19808. Bank of the South County (Wakefield, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 21, 1860
Location
Wakefield, Rhode Island (41.437, -71.501)

Metadata

Model
gpt-5-mini
Short Digest
b127b767

Response Measures

None

Description

Newspaper notices (Jan–Mar 1860) show a court-appointed receiver for the Bank of the South County and sale of mortgage assets. The bank was enjoined from exercising its corporate franchises (court action) and a receiver was appointed; no run is described in the articles. Therefore this is a suspension leading to closure/receivership.

Events (2)
1. January 21, 1860 Suspension
Cause
Government Action
Cause Details
Court injunction enjoining the bank from exercising its corporate franchises; receiver appointed by the state Supreme Court
Newspaper Excerpt
the undersigned has been by the Supreme Court of the State of Rhode Island appointed Receiver of all the effects and property of said Bank, said Bank having been enjoined by said Court from further exercising its corporate franchises and privileges under its charter
Source
newspapers
2. March 7, 1860 Receivership
Newspaper Excerpt
Now, therefore, notice is hereby given that by virtue of the power vested in me by said appointment as Receiver ... I shall, on Wednesday, the 7th day of March, A. D. 1860 ... sell at public auction ... the lots and premises in said Mortgage mentioned and described ... ELISHA R. POTTER, Receiver.
Source
newspapers

Newspaper Articles (3)
1. January 21, 1860 The Press and Tribune Chicago, IL
Article from The Press and Tribune, January 21, 1860

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Article Text

ORTGAGE >ALE.-Whereas, M Cyrus Clark and Catharine, his wife, did on the will cay of January, A. D. 1857. execute and deliver to D. M. C. Steadman, Cashier of the Bank of the South CountyTown of Waketield. ani State of Rhode Island, a certain Deed of Mortgage. bearing date the day and year afor. and rec orded in the Recorder's Office of Cook County. State of Illinois, in Book 29 of Mortgages, Fage 273. to mecure the payment of all or any draft, check and paper, which said Steadman might hereafter disc unt for said Cyrus Clark, and save him. the said Steidman, harmlers from all costs, charges, expenses and harm for or on account of his discounting such draf.r, checks and paper not exceeding in amount the sum of eight thousand dollars. And, whereat, it was provided in sald Mortgage that in case of the non-pay ment of the diafts, checks and paper which might be discounted by the Steadman. or the interest thereof or any part thereof. at the time limited for the pay ment of the tame, then It should be lawful for the said Steadman, his successors or arsigns, to cell the raid premises or any part thereof at public anciden, and to excute to the purchaser or purchasers good. ample and sumcient deed or deeds of conveyance for the same. And, where 18, cald Steadman. as c whier afore-aid, did discount for -a Cyrus Clark certain Promissery New signed by him and intended to be recured by said Mortgage. amountlog to the sum of eight thousand dollars, all of which said notes are now past due and unpaid. And, whereas. the undersigned has been by the Supreme Court of the State of Rhode Island appointed Receiver of all the effects and property of said Bank, sale Bank having been enjoined by sain Court from further exercising its corporate franchises and privileges under its charter: and. whereas, sald Steadman has assigned 10 me 24 Receiver aforessed the said Mortgage and the Hond mentioned therein, and the said Notes thereby intended to be secured. Now. therefore, notic" is hereby given that by virtue of the power vested in me by said appointment as Receiver and of the power in and the authority by sald Mortgage con'erred, 1 sha 1. on Wednesday, the Ttn day of March. A. D. 1860. at the hour of 10 o'clock in the forenoun of that day. at the north door of the Court House, fu the City of Chicago, in the County of Cook. and State of Illinois, sell at public auction to the highest bisder for cash, the lots and premises in said Mortgage menti- ned and described as follows to wit:-All those certain pieces or parcels of Land situate in the City of Chicago, Cock County, lilinois, In School Section Addition to said City, known as lots five, in Block sixty-two (62), eleven and twere. in Block sixteen (16), and twelve, In Block dity-seven (57); together with all the rights, privileges and appurtenances thereunto belonging or In anywhe appertaining, and all the right and equity of redemption of the said yrus Clark and Catharine his wife, thereln, for the purposes In and Mortgage mentioned. ELISHA H. POTTER. Receiver. 0. K. A. HUTCHISTON, Attorney for Receiver. ja21-b471-td

2. March 3, 1860 The Press and Tribune Chicago, IL
Article from The Press and Tribune, March 3, 1860

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Article Text

# MORTGAGE SALE.-Whereas, Cyrus Clark and Catharine, his wife, did on the 29th day of January, A. D. 1857, execute and deliver to D. M. Steadman, Cashier of the Bank of the South County-Town of Wakefield, and State of Rhode Island, a certain Deed of Mortgage, bearing date the day and year aforesaid, and recorded in the Recorder's Office of Cook County, State of Illinois, in Book 29 of Mortgages, Page 573, to secure the payment of all or any draft, check and paper, which said Steadman might thereafter discount for said Cyrus Clark, and save him, the said Steadman, harmless from all costs, charges, expenses and harm for or on account of his discounting such drafts, checks and paper not exceeding in amount the sum of eight thousand dollars. And, whereas, it was provided in said Mortgage that in case of the non-payment of the drafts, checks and paper which might be discounted by the said Steadman, or the interest thereof or any part thereof, at the time limited for the payment of the same, then it should be lawful for the said Steadman, his successors or assigns, to sell the said premises or any part thereof at public auction, and to execute to the purchaser or purchasers good, ample and sufficient deed or deeds of conveyance for the same. And, whereas, said Steadman, as Cashier aforesaid, did discount for said Cyrus Clark certain Promissory Notes, signed by him and intended to be secured by said Mortgage, amounting to the sum of eight thousand dollars, all of which said notes are now past due and unpaid. And, whereas, the undersigned has been by the Supreme Court of the State of Rhode Island appointed Receiver of all the effects and property of said Bank, said Bank having been enjoined by said Court from further exercising its corporate franchises and privileges under its charter; and, whereas, said Steadman has assigned to me as Receiver aforesaid the said Mortgage and the Bond mentioned therein, and the said Notes thereby intended to be secured. Now, therefore, notice is hereby given that by virtue of the power vested in me by said appointment as Receiver and of the power in and the authority by said Mortgage conferred, I shall, on Wednesday, the 7th day of March, A. D. 1860, at the hour of 10 o'clock in the forenoon of that day, at the north door of the Court House, in the City of Chicago, in the County of Cook, and State of Illinois, sell at public auction to the highest bidder for cash, the lots and premises in said Mortgage mentioned and described as follows to wit:—All those certain pieces or parcels of Land situate in the City of Chicago, Cook County, Illinois, in School Section Addition to said City, known as lots five, In Block sixty-two (62), eleven and twelve, in Block sixteen (16), and twelve, in Block fifty-seven (57); together with all the rights, privileges and appurtenances thereunto belonging or in anywise appertaining, and all the right and equity of redemption of the said Cyrus Clark and Catharine his wife, therein, for the purposes in said Mortgage mentioned. ELISHA R. POTTER, Receiver. O. K. A. HUTCHINSON, Attorney for Receiver. ja21-b471-tl

3. March 5, 1860 The Press and Tribune Chicago, IL
Article from The Press and Tribune, March 5, 1860

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Article Text

The site of the above described premises adjourced to the Cod day of April, at the same time and place. W PAUL CORNELL. Trustee. ORTGAGE SALE-Whereas, M Cyrus Clark and Callarine, bis wife, did on the 29th day ot January, A. D. 1857. execute and deliver to D. M. c. Steadman, Cashier of the Bank of the South CountrTown of Wakefield. an: State of Rhode Island, a certain Deed of Mortgage. bearing date the day and year aforesable, and recorded in the Recorder's Office of Cook County, State of Illinois, In Book 2 of Mortgages, Page 273, to secure the payment of all or any draft, check and paper, which said Steadman might thereafter disc unt for Name Cyrus Clark. and save bin. the said Steadman, harmless from all costs, charges, expenses and barns for or on account of his discounting such drif.s, checks and paper not exceeding in amount the sum of eight thousand dollars. And, whereas, It was provided in said Mortgage that in case or the non-payment of the diafts, checks and paper which might be discounted by the said Steadman, or the in. terest thereof or any part thereof, at the time limited for the pay ment of the name, then it should be lawful for the said Steadman, his successors or designs, to sell the said premises or any part thereof at public auction, and to ex. cute to the purchaser or purchasers got d. ample and sufficlent deed or deeds of conveyance for the sime. And. where's, said Steadman. as C whier aforevald, did discount for ea'd Cyrus Clark certain Promiserv Notes, signed by him and intended to be secured by said Mortgage, amounting 3 the sum of eight thousand dollars, all 01 which said notes are DOW past due and unpand. And. whereas, the undersigned has been by the Supreme Court of the State of Rhode Island appointed Receiver of all the effects and property of said Bank, said Bank having been enjoined by said Court from further exercising its corporate franchises and privileges under its charter: and. whereas, said Steadman has assigned to me as Receiver aforessid the said Mortgage and the Bond mentioned therein, and the salet Notes hereby intended to be secured. Now. therefore, notice is hereby given that by virtue of the power vested III me by said appointment 39 Receiver and of the power in and the authority by said Merigage ferred. 1 sha L on Wednesday, the The day of March, 1860, at the hour of 10 o'clock in the forenoon of & the day, at the north door of the Court House, in the City of Chicago, in the County of Cook, and State of lilinois, sell at public auction to the highest blader for cash, the lots and premis in said Mortgage menti- ned and described as follows to those certain pieces or parcels of Land situate in toe City of Chicago, Cook County, lilinois, in School Section Addition to said City, known as lots tive, in Block sixty-two (6), eleven and twerve, in Block sixteen (15), and twelve, in Block dity-seven (57): together with all the rights, privileges and appurtedances thereunto belonging or in any wise appertsining, and all the right and equity of redemption ol the said rus Clark and Catharine his wife, therein, for the purposes in and Mortgage menELISHA R. POTTER, Receiver. tioned. o. K. A. HUTCHINGON. Attorney for Receiver. Ja31-b471-td