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BANK RECEIVER On petition of Rudolph Reichert, state banking Judge Charles White Tuesday afternoon appointed George C. Tyson, Baroda, the temporary receiver for the Baroda State bank. Mr. Tyson was cashier of the bank, before directors voted to close three weeks ago. The bank had never been moneymaker for the stockholders, and closing of the had been under consideration for many months.
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NAME BARODA BANK RECEIVER The Tribune's Special Service. ST. JOSEPH, Mich., Sept. 23.George C. Tyson, cashier of the Baroda State bank closed two weeks ago, was appointed temporary receiver Tuesday afternoon by Judge Charles E. White in Berrien county circuit court. A petition ordering that the bank remain closed was filed Tuesday by the state banking commission. BIRTHS IN ELKHART. The Tribune's Service ELKHART, Ind., Sept. 23.-A daughter was born this morning to Mr. and Mrs. Harry Cadman, 1768 East Beardsley avenue. Daughter, this morning, in Elkhart General hospital, to Mr. and Mrs. Walter Cochran, 1217 Bower street. ENGAGEMENT ANNOUNCED. The Service. ROCHESTER. Ind., Sept. 23 Mrs. Amelia Wile has announced the engagement of her granddaughter, Miss Josephine Yuster, daughter of Mr. and Mrs. M. L. Yuster, of Columbus, O., and Arthur Jacobs, of Akron, O.
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NEW TRIAL IN DR. KING SUIT Verdict in Bank Stock Sale Dispute Set Aside by Court Judge Charles E. White in the Berrien county circuit court, today granted the motion of Attorney R. E. Barr for new trial in the suit filed by George Tyson, receiver for the Baroda State bank, against Dr. Frank A. King, well known Benton Harbor hysician. The bank receiver filed suit to collect on $2,500 note given by Dr King to Commercial National Bank Trust company on December 11, 1930, as payment for the purchase 10 shares stock in the St. Joseph bank The note was later transferred to the Baroda bank. Dr. King charged that the value of the stock been misrepresented to him by officials of the Commercial bank, and protested payment. The case was heard in the April term of the circuit court and the jury returned verdict of no cause for action. Attorney Barr in his motion for new trial argued that the purchaser never attempted to rescind his contract, paid the interest on the note and that the defense failed to show that the value of the stock was worthless the date of purchase. The judge set aside the verdict returned by the jury and granted the motion for the new trial. Attorney John Sterling, who represented Dr. King, stated in open court that he would appeal the ruling, but was informed by the court that under the rules he would not be permitted to do so.
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BANK STOCK CASE GRANTED Receiver Of Baroda Institution Wins Rehearing Order Today Judge Charles E. White today granted the motion of Attorney R. Barr for new trial in the case filed by George Tyson, receiver for the Baroda State bank against Frank A. King, well known Benton Harbor The bank receiver filed suit to collect on a $2,500 note given by Dr King to the Commercial National Bank & Trust Company on December 11, 1930, as payment for the purchase of 10 shares of stock in the St. Joseph bank. The note was later transferred to the Baroda bank. Dr. King charged that the value of the stock had been misrepresented to him by the officials of the Commercial bank and he protested payment. The case was heard in the April term of the circuit court and the jury returned a verdict of no cause for action. Attorney Barr in his motion for a new trial argued that the purchaser never attempted to rescind his contract, paid the interest on the note and that the defense failed to show that the value of the stock was worthless on the date of purchase. The judge set aside the verdict returned by the jury and granted the motion for the new trial. Attorney John Sterling, who represented Dr. King, stated in open court that he would appeal the ruling, but was informed by the court that under the rules he would not be permitted to do so.
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FILE PETITION TO TERMINATE RECEIVERSHIP Of B. H. Reopening State Advances Another Step Reorganization of the Benton Har bor State bank moved along toward its final stages today with the filing in the circuit court of petition asking the court to set a date for hearing on the plan. At the same time, also, the court will fix the terms and conditions on which the receivership may be terminated. The necessary legal procedure expected to be completed within the next month to allow the reopening of the bank before September Baroda Dividend Ordered Another bright spot in the closed bank situation in Berrien shown through today when Circuit Judge Charles E. White signed an order permitting the Baroda State bank to pay depositors 10 percent dividend. This will amount to approximately $12,000, according to Attorney Rolland Barr, attorney for the receiver. The dividend will be paid as soon the state treasury department sends the money to the bank, which is expected to be the first part of next week. The petition relative to the opening up of the Benton Harbor State bank was made by Rudolph E. Reichert, state banking commissioner, and filed through State Attorney General Paul H. Voorheis and Assistant Attorney General Sid A. Erwin. It states that more than the necessary 85 percent the depositors have signed the depositors' agreement, copy of which is attached. Judge White expected to set date for hearing of the details of the plan soon. At that time, too, date for hearing objections also will be set. Objections must be filed in writing. Will Have $50,000 Capital The plan provides for the reopening of the bank with capital stock of least $60,000. The depositors have agreed to set aside 45 percent their deposits in liquidation trust fund. The balance of 55 percent will be paid out to de positors over period of five years. Fifteen percent will be paid within the first year, 15 percent the second, 20 percent the third and fourth years, and 30 percent the fifth year. The reorganization is in the hands of depositors' committee which some time ago concluded successful campaign to secure 85 percent of the depositors' signatures on the agreement. In signing the order for the payment percent dividend general claims in the Baroda State bank, Judge White also authorized the payment of $2,957.21 of preferred claims, all public funds. These will be paid as follows: Baroda village $203.54; Baroda township, Baroda school district No $537.96; district No. $748.71; No. $410.25, and No. 1, fractional, $35.
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BANK SUIT DRAGS OUT IN CIRCUIT The retrial of the suit filed George Tyson. receiver Baroda State Bank, against Dr. Frank King. well known Benton Harbor physician will probably the this cials the Berrien county circuit asserted King is being sued to collect on the $2,500 note signed in December 1930 for the of 25 shares the Commercial Bank Trust Company His note was later sold to the Baroda bank.
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DR. KING AGAIN VICTOR IN BANK STOCK DISPUTE For the second time circuit court jury this afternoon returned verdict no cause for action in connection with the efforts of George Tyson, ceiver of the Baroda State collect $2,500 from Dr. Frank King, prominent Benton Harbor surgeon. Twice the receiver has brought suit for judgment claiming that the physician refused to pay note given him exchange stock in the funct Commercial National bank St. The case was first tried last spring both instances Dr. King insisted that the bank solvent at the time was persuaded purchase stock, alleging he was the victim fraud. The stock was purchased shortly before the bank closed. King the bank stock to the Babank The was represented by Attorneys Barr and Ross Lamb. King represented by Attorneys John and Gray.
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ATTY. WEBSTER WINS HIS LEGAL SPURS Attorney Webster Sterling, son John Sterling, and the members of the county won his spurs in circuit court this when tried won one and acted associated counsel in The young man attorney for Mrs. Spear, city, terday awarded judgment against Cleveland Lester. Attorney was associated his father for defense the of George Tyson, Baroda State bank receiver, who failed in second tempt payment note Frank King, this stock the defunct CommerNational Bank Trust company
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Baroda Bank Receiver Sues Three for Notes Three suits were filed in circuit court today by George Tyson, receivthe Baroda State bank, collect balances due on notes. The defendants in the suits, and the amount of judgement asked in each follow Orville Dunham, John and Henry Johannes, $450; Henry Dinges, $860. The suits were filed for the receivby Atty. R. Barr. CENTRAL SKATING RINK Prices 10c free, Mon. Thurs. 9-10(2t)
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BANK RECEIVER SUES TO COLLECT NOTES George E. Tyson, receiver of the Baroda State bank, today filed five suits the circuit court to collect on promissory notes. The suits were filed against L. E. Brunke, $295; Fred and Augusta Schultz, $718.73; Will Schlutt, $1,316; David and Henry Siefert, $833; and Bauman, $350. The suits were filed through Attorney Rolland E. Barr of St. Joseph.
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Baroda Bank May Pay Dividend Before Xmas petition for license to borrow was filed the Berrien county circuit court today by Benjamin Kral, receiver for the Baroda State bank. According to the petition, which was filed Attorney Barr, torney for the receiver, the bank ceiver may be able another pay dividend before Christmas he obtains approval of the state department. The petition states that has on posit with the state banking departpay the second 10 cent dividend the $1,000 borrowed from the Peoples State bank in for the loan will be posted with the seph bank, and it will repaid withJudge Charles E. White signed the order Mr. Kral obtains the permission the banking partment he will be able to the dividend per cent. which to approximately He stated today that he would week just when the dividend per cent dividend of the closed Baroda bank paid August The bank closed September of 1931.