6101. Farmers State Bank (Monticello, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 3, 1933
Location
Monticello, Indiana (40.745, -86.765)

Metadata

Model
gpt-5-mini
Short Digest
19ff753a

Response Measures

None

Description

Newspapers in Jan–Feb 1933 describe the Farmers State Bank of Monticello as closed/defunct with receivers (Wm. Brucker and William Loughry) handling claims. No article describes a depositor run or any reopening; receivers are administering the closed bank. Cause of closure is not specified in the articles.

Events (2)

1. January 3, 1933 Receivership
Newspaper Excerpt
Wm. Brucker and William Loughry, receivers for the closed Farmers State Bank of Monticello ... Receivers file petition for an order authorizing them to pay to Bess M. Carey ... Petition is granted and $200 ordered paid.
Source
newspapers
2. January 3, 1933 Suspension
Cause Details
Articles state the bank was closed/defunct and in receivership but do not specify a triggering cause (no explicit run or statutory action described).
Newspaper Excerpt
the closed Farmers State Bank of Monticello ... The suit was instituted by the Fidelity Deposit Company of Maryland against W. Brucker and William Loughry, receivers for the closed Farmers State Bank of Monticello
Source
newspapers

Newspaper Articles (4)

Article from The Indianapolis News, January 3, 1933

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Article Text

FINDS STATE DEPOSITS HAVE NO PREFERENCE Supreme Court Decides Against Priority of Claims. IN BANK RECEIVER CASE Claims of the the state of Indiana against of insolvent banks for money on deposit at the of the closing the banks have no priority over claims of other general depositors. the Indiana supreme ruled Monday The opinion was written by Judge Clarence R. Martin. who spent his day Monday as Judge of the supreme court. Judge Julius C. Travis, whose last day on the court was Tuesday. did not participate in the dedecision of the White circuit court that $10,000 state deposit in the defunct Farmers State Bank of Monticello was not preferred claim. to be paid before claims of general depositors were satisfied The appeal was filed by the Fidelity and Deposit Company of Maryland, the which provided bond for state funds. which the state, contended statute had covering the situation the common law and that this right had been inherited by bonding The supreme court decision, in part, said "When the state determines to place the funds has collected in bank as general deposit, subject to check and bearing interest, it enters upon business with the banking corporation, the same as any might do: the absence express the the courts can not not extend the preference inheres in the exercise of functions to include such business Especially this true where has appointed for the insolvent bank and the rights of all the of the bank been attached to the funds in his The opinion pointed out that there no statute specifically up the right preference. There any inherent right of the state for nor any showing intent on the part of the legislature create right of preference, according to the opinion.


Article from Reno Gazette-Journal, January 12, 1933

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HOLDS PUBLIC FUNDS NOT PREFERRED Inasmuch as the state of Nevada and its civil subdivisions may set up the claim that their deposits have preferred status over individual deposits in the closed Wingfield banks and that they should be paid in full. the following dispatch from Indianapolis, Ind., interesting. According the supreme held that in the absence of state statute to that effect the state has no such preferred satus. The Indianapolis dispatch says: state of Indiana does not have preferred claim for its deposits in closed banks, the Indiana supreme court has ruled in upholding decision of the White circuit court. "The suit was instituted by the Fidelity Deposit Company of Maryland against W. Brucker and William Loughry, receivers for the closed Farmers State Bank of Monticello, and Luther Symons, state bank commissioner. The state had been reimbursed for its loss by the curety and the latter was seeking ferred status on the theory that the state was cliamant and that the surety was subrogated to its rights. 'Because there are no statutes providing for priority, the supreme court held that the state has no preference for debt which bank incurs when accepts deposit of state funds under the Indiana depository laws. The surety had contended that in the absence of statute, the state has priority under common law court said that because there was no prefernece, unnecessary to decide whether the surety was subrogated to all of the rights of the state after paying the loss.' MASTER MECHANIC VISITS master mechanic for the Salt Lake division of the Southern Pacific Company, visited Sparks yesterday. He made tour of inspection of the entire plant, returning to headquarters in Ogden last night


Article from The Monticello Herald, February 9, 1933

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NEWS OF THE CIRCUIT COURT AS GLEANED FROM THE PROBATE, STATE AND CIVIL DOCKETS AT JANUARY TERM Laura Kathe Mary Elizabeth Helen ElizaDay et Bertis George Bulington, Elza M. Coffel-Foreclosure chattel Demand $1890.00. State of Indiana George White Possession of liquar. Metropolitan Life Ins. Co., corp.; LuElla Smith. al-ForeclosAppointment James Raffis Eleator C. Fraser James Raftis vs Eleanor C. Fraser damage. Laura Luse, guardian of Marjorie Anna Laura Harrison et al -Partition. George A. Shuster Anton DeGroot For rent and forecloslien. James S. McCray ys Ida M. MeProbate In the matter the estate of John W. Shull, W. sabaum administrator The final report filed is examined approved court. Said administrator is discharged and estate adjudged settled. In the matter of the estate of Francis deceasedLaura Harrison Court grants of administratrix orders her to sell certain personal property at private sale. In the matter the estate of John executrix. Court examines schedule and finds that there be tax payable on the estate and there can be no inheritIn the matter of the estate of EmGrimes, deceased William H. Gerberich administrator. Administrator verified in lieu of inventory and appraisement of property In the matter of the estate of Moses McConahay deceasedItenry Thompson. is appointed files his bond in the penal of 81500 with American Surety New York as ty, which bond approved by the court applicant takes files In the matter of the estate of Mary administrator de non the annexed. Administrafor files petition for the determination inheritance which lition referred to D. H. Friend In the matter the estate of Emma Resentreter, Fred Dahling Court orders should be settled as notice ordered the matter the of Samadministrator. Reed Spencer files exceptions the final report In the matter of the and Testament of William F. Horton deis admitted to record. In matter of the guardianship of Elwood al-Executor files final report vouch approved by the court and discharged and trust closed. Clerk of court ordered to pay Elwood Hohmann the sum $87,29, Lewellyn Hohman 887 Hohmann In the matter of the estate of Frances Winger, William B. appointed administrator and his bond in the penal sum of $1000.00 Ben Farney surety Administrator takes and files his oath. matter of the estate of Mary Melissa Benjamin, deceased Frank Hughes administrator de bonis with the annexed. Administrafor current report and vouchers. Current report is approved by the court. In the matter of the estate of John Burkhalter, Rosa G. Burkhalter, as administratrix. Administratrix ordered sell at public sale certain personal property. In matter of the estate of ma Grimes deceased H. Gerberich administrator. Court orders administrator to sell certain property at private sale. In the matter of the estate of SamSpencer Spencer administrator. Administrafor publication of notice of appointment and proof of publication and posting of notice of final settlement. In the matter of the guardianship of Paul C. W Schrader Guardian files final report and vouchers. Said port examined and approved by the court and said guardian is discharged and trust is closed. In the matter of the estate of Thomas Carroll, Charles Sill administrator de bonis non with the will annexed. Court orders administrator to reduce his bond to $1000.00. Civil David L. Brookie VS Carl W. Watet cause is assigned for trial for March 1. Emma J. Chilton VS Charles C. T. Brockway withdraws his appearance for the defendant. The Mutual Benefit Life Ins. Co., corp., Maude files reply to the second, third and fourth of defendant's answer general denial. The White County Loan, Trust Savings Co., corp., VS Jasper A. orders that the plaintiff shall have and recover of fendant the total sum of $234.52 on promissory note sued. Laura Katherine Day and Mary Elizabeth McGrath VS Helen Elizabeth Day al-Plaintiffs file complaint duplicate. On plaintiff's motion summons is issued for the all returnable Feb. 14. Bertis Eldridge George Bu lington and Elza M. files complaint in duplicate. On plaintiff's motion summons issued for the defendant returnable Feb. William Hickman vs David W. cause is re-assigned for trial Feb. William Hickman vs David W is re-assigned for 24. Flossie Minier Joshua MinierDefendant wholly makes default The court, since evidence has not been concluded, continues the trial Feb. New York Life Insurance Co., David W. Baer and Bessie M. overrules the demurrer of the The court finds that there due the plaintiff from both the defendants um of $2814.48 on the note sued, and that said sum secured by mortgage which is sought to be foreclosed The plaintiff entitled to have foreclosed. Charles Krohn Geneve KrohnCourt on motion dismisses this cause for want of prosecution and orders that the defendant and recover of the plaintiff costs charges. Sylvia M. Becker VS Thomas J. its own motion dismisses this cause for want of prosecution and orders that the defendant have and recover of the plaintiff costs and charges. Farmers Traders State Bank corp., Elmer Luse et al-On plaintiff's motion this cause is dismissed costs are paid. The Mutual Benefit Life Ins Co., a corp.. Lora Carson et sustains motion for change of State of Indiana vs George White Sheriff makes on warrant. The court orders the defendant to appear plead Feb. State Indiana Fred Robinson Defendant waives arraignment in open court and the plea to the affidavit says that he is not guilty Bert Van Voorst and Fred Dahling of the State Bank of Monon. Edward L. Murray Defendants file answer to the Palmer VS William Beshoar Defendant William Beshoar ruled to answer the complaint Feb. 6. Ehma J. Chillon VS Charles C. wholly makes default. Court finds that the plainlift shall from the defendant the of $218.00. Ins. Co., a corp. LuElla Smith al-Plaintiff files verified complaint. On plainlift's motion issued for the defendants, Feb. 15, non-resident defendants. returnable March Hazel Vestal F. RushPlaintiff files affidavit for citation. It ordered by that citaiton issued to the Sheriff for the defendant returnable Feb. State of Indiana, Tippecanoe County Before Esq. Herman A. Mason- The Middle Coal Company Isane owes plaintiff for and merchandise Plaintiff orders transcript to bind real estate and for same. Costs are paid by the plaintiff Nora B. Moore Charles W. files her complaint duplicate with affidavit of residence and occupation for suit and support money. plaintiff's moissued for the defendant, returnable Feb. 14. Said application is set for hearing Feb. 9. and notice ordered. State of rel Luther E. Symons, of the State of Indiana Farmers State Receivers authorized to pay to Bess M. Carey as executrix the sum of $200 in full and complete settlement for all legal services rendered Aelna Life Ins. Co., corp. vs Carmi Arrick et al- The defendants are ruled absolute Feb. 9. William F. Brucker William N. Loughry Receivers of the Farmers State Bank, Monticello, vs Leslie files affidavit for change of venue from White county. Tippecanoe Loan and Trust Co., trustee, Perry Steill et Court finds that there due the plaintiff the of $3088.83, on note sued and attorney fees, from the defendants, Gerry Steill and Grace Steill. and the costs of this action. Sheriff ordered to certain land from which the proceeds are to pay costs of this action, amount found due the plaintiff with interest. Mortinadequate pay in full and John S. Hinesley is appointed receivDavid S. Davis VS Roy Lawrie et al-Defendants are ruled to answer the complaint Feb. 9. White County Board of Finance of White County, State Bank of Monon, Monon, Ind., et -Defendant Ulysses G. DeVault withdraws his demurrer and files separate answer to the complaint. Defendant Samuel Jacks withdraws his demurrer and files separate answer to the complaint. The Mutual Benefit Life Ins. Co., corp. Lora Carson of this cause is ordered changed to Carroll county, and ten days is given in which to perfect change. State Indiana rel Luther F. Symons, Bank Commissioner of the State Indiana VS The State Bank of confirms the action of receiver in reviewing and accepting note of $100 dated August 2, 1932, April 2, 1933, with 7% interest, signed by Sikko Swartz. State of Indiana vs George White This cause is assigned for trial for March 8. State of Indiana ex rel Luther F. Symons Bank Commissioner of the State of Indiana The State Bank of Court orders Bert Van Voorst to pay $49.01 to Fred Baugh for taxes paid by him on certain real estate in White county. The Matual Benefit Life Ins. Co., corp. Edna Victor Plaintiff files supplemental complaint making John M. Biesecker, receiver of the State Bank of Wolcott, corp., The State Bank of Wolcott, corp., David R. Sell and Inez E. Eeidholz additional defendants. On motion is issued for these defendants, returnable Feb 10. Farme and Traders State Bank. corp., Leonard Cooley and Jesse finds that there is due owing the plaintiff the sum of 74.80 on promissory note sued and further sum of $25.00 for attorney Farmer and Traders State Bank. corp., Leonard Cooley and Laura finds that there is due the plaintiff sum of $165.63 promissory note sued and for Farmers and Traders State Bank corp. Leonard Cooley and Geneva Cooley and Floyd O. Cooley$211.76 was the amount awarded the plaintiff from the defendant on promissory note sued and for attorney Monon Building Loan and Savings Association of Monon, Indiana, corp., James S. McCray Ida M. files complaint in duplicate. On plaintiff's motion summons is issued for the defendant returnable Feb. 16. George Shuster vs Anton DeGroot files complaint in duplicate. On plaintiff's motion summons issued the defendant. returnable Feb. 18. Flosse Rinier vs Joshua RinierPlaintiff is granted a divorce and custody of minor child, Juanita Mae, and Luther Hobaugh and Effie Hobaugh are awarded the custody of Jerald Luther Rinier, minor child. Plaintiff to recover costs of action from the defendant. Louis G. Gustavel vs Floyd B.1 cause is assigned for trial for Feb. 10. Lafayette Savings Bank, corp., VS Fred Williams et al-Defendant wholly makes default. Tippecanoe Loan and Trust Co., Trustee, Gerry Eteill et alJohn S. Hinesley files the bond in the penal sum of $500 with Tippecanoe Loan and Trust Co., as surety and files acceptance Everett Lawrie vs Geneva Hatcheries plaintiff's motion this cause is and mosts are paid. Eli Mills vs Thomas Weserthouse Defendant wholly makes default. The court finds for the plaintiff that there is and owing him from the defendant the sum of $135.14 on promissory note sued and for attorney James Raftis vs Eleanor C. Fraser Plaintiff files complain in duplicate. On plaintiff's motion summons is issued for the defendant returnable Feb. 17. James Raftis vs Eleanor C. Fraser Plaintiff files complaint in duplicate. On plaintiff's motion summons is issued for the defendant returnable Feb. 17. Divorced 24 years ago, Charles W. Likes, 50, and Mrs. Grace Schafersman, 46, took out license to marry at Kansas City, Mo.


Article from The Monticello Journal, February 13, 1933

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NOTES FROM THE DOCKET OF WHITE CIRCUIT COURT Civil Bert Van Voorst et al vs Edward L. Murray et al-Complaint filed in duplicate, and summons is issued to sheriff for all defendants returnable Feb. 10. Ola Etta Lowe vs Larkin B. Lowe -Halleck and Halleck enter appearance for the plaintiff. David L. Brookie vs Carl W. Watson et al-Cause assigned for trial for March 1, White Co. Loan, Trust & Savings Co. vs Jasper A. Baer-Finding for the plaintiff on the promissory note sued on $203.93 principal and interest and further sum of $30.50 for attorney fees. Wm. Hickman vs David W. Nordyke- (Two cases). Cause reassigned for trial for Feb. 24. New York Life Insurance Co. VS David W. Baer et al-Finding that there is due the plaintiff on the note sued on in principal and interest the sum of $2478.05, the sum of $79.93 for taxes, $253 attorney fees, etc. Finding that plaintiff is entitled to have mortgage foreclosed as against both defendants and that land shall be sold by sheriff of White county. Chas. Krohn vs Geneva KrohnCause dismissed for want of prosecution. Adjudged that defendant shall recover from the plaintiff her costs. Sylva M. Becker vs Thomas J. Becker-Cause-dismissed for want of prosecution, Defendant shall recover from plaintiff his costs, Farmers and Traders State Bank vs Elmer Luse et al-On plaintiff's motion cause is dismissed and costs are paid. Mutual Benefit Life Ins. Co, vs Lora L. Carson et al-Court sustains motion for change of venue. Case venued to Carroll county. State vs Fred Robinson-Defendant enters plea of not guilty. Emma J. Chilton VS Chas. C. Wright-Finding for the plaintiff from the defendant on the account sued on the sum of $218 principal, together with costs, State VS Farmers State Bank-Receivers file petition for an order authorizing them to pay to Bess M. Carey, as executrix of the last will of Lawrence D. Carey, the sum of $200 for services rendered to said receivers by Lawrence D. Carey while in life. Petition is granted and $200 ordered paid. Tippecanoe Loan and Trust Co. VS Perry J. Steill et al-Finding that there is due the plaintiff from the defendants on the note sued on the sum of $2807.76, and the further sum of $280.77 as fees for services of plaintiff's attorney. That the plaintiff is entitled to have mortgage foreclosed and real estate sold. State vs State Bank of MononPetition granted for an order to pay to Fred Braugh the sum of $49.01 taxes upon certain real estate. Farmers and Traders State Bank vs Leonard Cooley and Jesse Graves.Finding that there is due the plaintiff on the promissory note sued on the sum of $74.80 principal and interest and $25 for attorneys fees. Farmers and Traders State Bank vs Leonard Cooley and Laura L. Helfrich-Finding for the plaintiff on the promissory note sued on the sum of $140.63 principal and interest and $25 attorney's fees. Farmers and Traders State Bank vs Leonard Cooley, Geneva Cooley and Floyd O. Cooley-Finding for the plaintiff on the promissory note sued on the sum of $184.14 principal and interest and further sum of $27.62 attorneys fees. Monon Building Loan & Savings Assn. vs James S. McCray and Ida McCray. Complaint filed and summons issued for defendants returnable Feb. 16th.