Of
supervision, liquidation and distribution,
shall be fixed by the public examiner
subject to the approval OF the circuit
court for the county in which such bank
or trust company is located, on notice to
such bank or trust company, and snail
be paid out of the funds OF such bank
or trust company In the hands or the
For each and every day that the affairs
/ I such bank or trust company may, in the
discretion OF the public examiner, require
the personal attention Of the public eX-
aminer, his deputy, attorney or any eX-
amner, the sum of five dollars per day
and all necessary expenses of such officer
or officers, shall be proper charge
against the assets OF such bank or trust
company. and upon the order of the pub
| lie examiner shall be paid by the ex-
oh.
/ the assets thereof TO the Department of
Banking and Finance and shall be de-
osited with the State Treasurer and cred
tied TO the Contingent Fund OF said de-
I partment; provided. that for each and eV
/ cry day that the departments attorney is
actually and necessarily engaged IN pre-
pairing for trial and the trial of cases for
any such institution, charge of twenty
dollars per day and all necessary expenses
! of such attorney, shall be proper charge
against the assets of such institution and
/ shall be paid and accounted for as here,n
provided.
Sec II. Inventory. Upon taking pos
session of the property and assets Of
such bank or trust company, the public
examiner shall make an inventory of the
assets OF such bank or trust company
in duplicate, one to be filed in the office
I Of the public examiner and one in the
office of the clerk of the circuit court for
the county in which such bank or trust
company is located. Such inventory to
consist Of list OF all assets Of the in
stitution, but the Bills Receivable shall
only be noted by number and amount as
appears on the Bills Receivable register
/ OF such institution.
Sec. Is. Statement to Creditors. ]
Within thirty days after the taking pos
/ session of ans ~lnsovent bank or trust
company as herein provided, the public
examiner shah make a financial state
ment together with a brief statement set
ting forth the cause of the insolvency
{ and any other information regarding the
impaired condition of said bank not set
forth in the financial statement, and shall
mail copy of such statement 10 each
( stocSholder and known creditor of such
institution.
Sec 19 Claims-Notlce The public
examiner shall cause notice TO be given
4 by advertisement in such newspap pers pub
lished within the county in which such
bank or trust company is located as he
may direct, weekly for ten consecutive
weeks, calling on all persons who have
claims against such bank or trust COM
pany, to present the same to the public
examiner and make legal proof thereof
at place and within a time, not earlier
than the last day OF publication, TO be
therein specified The public examiner
shall mail n similar notice 20 all persons
whose names appear creditors upon
the books of the bank or trust company.
Any claim not presented within the time
I fixed by such notice shall be forever bar
/ red provided, however, that upon good
cause shown the court, In its discretion.
may direct the payment of any dividend
or dividends heretofore declared and dis
tributed, or such proportion thereof as the
examiner belonging to such institution ap-
plicable 10 the payment Of dividends, will
permit; and, provided further that u
| such claim be for a deposit duly made In
such bank or trust company, the court
may direct the public examiner to procure
the money as provided in Article of this
act and pay the same to the claimant.
II the public examiner doubts the jus
tice and validity of any claim, he may
reject the same and serve notice of such
| rejection upon the claimant either by
} ncTSOnallX
! service of such notice, which shall be
prima facie evidence thereof. shall be
! filed with the clerk OF the circuit court
for the county in which such bank or
trust company is located. An action upon
claim so rejected must be brought with
1 in three months after such service.
Objections to any claim not rejected
by the public examiner, may be made by
any party interested by filing a copy of
within thirty days after the date fixed in
the notice TO creditors for the filing OF
claims, and such objections shall he, by
the public examiner, forthwith presented
/ thereupon issue its order directing the
! claimant to show cause at a time and
place therein specified. why such claim
should not be rejected. II upon such
! hearing II shall appear TO the satisfac-
ton OF the court that the objections are
well founded, such claim shall by proper
order of the court be rejected by the pub
lie examiner. II ii appears to the court
that such objections are not well found
ed, the court shall by proper order di-
| rect that such claims be paid in the
| regular administration OF the affairs OF
such institution, and the costs of the
| proceedings shall be fixed by the court,
I and upon motion by the owner of 4 q
claim objected to. after six days notice,
judgment may be entered against the
| person filing said objections and col
lected in the same manner as other judg-
| ments.
Upon the expiration Of the time fixed
for the presentation of claims the public
| examiner shall make in duplicate, q full
and complete list Of the claims presented,
which have been rejected. and he shall
also make in duplicate a full and COM
I plete list OF all claims presented and al
| lowed. other than claims of depositoi s.
/ and If any Of such claims are preferred
claims, he shall SO specify; one copy to
be filed IN the office Of the public. ex-
aminer and the other in the office of the
clerk of the circuit court for the county
in which such institution is loca ted.
Sec 20 Dividendsl At any time after
the expire ton OF the date fixed for the
presentation OF claims, the public exam :
iner may ont Of the funds remaining in
his hands after the payment of expenses.
declare one or more dividends, and after
the expiration of one year from the first
publication OF the notice to creditors, he
may declare a final dividend, such diyi-
derds to be paid TO such persons and IN
such amounts. and upon such notice. as
may he directed by the circuit court for
the county in which such bank or trust
sec 21 Dividend Unclaimed De-
posits Dividends and unclaimed de-
posits remaining unpaid in the hands OF
the nrhlic examiner for six months after
the nrder for final distribution shall be
by him deposited IN one or more state
bani,s or trust companies 10 the credit
OF the public examiner In his name Of
office IN trust for the several deposit ors
and creditors entitled thereto
Sec. ~. Payment OF Claims The
public examiner may pay over the
! moneys so held by him 20 the person
1 respectively entitled thereto. upon being
Furnished satisfactory evidence OF their
right to the same. and I'm cases Of doubt
I or conflicting claims, he may require an
order OF the circuit court authorizing and
directing the payment thereof He may
| apply the interest earned by the moneys
so held by him toward defrayng expenses