Article Text
BAD FOR THE CREDITORS. The State of Goorgia Declared by the Mupreme Court to Be a Preferred Creditor of the Bankrupt Romo Bank. Special Dispatch to The Chicago Tribune. ATLANTA, Gu., April 25.-The Supreme Court of Georgia to-day rendered a unanimous decision in favor of the State in the COMU of The State of Georgia VR. The Bank of Rome, which was n State depository, giving the State a prior claim to nii the assets of the bank over personal and all other creditors of the bank. This was made a test enso, the BRIND being involved in doolding priority of the State over the claims of creditors of the Citizens' Bank, niso a depository, which suspended payment two weeks since. Associate-Justice E. Crawford delivered the decision, which the Court claims is based upon the common law, and also upon the law governed by the Depository act. By this decision personal as well as all other creditors of the Bank or Rome, as well na citizons of Georgia, will have to take what is left after the State is satisfied. The Home Bank owes tho State $53,000, and the Citizens' Bank is indebtod to the Stato $103,000. The Impression seems to be that after the State is entistical there will be nothing left for the other creditors, ne both banks were regarded as wildout concerns, sclouted eithor through negligence on the part of the Governor, or criminal collusion between bim and the officers of the bank, by which both parties to the contract were to be benefited. The case may be curried to the Supremo Court of the United States. This, however, depends upon whether an appual can be taken.
