Polk County National Bank (Bartow, FL)

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SHELTON NAMED BANK RECEIVER

Former Local Banker Gets Word of His Federal Appointment

John Shelton, trust officer the Central National bank until closed April 17, received word day that had been appointed ceiver the National bank Auburndale, the First National Lakeland the Polk County National bank Bartow take effect Nov. Shelton informed his appointment by comptroller, in Shelton leave this morning for Lakeland where he will make headquarters. Mr. Shelton had been trust officer the Central bank for six years, from Chattanooga where he had banking experience. the closed Mr. Shelton retained by M. Anderreceiver for the First National Central National banks, for two in capacity. Due federal laws an officer of cannot of his Anderretained Shelton, however, after the trust department closed Central bank. Griffin, had been receiver the three Florida banks, and Shelton appointed vacancy. Mr. Shelton some time ago to Comptroller position bank receiver and asked whether position accept Mr. Shelton that the came him to report Lakeland. Mr. has property here. to make tersburg

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BANK RECEIVERS GET JUDGMENTS IN U. S. COURT

Awards Made on Stock Assessments

Default judgments totaling more than $235,000 were awarded by jury in federal court yesterday at the opening of the November session, called chiefly for hearing of criminal cases.

The largest judgment was for $47,191 in favor of M. Anderson, as receiver of the First National bank. St. Petersburg, against Elsie Knight Bize, joined by her husband, Marshall Bize. for damages resulting from pay an assessment $40,000 400 stock in the bank owned by Mrs. Bize at the time the bank closed.

Another judgment for $45,612 was returned in favor Anderson ceiver the same bank and against John N. Thorn. He obtained judgment against the Thorn Estate, Inc., and Lewis Holding Co., Inc., for $2951, and against Martin. joined by husband, Douglas D Martin, for $29,494

Gets Other Judgments

As receiver of the Central National Bank Trust of St. Petersburg. Anderson obtained judgments against the following William Deklyne, $2281: Herman Dann, $10,889; Murok Realty corporation George E. Cook, $25,600; Alvina Griffin, joined by her husband, Thomas R. Griffin, $3333: Charles Powell and Frank Jones, $13,784. and Welton. $2578. receiver of the National City bank, Tampa, Anderson got judgment against M. Leo Elliott for $1535.

C. Shelton receiver of the First National bank of Auburndale got judgment against Dean Hickman $3499 As Polk County National bank. Bartow, ceived judgment against Wilson for $25,869 Joseph Gamble, receiver of the City National Tenn., given judgment of $2080 against W. Murrian judgment for was awarded Ida K. Wood against J. G. Whitfield

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COURT REVERSES BARTOW BANK CASE JUDGMENT

Holds With Old Bank in Liquidation Suit

The United States circuit court of appeals at New Orleans yesterday reversed a decision by Federal Judge Akerman in which he awarded a judgment for $61,330 against the Polk County National bank of Bartow, and in favor of the Polk County National bank in Bartow, which took over assets of the older bank. The decision was in a suit brought in 1931 by the receiver of the successor bank. The receiver sought to establish liability of the older bank for endorsement of certain notes, which would enable him to assess its stockholders. Took Over Assets

Early in 1929 the older bank was in a failing condition and the new bank was formed to take over its assets and assume its liabilities. The old bank gave its note for $1,576,520 pledged by all its assets. This note was to be liquidated from the essets and the stockholders were to be relieved of liability. Some of the notes sued on had been transferred to other institutions and in time were paid off by the new bank or its receiver in accordance with the agreement to pay debts of the old bank. Himes & Himes and C Edmund Worth, attorneys for the old bank, maintained this payment relieved the old bank. They maintained that the endorsement on other notes had been allowed to remain on them through oversight at the time they were delivered to the new bank. Judge Akerman held these pleas were not a valid defense and entered judgment. The receiver was represented by McKay, Withers & Ramsey.

Court's Opinion

The appellate which remanded the case for further hearing in reversing Judge Akermen's ruling, held in effect that the agreement between the two banks made the old bank a principal debtor and the new bank surety with respect to debts of the old bank, and that when the new bank paid off other banks, which held part of the notes, the old bank's liability was discharged. The court also held that the old bank could not be held liable on the notes on which its endorsement had been allowed to remain through oversight.

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J. C. Shelton Resigns As Polk Bank Receiver

LAKELAND, May (Special)J. C. Shelton, who was appointed receiver for several Polk county banks Nov. 9, 1931, today announced he has submitted his resignation to Comptroller J. F. T. O'Connor in Washington because of ill health. Shelton, who came here from St. Petersburg, is receiver for the First National bank, of Lakeland, the Snell National bank. of Winter Haven, the Polk County National bank, of Bartow, and the First National bank, of Auburndale.

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New Polk Bank Receiver Prepares To Take Charge

LAKELAND, May 16.-(Special) Charles I. Dwiggins, receiver of the National Bank of Commerce at Tarpon Springs, who has been named receiver of four closed national banks in Polk county, was here today to check over his new duties with J. C. Shelton, who has resigned because of ill health. Dwiggins is to be liquidator for the First National bank here, the First National in Auburndale, the Polk County National at Bartow and the Snell National at Winter Haven.