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Bank Receiver To Make Refund Judge Lincoln Frost in an order issued in district court Wednesday afternoon authorized the receiver of the American State bank of Lincoln to refund to the guaranty fund commission of Nebraska the sum of $27,529.71, which is 5 per cent of the amount advanced to the receiver from the fund.
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SECOND BOW IN COURTS AUTOMOBILE INSURANCE COMPANY TAKES NEW APPEAL Insists That Trial Court Failed to Follow Mandate of Supreme Judges in Former De- cree in Case. The claim of the Bankers' Automobile Insurance company, in the hands receiver, for against the guaranty fund, based certificate of deposit the failed American State bank Lincoln has made its second appearance in supreme court. When the automobile insurance company organized Maixner he made arrangement with President Dwiggins the American State, then in operation, whereby certificates deposit the bank notes given him purchasers stock policies, with the understanding that the bank would called upon pay any the certificates until after the notes been collected. The receiver the bank tested the right demand repayment certificate on ground that actual money had been that rangement amounted to nothing more than make the bank the agency the insurance company The Lancaster trict court upheld receiver the bank, and the receiver of the company the matter the supreme court. held the supreme court that 80 long there was no fraud connected with the the deposit certificate could not outlawed claim against the guaranty fund; that this usual ordinary bank proceeding and that the fact that deflation came and the judgment of Dwigbe poor good times had all was for the claim. On retrial Judge Frost the receiver the bank permitted make objeotions, fraud charged. Judge Frost held that insofar the deposit the issued, but that of fact that certain proportion had since collected the bank the guaranty fund was liable for The insurance company receiver filed an appeal court Wednesday from this decision, claiming the decision justifies verdict his and that Judge Frost erred allowing amended objections to filed.
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cree in Case. The claim of the Bankers' Automobile Insurance company, now in the hands of a receiver, for $13,000 against the guaranty fund, based on a certificate of deposit in the failed American State bank of Lincoln has made its second appearance in supreme court. When the automobile insurance company was organized by C. E. Maixner he made an arrangement with President Dwiggins of the American State, then in operation, whereby he was to receive certificates of deposit in the bank for notes given him by purchasers of stock and policies, with the understanding that the bank would not be called upon to pay any of the certificates until after the notes had been collected. The receiver of the bank contested the right to demand repayment on the certificate on the ground that no actual money had been deposited, and that the arrangement amounted to nothing more than to make the bank the note-collecting agency of the insurance company. The Lancaster district court upheld the receiver of the bank, and the receiver of the company took the matter to the supreme court. It was held by the supreme court that so long as there was no fraud connected with the transaction the deposit certificate could not be outlawed as a claim against the guaranty fund; that this was a usual and ordinary bank proceeding and that the fact that deflation came and the judgment of Dwiggins was shown to be poor when if good times had continued all would have been well was no reason for denying the claim. On retrial before Judge Frost the receiver of the bank was permitted to make additional objections, in which fraud was charged. Judge Frost held that insofar as the transaction was represented to be a deposit the certificate was fraudulently issued, but that in view of the fact that a certain proportion of the notes had since been collected by the bank receiver, the guaranty fund was liable for $5,078.88. The insurance company receiver filed an appeal in supreme court Wednesday from this decision, claiming that the previous decision justifies a verdict in his favor and that Judge Frost erred in allowing amended objections to be filed.
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GOOD FEES KNUDSON COURTS ALLOWED HIM WANTS Secretary Griggs of Guaranty Fund May Ask for Return of Yet Paid. reported the capitol that the department of trade and commerce, Kirk Griggs, secretary, will endeavor to prevent K. Knudson, former secretary of the department, from drawing pay for acting receiver the American State bank and the Pioneer State bank Omaha and for performhim receiver of the American State bank Lincoln. It said the department will endeavor have Mr. Knudson return $750 drawn by him as receiver Bank of Waverly. A total of may be involved. The same action likely to taken in regard to $750 drawn Hart, of the depart ment before Mr. became secretary. Mr. said to have drawn $750 for his work receivbank Blair. Bodie receiver in fact of that bank until Mr. Hart retired from the office of secretary of department. He then active charge receivership for one month and days. The department trade and commerce and the guaranty fund commission said to agreed upon policy to pursued matter of Mr. Kundson's pay receiver. Griggs secretary of the department and chairman guaranty fund commission. He has acted receiver of any failed bank and has drawn no pay except his salary of $5,000 year. refused the claims of Mr. Knudson for pay receiver in any case. The state law relating secretaries of the code departments says: appointee each department shall devote his entire time the duties of his office and shall hold other office position Knudson allowed $750 by court when he was charged receiver the Bank Waverly He was succeeded by Dempster Geneva, the guaranty fund commission, short time ago. Knudson was allowed $1,158
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KNUDSON NOT DISCHARGED REMAINS BANK RECEIVER UN. TIL FEE IS PAID. Secretary Griggs of State Bank ing Department Refuses to Sign Checks for $2,600. The refusal of Secretary Griggs of the department of trade and commerce to sign pay checks for $2,600 for K. C. Küdson, formerly secretary of this department, may add to the expense of the state bank receiverships which Mr. Knudson holds, it is explained by members of the guaranty fund commission. Mr. Knudson has been ordered paid by the district court of Douglas county and by the distriet court of Lancaster county He was allowed $1,700 by the Douglas county court for services as receiver of two banks in Omaha. The Lancaster county court allowed him fee of $900 for services as receiver of the American State bank of Lincoln. Mr. Griggs, who is chairman of the guaranty fund commission declines to sign the checks covering these claims. The checks were issued by the commission. It is explained that Mr. Knudson has not been discharged as receiver of the three banks. It is alleged the orders of the district courts pro vide for his discharge when he is paid. Mr. Knudson is still under bond as receiver and may be in position to ask for further allowance up to the time he is paid and discharged, Mr. Griggs' letter to the guaranty fund commission states that he declines to sign the pay checks for BABE BURNED TO DEATH Mr. Knudson on the ground that Mr. Knudson told him he was asking pay for time when he was sèc- Sixteen Month-Old Daughter of retary of the department of trade Mr. and Mrs. Carl Streblow and an office to which the appointee is required by law to Too Near Fire give all his time. The law proHUMPHREY, Neb., Oct. 30.hibits the head of that department from accepting any other position of profit. Mr. Griggs also told the commission in his letter that Knudson should never have been given re ceiverships while holding the office of head of the department, that his appointment to receiverships was needless expense and that Mr. Griggs had protested against Knudson being retained as receiver of failed banks Secretary Peterson of the guar anty fund commission corrects pub lished reports that the commission did not file protests against the air lowance of fees to Mr. Knudson for acting as receiver of banks The commission, he said, did pro test against the original allow Mr Knudson then filed. new claim alleging the services performed by him as received were performed after he was out of the department of trade and commerce. As a result the fees for the two Omaha receiverships were cut down $600, leaving the fee $1,700, and that the original allowance in the Lancaster county district court of $1,100 was cut by the court to $2475 $900. Mr. Knudson has been paid $750 for services as receiver bank at Waverly. If he is paid the amount allowed him by orders of district courts he will receive FREE! total of $3,350 in addition to his salary of $4,000 year as secrd tary of the department of trade and commerce during the Bryan_ administration.
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KNUDSON NOT DISCHARGED REMAINS BANK RECEIVER UNTIL FEE IS PAID. Secretary Griggs of State Banking Department Refuses to Sign Checks for $2,600. The refusal of Secretary Griggs of the department of trade and commerce to sign pay checks for $2,600 for K. C. Knudson, formerly secretary of this department, may add to the expense of the state bank receiverships which Mr. Knudson holds, it is explained by members of the guaranty fund commission. Mr. Knudson has been ordered paid by the district court of Douglas county and by the district court of Lancaster county. He was allowed $1,700 by the Douglas county court for services as receiver of two banks in Omaha. The Lancaster county court allowed him a fee of $900 for services as receiver of the American State bank of Lincoln. Mr. Griggs, who is chairman of the guaranty fund commission declines to sign the checks covering these claims. The checks were issued by the commission. It is explained that Mr. Knudson has not been discharged as receiver of the three banks. It is alleged the orders of the district courts provide for his discharge when he is paid. Mr. Knudson is still under bond as receiver and may be in a position to ask for a further allowance up to the time he is paid and discharged. Mr. Griggs' letter to the guaranty fund commission states that he
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INSURANCE FIRM Supreme Court Again Affirms Decision In Bankers' Automobile Suit. Union Auto Company Wins $5,000 Suit Against Failed Bank. Affirmance of decree by the district court of Lancaster county which allowed the Bankers' Automobile Insurance Co. of Lincoln, now only $5,079 its claim of more than against the failed American State bank of this city, as the amount be paid out of the guaranty fund. by state court decision the for the second insurance claim grew one of the relled made by Charles its who turned over number notes bank in 1921 and took certicate deposit exchange therefor president and officer the bank. secretary the company Maixner. who of the State bank Ceresco and in charge its business, had made the company to underwrite its $250,000 of on 10 per commisnotes and certificates changed back and forth differthe two banks this Maixner pleaded guilty to bezzling funds of the Ceresco bank which failed the meantime to the served ing finally paroled and the first trial of the guaranty fund was rejected Supreme court the judgment, and on retrial, after evidence had been presented. the district court partial but of the claim. the three which In the American State when but were found the property of the Union Auto Co. Wins. In suit from Gage the high district court's throwing out three certificates deposit total held by the mobile Co. of Lincoln the failed Farmers' State bank Adams, which company presented as claims against the guarfund. These certificates originally Life and assigned by it to the Union. Payment was contested by bank receiver guaranty fund on the ground that Cashier Larson the bank had made an unlawful agreement with president the Bankers' National whereby the make the for acting company's agent business and also making personal the vice district court disallowed the claims for that reason. In upsetting this judgment, the court not sufficient prove unlaw ful officers the bank the company. in the face of Larson's plicit denial on the stand that he had such contract. letter written by the vice president the company to Larson, which was offered an exhibit the "agreement" held by the tribunal collected Larson and deposited in bank, and not to any other Dixon Bank Claimants Lose. In line of its recent affirming the judgment court in Dixon which shut claims against the fund by perholding deposit the Farmers' State bank of Dix on, the Supreme court now disalmore claims of the kind These are the Paul and same McCarthy claims. Can't Halt Foreclosure. real estate gage the mortgage start foreclosure for of taxes the contry to public policy, says high bench in Dawson county also declares that after an action of that kind started the declinquent stop by dering in the of terest taxes have due and showing that the The lower judgment was in of James B. Houser, the sign against Bryce Not Liable for Death. The Railway Light corporation not sponsible for death Rhinold Hron, hold while on bridge to the held in the county action directing verdict for the defendant $25,000 damage Opinion. Omaha Lincoln Ry Creek Land Livestock and given modified Without Opinions the Court. further National Bank Dodge