10783. Cogswell State Bank (Cogswell, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 22, 1921
Location
Cogswell, North Dakota (46.107, -97.782)

Metadata

Model
gpt-5-mini
Short Digest
4fea415a192cc938

Response Measures

None

Description

Articles state the Cogswell State Bank closed Dec. 22, 1921 and discuss receivers, sale of assets, and litigation over the sale. No run is described. The bank was placed in receivership and assets sold, consistent with a suspension followed by permanent closure/receivership. OCR corrected 'Cogswell Stat Bank' to 'Cogswell State Bank'.

Events (3)
1. December 22, 1921 Receivership
Newspaper Excerpt
Suit ... against the bank, K. C. Nelson as receiver ... L. R. Baird, receiver for the Cogswell State Bank, vs. G. L. Stobeck (court decisions discussing receiver).
Source
newspapers
2. December 22, 1921 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed and alleged insolvent; plaintiffs claim loans and discounts could pay depositors but the bank would not meet immediate demands; led to closure and receivership.
Newspaper Excerpt
The Cogswell State Bank, Sargent county, closed Dec. 22, 1921.
Source
newspapers
3. January 24, 1923 Other
Newspaper Excerpt
Stockholders of Cogswell State Bank Begin Court Action Suit to set aside sale of the assets of the closed Cogswell State Bank has been inaugurated ... Plaintiffs ask that the sale of assets as made by the banking board and guaranty fund body be declared null and void ... The suit alleges that the assets, which were sold for $155,000 were worth $300,000.
Source
newspapers

Newspaper Articles (3)
1. January 24, 1923 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, January 24, 1923

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Article Text

ASK SALE OF DEFUNCT BANK BE SET ASIDE Stockholders of Cogswell State Bank Begin Court Action Suit to set aside sale of the assets of the closed Cogswell Stat Bank has been inaugurated by J. H. Shannon, H. C. Hoffman, Geo. F. Vanderlaan, T. J. Bell and John M. Masengarb against the bank, K. C. Nelson as receiver, R. W. Craig, Gilbert Semingson as state examiner, members of the banking board and depositors guaranty fund commission. Issuing an order to defendants to show cause why the injunction should not issue, District Judge Frank P. Allen has set the case for hearing at Wahpeton on February 1. Papers were served here today. The plaintiffs ask that the sale of assets as made by the banking board and guaranty fund body be declared null and void, the defendants be enjoined from further carrying out the terms of the sale, and the defendants be required to turn over to a receiver appointed by the court all of the assets of the bank. The Cogswell State Bank, Sargent county, closed Dec. 22, 1921. The plaintiffs claim assets total $375,000, and that "said loans and discounts properly and carefully handled would be sufficient to pay depositors and creditors, not including stockholders, dollar for dollar and the bank was insolvent only in that it would not pay immediate demands." The suit set out that Ray Craig submitted a bid of $155,000 for the assets of the bank on the condition that "we assume bills payable and pay the guarantee fund commission the difference in certificates of deposit on new banks to be opened at those points (the bid including Crete bank.) the certificates payable in four and five years from date, to bear interest at the rate of 5 per cent" and second that the bid be accepted in one week and approved by attorneys. The bid was accepted, the suit says, after ll'cash and amounts due from banks, as well as stockholders. liability, was excluded. Craig and associates established the bank of Cogswell, it is set out, to handle the assets. The suit alleges that the assets, which were sold for $155,000 were worth $300,000.

2. June 9, 1926 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, June 9, 1926

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Article Text

# Judgment Against # Closed Bank Not a # Lien on Property Holding that a judgment against a closed bank cannot be interpreted as a lien against real estate owned by the bank and held by its receiver, the supreme court today affirmed a decision of the Sargent County district court in the case of L. R. Baird, receiver for the Cogswell State Bank, vs. G. L. Stobeck. The decision is regarded as one of first importance to the state receiver in determining his course in scores of similar cases arising out of the administration of the affairs of the 230 closed banks under his control. So far as can be ascertained here it was the first time that the question had been raised and decided in the United States, attorneys said.

3. June 11, 1926 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, June 11, 1926

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Article Text

Appeal from the district court of Divide county, Lowe J., defendants appeal. Reversed and dismissed. Opinion of the court by Christianson, Ch. J. Olaf Braateliep, state's attorney, Divide county, and H. W. Braatelien, assistant state's attorney, Divide county, both of Crosby, N. D., attorneys for appellants county commissioners. Geo. P. Homnes, Crosby, N. D., attorney for respondents other than county commissioners. From Sargent County L. R. Baird, as receiver of the Cogswell State bank of Cogswell, North Dakota, plaintiff and respondent, vs. G. L. Strobeck, defendant and appellant. Syllabus: Section 5188, C. L. 1913, which provides that "every banking corporation in this state shall be exempt from the legal process of attachment or execution;" but that "if any bank fails, neglects or refuses to pay any invalid final judgment or decree that may be rendered against it the state banking board shall declare such bank insolvent or in failing circumstances and shall forthwith cause a receiver to be appointed to wind up its affairs," construed; and it is held, that a judgment against a bank directing the payment of money does not become lien upon real property owned by the bank. From a judgment of the district court of Sargent county, Wolfe J., defendant appeals. Affirmed. Opinion of the court by Christianson, Ch. J. Lauder & Lauder, attorneys for appellant. Conmy, Young & Burnett, of Fargo, N. D., for respondent. From Richland County Farmers National Bank of Lidgerwood, North Dakota, a corporation, plaintiff and appellant, vs. Donald Wright et al, defendants; R. V. McMichael, respondent. Syllabus: 1. Amercement proceedings are summary in character; the evidence should be clear and convincing; and the record should not present substantial doubts, as to the propriety of amercing the officer, arising because of the conduct of the plaintiff which may have caused the failure to make a timely return. If such failure was induced by the plaintiff, or otherwise caused by him, or if the whole case leaves the court in doubt upon the subject, a cause of action in amercement cannot be predicated on the delinquency, and it is proper to refuse to make an order amercing the officer. Appeal from the district court of Richland county, Hon. Chas. E. Wolfe, Judge. The order is affirmed. Opinion of the court by Johnson, J. Lauder & Lauder, and Purcell & Heder, Wahpetop, North Dakota, attorneys for appellant. Forbes, Lounsbury & Forbes, Wahpeton, North Dakota, and W. L. Divet, Wahpeton, North Dakota, attorneys for respondent. Original The State of North Dakota on the relation of F. F. Burchard et al, relators, vs. Robert E. Byrne, as secretary of state of the state of North Dakota, respondent. Syllabus: Petitions of aspirants for nomination at a primary election under the provisions of section 853, C. L. 1913, may be presented to the secretary of state through the agency of postal or express facilities. Such presentation is sufficient if a delivery of such petitions is made by mail or express in the usual manner to so some agent of the secretary of state authorized to receive mail or express within the time prescribed by the statute. Held, for reasons stated in the opinion, that in the instant case a delivery of petitions by an express company to the board of administration of the state of North Dakota was a delivery to the secretary of state through an agent authorized to receive the same, and therefore a presentation within the meaning of that term as used in the statute. Original application for a writ of mandamus. Writ granted. Opinion of the court by Nuessle, J.; Christianson, Ch. J., dissenting. S. L. Nuchols and F. O. Hellstrom of Bismarck, N. Dak., attorneys for relators. George F. Shafer, attorney general, and John Thorpe, assistant attorney general of Bismarck, N. Dak., attorneys for respondents. From Nelson County Peoples State bank of Aneta, a