The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1916-10-26

| Banking and Finance and shall be de-
osited with the State Treasurer and cred
tied TO the Contingent Fund of said de-
partment; provided, that for each and ev-
cry day that the departments attorney is
actually and necessarily engaged in pre-
pairing for 1rial and the trial OF cases for
any such institution, a charge of twenty
dollars per day and all necessary expenses
Of such attorney, shall be a proper charge
against the assets of such institution and
shall be paid and accounted for as herein
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
Of the public examiner and one in the
office OF the clerk of the circuit court for
the count in which such bank or trust
company is located. Such inventory to
consist of a 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 any insolvent bank or trust
company as herein provided, the public
examiner shall make a financial state
ment together with a brief statement set
ting forth the cause of the insolvency
and any other regarding the
impaired condition of said bank not set
forth in the financial statement, and shall
mail a copy of such statement to each
stockholder and known creditor of such
Institution.
Sec. 10. Claims-Notice.l The public
examiner shall cause notice to be given
by advertisement in such newspapers pub
hShed within the county in which such
bank or trust ompany 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 a place and within a time, not earlier
than the last day OF publication, to be
therein specified. The public examiner
shall mail a similar notice to all persons
whose names appear as creditors upon
the books of the bank or trust company.
Any claim not presented within the time
fixed by such notice shall be forever bar
red; provided, however, that upon good
cause shown, the court, in it's discretion,
may direct the payment OF any dividend
or dividends heretofore declared and dis
tributed, or such proportion thereof as the
funds then in the hands of the public
examiner belonging to such institution APP
plicable to the payment of dividends, will
permit; and, provided further, that If
such claim be for n deposit duly made i'm
such bank or trust company, the court
may direct the public examiner to procure
the money as provided in Article 3 of this
act and pay the same to the claimant.
IT 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
mail or personally. An affidavit of the
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
a claim so rejected must be brought with
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
such objection with the public examiner
within thirty do NG a ftnr tha 1ntn fivn1 fn
the notice to creditors for the filing of
claims, and such objections shall be, by
the public examiner, forthwith presented
to the circuit court. Said court shall
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 it 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. If 1t 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
proceedings shall be fixed by the court,
and upon motion by the owner of the
claim objected to, after six days notice,
judgment may be entered against the
person filing said objections and COL
lected in the same name as other judg-
ments.
upon the expiration OF the tfle liked
for the presentation OF claims the public
examiner shall make in duplicate, n full
and complete list of the claims presented,
which have been rejected, and he shall
also make in duplicate a full and COM
plete list Of all claims presented and al
lowed. other than claims of depositors,
and il 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 located.
Sec. 20. Dividends.] At any time after
the expiration of the date fixed for the
presentation Of claims. the public exam
iner may, out OF the funds remaining in
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 divi-
dends to be paid to such persons, and in
such amounts. and upon such notice, as
may be directed by the circuit court for
the county in which such bank or trust
Sec. 81, Observation-Disclosures De-
posits.l Dividends and unclaimed de-
posits remaining unpaid In the hands OF
the public examiner for six months after
the order for final distribution shall be
by him deposited in one or more state
banks or trust companies, to the credit
Of the public examiner, in his name Of
office, in trust for the several depositors
and creditors entitled thereto.
Sec. %. Payment Of Claims The
public examiner may pay over the
moneys so held by him to the persons
respectively entitled thereto, upon being
furnished satisfactory evidence OF their
right to the same. and In cases Of doubt
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 defraying expenses
in the payment and distribution of such
unclaimed deposits or dividends 20 the de-
positors and creditors entitled to receive
the same.
Sec. 2S. Liability of stockholders
When Collected. II at any time after
the closing of any bank or trust company,
It shall appear to the public examiner
that the assets of such institution are in
sufficient to pay Its liabilities, it shall be
the duty of such public examiner to inn
mediately institute proceedings for the
collection of the liability OF the stock
holders Of such ban or trust
All spms SO collected shall be deemed q
part Of the assets Of such bank or trust
company, and be distributed pro rata to
the creditors thereof, in the same manner
as other funds. No action by any cred
itor against any stockholder OF sucn bank
or trust company for the recovery Of such
liability shall be maintained. unless II
shall appear to the satisfaction Of the
court that the public examiner has re-
fused to commence action as herein pro-
vided.
Sec. "a. Creditors Of Private Banks
May Not Attach Nc creditor or cred
itors Of any Individual bank or of indi-
vidua1 mAmhNr NJ a0v cO-n IF N aro6sn do