Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06

three successive weeks in one or
more newspapers within the county
wherein such banking institution is
located and to be posted in
prominent place in such banking
institution and in the event the
banking institution has been or is
being lquidated that the notice be
posted in three public places within
the county in which said bank was
located, and a copy to be mailed
to the last known address Of such
depositor or owner. In all cases
where such depositor or owner is
not citizen of the United States,
then a copy Of such notice shall be
ordered by the court to be served
within said time by mail on the
consular representative of the
foreign country Of which said de-
positor or owner is a citizen, if there
be one in this state, otherwise on
the Secretary Of State, who shall
forward the same to the chief
diplomatic representatives Of such
country at Washington. The court
may order other and further notice
to be given within or without the
state.
(e) The owner or depositor and
the banking institution having such
deposit or other property or any
person who claims an interest in
the deposit or any of the property
may appear and show cause why
the prayer Of the petition should
not be granted. The court may
after hearing dismiss the petition
and order the deposit or property
in possession of the officer to be
returned to the person entitled
thereto, or in case it finds there
is no person entitled thereto it
shall find that the same has been
abandoned and order the deposit
or the property or the percentage
thereof remaining after liquidation
turned over to the Treasurer Of the
State Of Minnesota. If the court
orders the deposit turned over to
the State of Minnesota the same
shall be credited to the General
Revenue Fund or if other property,
| the Treasurer shall sell the same
at the best price obtainable, and
such fund or the proceeds Of the
property sold by the Treasurer may
be used as other revenue deposited
to the General Revenue Fund of
the state.
Section 4. II at any time after
such deposit or property has been
| turned over to the State Treasurer
the depositor or owner of such
property appears, or an admins
traitor, executor, assignee in in
solvency or trustee in bankruptcy
Of said depositor or owner is ap-
pointed, such depoSitor or owner,
administrators, executor, assignee or
trustee may apply to the court in
which said petition was heard to
determine whether such petitioner
is entitled to such deposit or prop
erty and the court shall thereupon
make such determination and if
the court determines that the petit
| toner is entitled to said deposit or
property the court shall make an
order for the payment of such
money or the proceeds Of the prop
erty sold as the case may be to the
petitioner. In case there is no funds
in the State Treasury out of which
said payment can be made, the
State Treasurer shall so notify the
State Auditor and it shall be the
duty Of the State Auditor of the
state to recommend an appropria-
ton in writing by the state legis-
lature, If in session, or if not in
session then to the next legislature,
for the repayment or reimburse
ment Of said money to the person
found entitled thereto by said court.
The petitioner shall serve a copy
of his petition for the determination
of the ownership of said funds upon
the Attorney General of the state
at least twenty days before the date
Of hearing on said petition and the
Attorney General shall appear at
said hearing in behalf Of the state.
Section 5. Any banking institu-
ton which shall violate any of the
provisions of this act shall forfeit
to the state interest in the amount
Of 1870 per annum upon all such
deposits in the custody OF said in
stitution as come within this act.
This section shall not apply to
banking institutions which have
been or are being Iquidated.
Section 6. Person" as used in this
act shall include partnerships, as
sociations and corporations, as well
as natural person, and the term
banking institution" as used in
this act shall include every state
bank, national bank, trust company
and other banking institution with
in this state, including institutions
that have been or are being Ii
quidated. Managing Officer" as
used in this act shall include in
the case of a banking institution
in the process of liquidation the
person acting as its agent, receiver,
conservator or liquidator, and in
the case Of banking institution
the liquidation of which has been
completed the commissioner OF
banks Of the state OF Minnesota
in the case of state institutions
and the comptroller of the currency
Of the United States in the case OF
federal institutions.
Section Z. If any provision hereof
is found unconstitutional, such
determination shall not affect the
validity of the remaining provisions
not clearly dependent thereon"
Approved April %, 1887.
CHAPTER Ssh. F. No. 1877
A BILL