8932. Peoples State Bank (Butternut, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 1, 1933*
Location
Butternut, Michigan (43.183, -84.916)

Metadata

Model
gpt-5-mini
Short Digest
be42b117

Response Measures

None

Description

Articles (Aug–Oct 1933) refer to receivers representing the Edmore State Bank and legal proceedings over unclaimed deposits under the escheats law. No run or depositor panic is mentioned; the bank is already closed and in receivership. Classified as a suspension that resulted in closure/receivership.

Events (2)
1. August 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank is closed and placed in receivership; receivers represent the Edmore State Bank in Montcalm County legal matters regarding unclaimed deposits.
Newspaper Excerpt
Receivers represent the Edmore State bank ... receivers of five closed Montcalm county banks.
Source
newspapers
2. August 31, 1933 Receivership
Newspaper Excerpt
Action Taken at Stanton to Offset Working of New Escheats Law. ... show cause why Montcalm county bank receivers should not comply with the law. ... represented the Edmore State (bank). The petition was filed following ... asking the county file a report of unclaimed (deposits). (Grand Rapids Press, 1933-08-31).
Source
newspapers

Newspaper Articles (2)
1. August 31, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, August 31, 1933

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Article Text

WOULD PROTECT DELAYED CLAIMS Action Taken at Stanton to Offset Working of New Escheats Law. A. Hawley issued an order in circuit court Wednesday directing Maxwell Black, public administrator, appear here Sept. 8, to show cause why Montcalm county bank receivers should not comply with the law. It is pointed out that under the provisions of the new escheats law depositors in the defunct bank who neglected to claim their deposits within the time would be compelled to forfeit their money the state Depositors' unclaimed funds could not be to offset money they banks the pubThe lic be directed to was filed by Brake show cause, Davis representing the Peoples State Butternut and Sheri. Trufant bank and the dan, the Farmers bank Carson City, and Attorney Frank Miller. represented the Edmore State The petition was filed following board of asking the county file a report of unclaimed According to the attorneys depositors of the unclaimed funds in many cases known to the receivers and the filing of the claim has been The petition out that Montcalm county one of those neglect file its Morris K. ing to Davis, prosecuting attorney granted an order Wednesday to file delayed claim for the county.

2. October 6, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, October 6, 1933

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Article Text

PLANS TEST CASE ON ESCHEATS LAW O'Brien Says Enforcement of Act Cannot Be Prevented. constitutional holds that the enforcement of the law cannot be prevented because bank depositors neglect to file claim for their deposit in closed bank. By this answer, prepared jointly by the attorney general and Maxwell L. Black, state public administrator, the burden of proof of the unconstitution of the law is thrown upon the receivers of five closed Montcalm county banks. They are opposing the demand of Black that they turn certain funds over to the state. The under the new law, has the right to seize unclaimed and abandoned deposits in bank, Receivers say that many depositors neglected to file claims for their deposits within the allotted period. Receivers represent the Edmore State bank, the Peoples State bank of Sheridan, the Peoples State bank of Butternut, the Trufant State bank and the Farmers and Merchants State bank of Carson City. Intention to make a test case over the issue in Montcalm circuit court before Judge Royal A. Hawley is indicated by the attorney general and the public administrator The receivers are represented by D. Hale Brake, Morris K. Davis and Frank A. Miller, all of Stanton.