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Receiver of Bank Brings Action to Recover Securities J. H. Morrow, receiver of the Labor National Bank of Montana at Three Forks, has instituted suit in federal court against the Security Trust and Savings bank of Billings, and William Riddell, of the United Mine Workers of America, district No. 27, to recover certain securities transferred from the labor bank to the Billings institution. The Three Forks bank suspended business Sept. 10. 1931. On Aug. 29 preceding it delivered to the Security bank certain securities, valued at $6,000. as security for funds of the mine workers union, then on deposit. The Billings bank accepted the trust. It is alleged in the complaint that the Labor National Bank of Montana did not have power or authority to pledge part of its assets or security for the private deposits of the mine workers organization The plaintiff also contends that the action gave the union preference when the bank property and assets were inadequate to pay depositors. The plaintiff asks that the trust agreement be held void. and that the defendant bank be ordered to deliver the securities to the plaintiff. George Y. Patten Bozeman attorney. represents the plaintiff.
