Farmers National Bank (LaMoure, ND)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
February 25, 1926
Location
LaMoure, North Dakota (46.357, -98.295)
Registered Place
La Moure
Bank Type
national
Charter Number
9714

Metadata

Receivership Details

Depositor recovery rate
61.0%
Date receivership started
1926-02-25
Date receivership terminated
1933-10-20
OCC cause of failure
Economic conditions
Share of assets assessed as good
22.2%
Share of assets assessed as doubtful
42.5%
Share of assets assessed as worthless
35.3%

Notes

Receivership date (Feb 1926) in articles matches known government-record receivership date.

Events (5)

1. March 28, 1910 Chartered
Source
historical_nic
2. February 25, 1926 Suspension
Cause
Government Action
Cause Details
Bank closed and placed in receivership in February 1926.
Newspaper Excerpt
The bank closed in February, 1926.
Source
newspapers
3. February 25, 1926 Receivership
Newspaper Excerpt
Ed. Schulenberg, as Receiver of the Farmers National Bank of La Moure, North Dakota
Source
newspapers
4. February 25, 1926 Receivership
Source
historical_nic
5. December 19, 1928 Other
Newspaper Excerpt
Payment of 10 per cent dividends ... A 10 per cent dividend is being paid to creditors of the Farmers National Bank of La Moure ... The bank closed in February, 1926.
Source
newspapers

Newspaper Articles (2)

Article from The Bismarck Tribune, October 2, 1928

Click image to open full size in new tab

Article Text

Decisions of Supreme Court

George R. Fox, Jr., Plaintiff and Respondent

-VS.-

Thomas H. Zox, et al, Defendants Edith Schell, Grace Reed and Myrtle Hanna, Defendants and Appellants.

1. Sec. 8792-8796 of the Comp. Laws, permitting one entitled to a deed under the provisions of a contract for the sale of real estate, made with one now deceased, to petition the county court in a case where "the decedent if living might be compelled to make such conveyance," to make a decree authorizing and directing the administrator to execute such conveyance, does not confer equity jurisdiction upon the county court.

2. The procedure set forth in said section does not provide for a suit in equity for specific performance but merely a special proceeding incidental to the administration of the estate, to be utilized when the right of the petitioner is free from doubt.

3. Where a petition for such a conveyance is presented to the county court the court has jurisdiction to entertain the petition, provide for a "full hearing and examination of the facts and circumstances of the claim," and, if satisfied the petitioner is entitled to a conveyance, make a decree directing the administrator to execute a conveyance to the petitioner; but if the "right of the petitioner to have a specific performance of the contract is found to be doubtful, the court must dismiss the petition without prejudice to the rights of the petitioner, who may thereafter proceed in the district court to enforce a specific performance thereof." (Syllabus by the court).

Appeal from the District Court of Rolette County, Hon. C. W. Buttz, Judge. AFFIRMED. Opinion of the court by Burr, J. Kehoe & Verret, Cando, North Dakota, attorneys for respondent. Adamson & Wheat, Devils Lake, North Dakota, attorneys for appellant.

Ed. Schulenberg, as Receiver of the Farmers National Bank of La Moure, North Dakota, a corporation, Plaintiff and Respondent

-VS.-

Fred Long, Defendant and Appellant.

1. On an appeal from a judgment entered on a verdict of a jury when no specifications of error are served with the notice of appeal, only errors appearing on the judgment roll will be considered.

2. No motion having been made for a directed verdict by the defendant at the close of the trial and no appeal taken from the order denying his motion for a new trial, the Supreme Court will not review the sufficiency of the evidence to sustain the verdict.

3. Certain remarks of the trial court and certain instructions to the jury examined and held not prejudicial for reasons stated in the opinion. (Syllabus by the court).

Appeal from the District Court of La Moure County, Hon. Chas. E. Wolfe, Judge.

Action on a promissory note. From a judgment for plaintiff, defendant appeals. AFFIRMED. Opinion of the Court by Grimson; District Judge. Burr, J., did not participate; Hon. G. Grimson, Judge of the Second Judicial District, sitting in his stead. Wm. Maloney, Fargo, N. D. attorney for defendant and appellant. Hutchinson & Lynch, La Moure,


Article from The Bismarck Tribune, December 19, 1928

Click image to open full size in new tab

Article Text

3 Closed Banks in La Moure Making 10 Per Cent Payments La Moure, Dec. 19.-Payment of 10 per cent dividends in each of three closed banks in La Moure- county is announced today by Ed Schulenberg, receiver. Certificate holders in the First National Bank of Edgeley will receive payments. A total of 80 per cent has been paid by this trust since it was closed less than two years ago. A 10 per cent dividend is being paid to creditors of the Farmers National Bank of La Moure but checks will not be ready for distribution until Jan. 1. The La Moure trust has paid 40 per cent in addition to this payment. The bank closed in February, 1926. Checks are now being sent to creditors of the First National Bank of Marion, covering a dividend of 10 per cent.