State Bank (Oto, IA)

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BANK RECEIVER SUES ON NOTES

Fifteen Borrowers from Defunct Oto Bank Are Defendants.

Eleven suits to collect $4,796 on promissory notes have been filed by L. L. Zavitz, receiver for the State bank, of Oto, against 15 persons, as follows:

Merrel Slentz, $120; James Burke, jr., $715; Leo L. Mak and Helen M. Mak, $485; E. G. Wise, $37; W. S. Church and R. N. Rawson, $78; Joe Weathers and H. C. Feddersen, $2,000; J. S. Wise, $30; Neil M. Wise, $100; J. B. Wood, $60; Frank Diamond, $435; J. Shoberg and L. H. Allemang, $705.

A judgment for $2,460 on a note is demanded by the Citizens State bank, of Anthon, against A. H. Livermore and Goldie Livermore, in a petition filed in district court.

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WHO OWNS STOCK?

Question Puzzles Receiver for Oto State Bank.

Who owns the stock in the defunct Oto State bank, Oto, Ia., and how much should each stockholder be assessed to pay the bank's debts? These are the questions which L. L. Zavitz, receiver, asks the court to answer in a petition filed with the county clerk.

The receiver states that a few days after he was appointed receiver many transfers of the bank stock were made. He also says that a number of the stockholders are unable to meet a 100 per cent assessment on their stock.

Some of the stockholders, says Zavitz, claim to hold their stock merely as agents. Others are financially irresponsible, so that it is difficult to determine the assessment each stockholder should pay in order to provide funds to pay off the bank's debts. He asks the court to enter such judgments against each stockholder as it may deem advisable.

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Who owns the stock in the defunct Oto State bank, Oto, Ia., and how much should each stockholder be assessed to pay the bank's debts? These are the questions which L. L. Zavitz, receiver, asks the court to answer in a petition filed with the county clerk.

The receiver states that a few days after he was appointed receiver many transfers of the bank stock were made. He also says that a number of the stockholders are unable to meet a 100 per cent assessment on their stock.

Some of the stockholders, says Zavitz, claim to hold their stock merely as agents. Others are financially irresponsible, so that it is difficult to determine the assessment each stockholder should pay in order to provide funds to pay off the bank's debts. He asks the court to enter such judgments against each stockholder as it may deem advisable.