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Other: Receiver (G. B. Brasington) appointed after closure; dividends paid to depositors in 1929.
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Darlington Bank Closes; Is Third to Quit in Week FLORENCE, S. C., Oct. 30.-The third bank in this section to close in less than a week occurred today when the Peoples Bank of Darling. ton, near here, failed to open its doors. The board of directors declared a threatened run on the bank caused them to close. The statement added that the bank was in sound con dition and that the depositors would be protected. It was capitalized at $100,000.
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Third S. C. Bank Closes Its Doors LORENCE, 8. C., Oct. (INS) The third bank in this section to than week occurred close in less Bank when Peoples today failed to open of Darlington, near here. its A statement by the board of rectors declared threatened run the bank caused them to close. The statement added that the bank was in sound condition and that the depositors would be protected. was capitalized at $100,000. The Bank of Florence. one of the oldest in this of South Carolins, and the Palmetto Bank and Trust company were closed here last Each was capitalized at Friday.
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THIRD CAROLINA BANK CLOSES DOORS IN WEEK FLORENCE, S. C., Nov. 1.The Peoples Bank of Darlington, near here, failed to open its doors today, the third bank in this section to close within a week. A statement by the board if directors declared a threatened run on the bank caused the closing. The statement added that the bank was in a sound condition and that depositors would be protected. It was capitalized at $100,000.
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Third Bank Is Closed In Florence, Oct. Peoples' Bank of Darlington, closed yesterday, the third bank in this section to close in less than week. The board of directors declared threatened run on the bank caused the closing. The board added the bank was in sound condition and that the depositors would be protected. It capitalized at $100,000. The Bank of Florence and the Palmetto Bank and Trust Company were closed Friday. Each was capitalized at $100,000.
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DARLINGTON BANK RECEIVER ANNOUNCES A SECOND DIVIDEND March ond dividend fifteen cent has been paid the depositors of the Peoples' Bank Brasington, receiver The dividend paid before The putting of this money in culation brought pleasure to both the of defunct bank the of the town. definite has come from Thomas Early, receiver the Carolina National Bank understood that dividend will be paid at that bank early date. notice been creditors to prove their
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BANK RECEIVER AT DARLINGTON AGAIN PAYS A DIVIDEND (Special The Record) second of fifteen The exhibition announced been paid the Columbia itors the Peoples Bank by the high school class Brasington, receiver The first of dend paid just before some the boys and because sickness While no definite announcement of the boxers. has Thomas The date be announced receiver the The all under Bank. just been dend be paid planned give early date, has exhibition the beginning ancreditors to prove their the close of the
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BANK RECEIVER ANNOUNCES A SECOND Darlington, March dividend been paid to depositors the Peoples' Bank Brasington, receiver. first dividend just Christmas. of this in culation to both bank the of the town. of the Bank dividend given creditors prove their claims.
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DECISION IN TRUST FUND LITIGATION Supreme Court Rules That Mingling Trust Funds With Other Bank Funds Is Not Breach of Trust Columbia, July funds received trust by bank and mingled other bank funds. does not constitute trust in event of the bank's failure and the estate preferential claim other depositors, the preme court ruled in an important majority opinion today. The opinion, first ruling by the court on phases of 1930 statute, regarded highly portant view of the number estates now tied in closed banks. Written by Associate Justice Bonham, opinion curred by Chief Justice Blease and Associate Justice Stabler Associate Justice Carter dissented Although pointing the law "if executor, administrator, guardian trustee mingle the funds the estate his own and ensue the the fiduciary good from his funds, the court ruled bank receiver not required to pay estate ahead of creditors depositors where there is no breach of trust. The court reversed the decision of Judge Dennis from Darlington county, Donald Michie, against the Peoples Bank lington Brasington, ceiver, appellants. When Michie, of Darling ton. died in 1928 the Peoples Bank of Darlington made his executor closed in October 30, 1928, and Brasington was made receiver. The Michie estate credited with $6,310.17 on the bank's books. Brasington, ceiver, resigned bank executor of the estate and appointed Donald Michie administrator cum testamento annexo. He then administrator dividends The administrator claimed the bank executor held funds for the estate and by mingling the bank's funds funds the estate, committed breach of trust and estate and over general crediand When Michie entered the courts, Judge Dennis general" upheld his contentions. And the receiver appealed In his dissenting opinion, Justice merely said briefly he cepted Judge Dennis' interpretation the law in the
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RULING ISSUED ON BANK LAW Continued From Page One- court ruled bank receiver is not required to pay an estate ahead of creditors and depositors where there is no breach of trust. The court reversed the decision of Judge Dennis in case from Darlington county, Donald E. Michie, al., petitioner respondent, against the Peo Bank of Darlington and G. B. Brasington, as receiver, appellants. The petition of Michie to have assets of the receiver impressed with a trust for the balance due the estate was dismissed. Claimed Preference When Michie, of Darlington, died in 1928 the Peoples Bank of Darlington was made his executor. It closed in October 30, 1928, and Brasington was made receiver. The Michie estate was credited with $6,310.17 on the bank's books. Brasington, as receiver, resigned as bank executor of the Michie estate and appointed Donald E. Michie ad. ministrator cum testamento annexo. He then paid the administrator dividends totaling $2,839.53. The administrator claimed the bank as executor held funds in trust for the estate and by mingling the bank's funds with funds of the estate, it committed breach of trust and gave the estate lien and preference over general creditors and depositors. When Michie entered the courts, Judge Dennis "in general" upheld his contentions and the receiver appealed. In his dissenting opinion, Justice Carter merely said briefly he accepted Judge Dennis' interpretation of the law in the case.