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TO TERMINATE RECEIVERSHIP DEFUNCT BANK
Rousseau Directs Receiver of Merchants Bank to Sell All Assets.
Plans looking toward the termination of the receivership of the Merchants Bank and Trust Company, defunct banking institution of this city, were seen here Saturday in the signing of an order by Judge J. A. Rousseau in Forsyth superior court allowing the Wachovia Bank and Trust Company, receivers of the defunct institution, to take certain steps looking toward the termination of the receivership.
The order directs the Wachovia Bank and Trust Company, as receivers, to advertise and sell at public sale assets of the Merchants Bank and Trust Company now in the custody of the receiver. These assets consist of notes, accounts receivable, stocks, bonds, securities, real estate and other assets.
A list of the assets is to be filed with the clerk of superior court prior to the time the assets are advertised for sale. The sale will not include the liability, if any, which the receiver has against the directors of the defunct Merchants Bank and Trust Company.
The assets will be advertised for thirty days and then, within ten days prior to the confirmation, creditors and stockholders of the defunct institution will be notified of the time and place at which a motion is to be made to confirm the sale.
The order also specifies that after the termination of the suit now pending, brought by the receiver, against the directors of the bank to recover damages for their alleged liability as directors of the bank, the receiver is authorized to destroy all records of the bank or to deliver these records to the clerk of court.