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Note Is Not Held Payment For Stock Upholding a decision of the Ward county district court, the supreme court held that a promissory note given by a prospective stockholder in a bank in payment of stock could not be considered as a payment for any part of the stock. The decision was made in the case of L. R. Baird as receiver of the First Farmers Bank of Minot vs. Torger Kilene.
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MANY CASES DECIDED BY SUPREME COURT DECISIONS HANDED DO W N -RULINGS COVER MANY SUBJECTS (By Associated Press) LUMBER CO LOSES In cases where a building is erected on a solid foundation by a man purchasing the land on contract it illegal for companies furnishing material for the structure to remove the building from the property after it reverts the original owner, the supreme court held in the case of R S. Middleton VS Dunham Lumber company which was appealed to the high court from the district court of Hettinger county Action of the lower court in granting an Injunction preventing the lumber company from removing the structure from the pro party was upheld. ELEVEN JURY VERDICT Citing a previous decision in which verdicts returned by a vote of less than 12 members of a jury were held invalid, the supreme reversed a decision of the Eddy county dis triet court and remanded for new trial the case of the National Casi Register company versus the Midway City Creamery company NOTE NOT PAYMENT Upholding a decision of the Ward county district court. the supreme court held that a promissory note given by a prospective stockholder in a bank in payment of stock could not be considered as a payment for any of the stock The decision was made in the case of L. R Baird as re ceiver of the First Farmers Bank of Minot vs Torger Kilene NOTICE SUFFICIENT Affirming a decision of the Foster county district court the supreme court held in the case of J. H. Brew or vs Hugo Forsberg that the law requiring the filing and recording of a notice of to foreclose with affidevit of proof of thereof is sufficiently complied with where such notice and proof of service are filed and recorded prior to the filing and recording of the sheriff's certi of sale sponsibility for ownership of stock in banks as living persons the supreme court held in case of L R. Baird as receiver of the Clyde State Bank C B. McMillan as executor of the will of James Balfour appealed by defendant from the district court of Burleigh county The question invo was whether or not the estate of a deceased person who had been a shareholder the state bank could be held liable un assessment on account of super-added statutory liability where the bank fails after death the shareholder and where the claim WES not filed or lowed in probate court. LIEN MAY BE PLURAL Action to mechanics lien against one tenant may be press ed against tenant for work dons on property held jointly the supreme court held in the case of E A. Viker VS Frank E. Beggs and others, ap pealed by the defendants from the Intrict court of Traill county ORD ER NEW CROSSING Conetru tion by the Great Northern railroad of a new crossing in Ross township, Mountrail county has been ordered by the state railroad board the result of a petition by the town ship that the presen crossing be abandoned and a new one established After a hearing the railroad board ordered the change made on the ground that the present crossing is unnecessarily hazardous. The order directs the Great Northern Rail road to make provision for the new crossing in its budget for 1926 and to complete the work by June 15 of next year
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PAGE FOUR MANDAN DAILY PIONEER, THURSDAY OCTOBER 1925 Mandan Daily Pioneer MANY CASES DECIDED BY SUPREME W N The Step-Child PUBLISHERS HANDED DECISIONS Subscription Rates COURT By mail, per year, in First and Second Zones $4.00 SUBJECTS By mail outside First and MANY Second Zones COVER Carrier in city, per 'ear -RULINGS Carrier in city, per month (By Associated Press) LUMBER CO. LOSES In cases where building is erect ed on a solid foundation by man purchasing the land on contract it is Illegal for companies furnishing miterial for the structure to remove the ng from the property after it reverts to the original owner the supreme court held in the case of R S. Middlaton vs Dunham Lumber company which was appealed to the high court from the district court of Hettinger county Action of the lower court in granting an injunction preventing the lumber company from re moving the structure from the proparty was upheld. ELEVEN JURY VERDICT Citing a previous decision in which verdicts returned by a vote of less than 12 members of a jury were held invalid, the supreme reversed a decision of the Eddy county dis trict court and remanded for a new trial the case of the National Cash Register company versus the Midway City Creamery company. NOTE NOT PAYMENT Upholding a decision of the Ward county district court, the supreme court held that a promissory note given by a prospective stockholder in a bank in payment of stock could not. be considered as a payment for any part of the stock The decision was made in the case of L. R. Baird as receiver of the First Farmers Bank of Minot vs Torger Kilene sponsibility for ownership persons, the of supreme stock in living Baird banks as R. of L. the case held in Bank court State Clyde as receiver B. McMillan of the as executor of the by vs will C. of James Balfour, the district appealed court from defendant the question The county Burleigh estate of the or not whether was been had who person deceased could of bank the state in shareholder on assessment for an held liable be statutory super-added of account after fails the bank liability death where of the shareholder and the where claim was not filed or lowed in probate court LIEN MAY BE PLURAL Action to foreclose mechanics be press tenant may lien ed against against a one co-tenant for work done on property held jointly, the supreme court held in the case of E A. Viker vs Frank E. Beggs and others, ap pealed by the defendants from the trict court of Traill county ORD ER NEW CROSSING Constry tion by the Great Northern railroad of a new crossing in Ross township. Mountrail county, has been ordered by the state railroad board as the result of petition by the town ship ssioners that the present crossing be abandoned and a new one established. After a hearing the railroad board ordered the change made on the ground that the present cross ing is unnecessarily hazardous The order directs the Great Northern Rail road make provision for the new crossing in its budget for 1926 and to complete the work by June 15 01 next year
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From Ward County L. R. Baird, as Receiver of the First Farmers Bank of Minot, N. D., a corporation, plaintiff and appellant, vs. Torger Kilene, defendant and respondent. SYLLABUS: 1. Under section 138 of the State Constitution and section 4529 C. L. 1913, a promissory note, given by a prospective stockholder, cannot be considered as payment of any part of the capital stock. 2. When an application is made to become a stockholder in a corporation which has been organized and is functioning, a delivery or tender of the certificate is a condition precedent to the right of the corporation to maintain an action for the price, unless the offer or contract otherwise provides. 3. Where an offer to become a stockholder in a corporation in process of organization contains a stipulation that there shall be accepted a promissory note in payment of the
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Minot Bank Will Pay a Dividend A 10 per cent dividend to creditors of the First Farmers Bank of Minot was announced today by L. R. Baird, receiver of state banks. It will be paid through G. R. Van Sickle, district manager for the receiver, Minot. A previous dividend of 10 per cent already has been paid. Depositors whose claims have been approved by the state guaranty fund commission will receive their dividend as a special payment by that body.