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ASSIGNMENT OF THE FARMERS BANK.-On the 19th instant, the Farmers Bank of Virginia, through its president, William H. Macfarland, and Directors John E. Wadsworth, James B. Dupuy, Allen Y. Stokes, and Robert A. Mayo, made a deed of assignment of all the assets of the bank to Messrs. John M. Goddin and Samuel C. Robinson, trustees, in accordance with the act of the General Assembly of 12th February, 1866, requiring such deed conveying such assets to be distributed amongst all persons, corporations, and associations entitled to share in such distribution, according to the legal rights and priorities of such persons and corporations at the time such deed shall be executed." The deed conveys the entire proceeds of the bank upon condition that the trustees "shall proceed without delay to convert into current money all the assets of the existing in that form, and the debts the name action, bank by not collecting (using already of and the choses bank in in suits for that purpose when necessary or proper,) or by selling," &c.; sales to be made at such time and upon such terms, and in such manner, as the said trustees may determine. The entire proceeds, after deducting the expenses and the commissions of the trustees, to be appropriated after " paying thereout all salaries due the officers of the bank, and reasonable faes and compensation for professional or other services rendered to the bank since its general operations were suspended," to the redemption of the outstanding circulation or notes of the said bank ratably among the holders thereof, who shall present the same for redemption within six months after the publication of notice" in two or more newspapers in the city of Richmond. It is provided that in the redemption those note. holders who have received partial payment upon their notes shall not receive more until all other holders presenting their claims within the six months shall have received an equal amount upon their notes. It is further provided that those who have taken a specified sum in full satisfaction of their notes, and shall have surrendered the same, shall not be entitled to receive anything further. The residue of the fund in the hands of the trustees to be applied ratably to the satisfaction of all other debts and liabilities. But the deed closes with a proviso relating to the construction of the act of 12th February, 1866, and that part in italics in the beginning of this article. The deed says that, should that be legally construed SO as to require a distribution " among all the creditors of the said bank not having specific liens on property of the bank," then the said assets shall be distributed by the trustees accordingly, and they " shall not make or attempt any distribution giving preference or priority to the noteholder as aforesaid."
