9764. Northwestern Guaranty Loan Company (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 3, 1901
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
9fc6d995

Response Measures

None

Description

Newspaper articles refer to the Northwestern Guaranty Loan Company as insolvent with the Minneapolis Trust Company appointed as receiver and court proceedings over the receiver's accounts. There is no mention of depositor runs in the articles provided. This appears to be a suspension/insolvency with a receiver appointed and subsequent legal proceedings, matching suspension_closure.

Events (2)
1. October 3, 1901 Suspension
Cause
Government Action
Cause Details
Company declared insolvent and placed in receivership (Minneapolis Trust Company as receiver).
Newspaper Excerpt
Minneapolis Trust Company as Receiver ... Minneapolis Trust company, as receiver for the Northwestern Guaranty Loan company
Source
newspapers
2. April 12, 1902 Receivership
Newspaper Excerpt
Receiver's Account Allowed. Minneapolis Trust Co., as Receiver of the Northwestern Guaranty Loan Company, insolvent, respondent ... order of the trial court, which in effect allows a receiver's account ... Order affirmed.
Source
newspapers

Newspaper Articles (2)
1. October 3, 1901 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, October 3, 1901

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Article Text

WANTS FIGURES "0. K'D" Minneapolis Trust Company as Receiver Bobs Up Again. In the supreme court yesterday the case of the Minneapolis Trust company, as receiver for the Northwestern Guaranty Loan company, against Louis F. Menage, the La Salle National bank and others was brought up on motion of the trust company as respondent, to have the order of the lower court allowing its accounts as receiver affirmed. The defendant's appeal from the order of the district court and argument were heard this morning. The record in the case covers 1,522 printed pages. The motion was taken under advisement.

2. April 12, 1902 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, April 12, 1902

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Article Text

-Collins, J. Receiver's Account Allowed. Minneapolis Truist Co., as Receiver of the Northwestern Guaranty Loan Company. insolvent, respondent, vs. Louis F. Menage, et al., defendants, La Salle National Bank, et al., appellants. 1. In ruling upon an interlccutory motion to set aside an order allowing a receiver's account in insolvency proceedings, it is not necessary that specific findings of fact and law be separately stated by the trial court. 2. An order of the trial court, which in effect allows a receiver's account and refuses to surcharge the same, under claim that such receiver was guilty of positive bad faith and fraud in the sale of trust property, involves the conclusion of fact that the receiver's conduct was characterized by good faith without more specific findings in that respect. 3. Upon a review of the evidence before the trial court in this case, held that it reasonably tends to support the essential conclusion reached therein that there was good faith by the receiver in the sale of certain trust property and that the account was properly allowed. Order affirmed. -Lovely. J. Anneal Instice Court