The Miller press. [volume] (Miller, S.D.) 190?-current, 1916-11-02


the assets thereof to the Depar ;ment of
Banking and Finance and hall be de-
osited with the State Treasurer and cred
tied 10 the Contingent Fund Of said de-
partment; provided, that for zach and ev-
cry day that the departments attorney Ii
actually and necessarily engaged in pre-
pairing for trial 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.
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
company is located. Suoh 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.l
Within thirty days after the taking pos
session of any insolvent bank or trust
as herein provided, the public
examiner shall make q 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 a copy of such statement TO each
stakeholder 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
lshed 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
DanX. to present the Sa me IN the nuhliC
examiner and make legal proof thereof
at a place and within a time, not earlier
than the last day Of publication, to be
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 its 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 ap-
plicable TO the payment of dividends, will
permit; and, provided further, that II
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 3 of this
act and pay the same TO the claimant.
III the public examiner doubts the JUS
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
filed with the clerk of the circuit court
for the county in which such hank 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 days after the date fixed in
the notice to creditors for the filing of
the public examiner. forthwith presented
TO the circuit court. Said court shall
t~hereupon Issue It's 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 1t shall appear to the satisfac-
tion 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 u objections are not well found
ed, the court shall by proper order, d.
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,
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
ments.
Upon the expiration OF the time fixed
for the presentation Of claims the public
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-
arniner 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 lime after
presentation Of claims, the public exam
iner may, out 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 divi-
dends to be paid to such persons and in
may b directed by the circuit court for
the county In which such bank or trust
company Is located.
posits.] Dividends and unclaimed de-
posits remaining unpaid in tha 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. 20. Payment OF Claims.I 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 10 the de-
positors and creditors entitled to receive
the same.
Sec. 23. Liability Of Stockholders
When Collected. II at any time after
the closing Of any bank or trust company,
1t shall appear to the public examiner
that the assets Of such institution are in
sufficient to pay It's liabilities, 1t shall be
the duty Of such public examiner to i'm
mediately institute proceedings for the
collection Of the liability Of the stock
holders Of such bank or trust company.
All Sums so collected shall be deemed a
company, md be distributed pro rata to
the creditors thereof. In the same manner
as other funds No action by any cred
itor aFainst any stakeholder OF Hucn bank
or trust company for the recovery of such
liza ability shall be maintained, unless II
shall appear to the satisfaction of the
court hat the public examiner has re-
fused to action As herein pro-
vfded.
Sec. "a. Creditors Of Private Banks
May Not Attach No creditor or cred
vidual members Of any co-partnership do
Ing a banking business IN this state, shall
be permitted to attach. or seize under
any writ Of attachment or execution. or