The Semi-weekly leader. (Brookhaven, Miss.) 1905-1941, 1916-03-01
COMMERCIAL BANK
APPEALS SETTLED
agreement IS Reached Which Clears
Docket Of Cases Resulting
from Depositors' Meetings.


By mutual agreement of all
parties directly concerned decree
was handed down in the Supreme
Court at Jackson Monday which is
of special interest to depositors
and stockholders alike of the Com
|mercial Bank & Trust Co., which
failed here Jan. 5, 1914, a settle
ment having been effected of all of
the appeal cases by the assignees
of the bank from decisions render
ed by Chancellor P. z. Jones on
the action of depositors in meet
ings held after the failure as well
as other decisions rendered by the
chancellor. The style of the
cases on the Supreme Court docket,
which are now settled were as fol-
lows:
Louis Cohn and L. H. Baggett,
assignees of the Commercial Bank
e Trust Co. VS.. T. Brady, Jr., A.
A. Cohn, w. P. Wildberger, R. L.
.Covington and Allen Thompson.
Louis Cohn and L, H. Baggett,
assignees, ct ais, VS.. Commercial
Bank & Trust Co. (Two cases.)
The decree in full reads as fol-
lows:
The parties in each of the above
styled cases having agreed, the fol-
lowing order is directed to be en-
tered, disposing of said cases and
appeals therein.
1t is ordered, adjudged and de-
creed that the decree of Chancellor
P. Z. Jones, wherein Louis Cohn
and L. H. Baggett were removed
as Assignees in charge of the as
sets of the Commercial Bank and
Trust Company, be reversed and
set aside; and the said L. H. Bag
gett, since the rendition of said
decree, having resigned and not
now claiming or wishing to hold
said Office, it is ordered, adjudged
and decreed that the said Louis
Cohn, be and he is hereby confirm
ed as Assignee and Receiver for
said bank.
1t is further ordered, adjudged
and decreed that the allowances
made by P. z. Jones, Chancellor,
TO T. Brady, Jr., A. A. Cohn, W.
P. Wildberger, r. L. Covington
and Allen Thompson, be, and the
same are hereby app1 owed, and the
Receiver is directed to pay said al
liowances out of the assets of said
estate, without interest or dam
ages, however, it being agreed
that interest and damages should
be waived.
On the agreement of said parties,
it is further ordered, adjudged and
decreed that the said T. Brady, Jr.,
and A. A. Cchn, attorneys employ
ed under the terms of a decree rem
dered by the Honorable P. Z.
Jones, Chancellor aforesaid, and
directed to make certain investiga-
tion touching the advisability OF
bringing suits against the officers
and directors or others of said
bank, and authorized in. their dis
cretion to bring such suits for the
benefit of depositors as may seem
to them advisable, and, for COM
pensation, to receive one thousand
dollars in cash, same being the
amount heretofore adjudged should
be paid in this decree, and twenty
five per centum of any amounts
that may be recovered, said suits
to be brought at the expense of the
estate-that this decree be, and
the same is hereby, modified to
this extent only: That is, that be-
fore any suits shall be brought by
the said T. Brady, Jr., and A. A.
Cohn, or either of them, for the
benefit of depositors, at the ex-
pense of the estate, application
shall first be made to the Chancel-
lor in which the estate is being ad-
ministered, and a decree secured
authorizing the bringing of said
suits at the expense of the estate.
Nothing in this decree, however, is
to prevent the said T. Brady, Jr.,
and A. A. Cohn. or either of them,
from bringing any suits in behalf
of the depositors they may deem
advisable under said decree with
out such application, if said suits
are to be brought at the expense
of persons suing
1t is further ordered, adjudged
and decreed, by agreement of said
parties, that Louis Cohn, Assignee
and Receiver aforesaid, by reason
of his interest as a stockholder IN
said bank, would be disqualified on
this account from bringing suits,
if any should be brought, against
officers and directors or stockhold-
ers of the said bank in behalf of
the depositors, an d that, for this
reason, it is decreed and adjudged
that it shalls not be necessary for
him to refuse to bring suits before
the Chancellor authorizes suits to
be brought by the individual de-
positors, or their attorneys in their
behalf, as provided for in the de-
cree of the Chancery Court qereto-
fore referred to.
It IS further ordered and decreed
that the said T. Brady, Jr., and A.
"a. Cohn may hereunder select such
|Other attorney or attorneys as they
may desire to assist in the bring
ling Of suits, should suits be
brought.
by agreement of said parties, it
IL further ordered. adiudQed and