9964. Seven Corners Bank (St Paul, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 17, 1896
Location
St Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini
Short Digest
9d26093a

Response Measures

None

Description

No newspaper article describes a depositor run. The bank is described as 'defunct' and the court applied double liability, appointed a receiver (Dec 11, 1896) and later the receiver wound up affairs and the bank was out of existence (final account approved Dec 5, 1897). Classified as a suspension/closure with receivership (government action) due to insolvency/indebtedness.

Events (4)
1. April 17, 1896 Other
Newspaper Excerpt
Judge Egan is hearing the case of Otto Walther against The Seven Corners Bank et al., being an action to establish the liabilities of the stockholders for the debts of that defunct institution.
Source
newspapers
2. December 11, 1896 Receivership
Newspaper Excerpt
applied the double liability law ... and has ordered the appointment of a receiver to collect the pro rata amount of the $203,165.90 of the indebtedness of the institution.
Source
newspapers
3. December 11, 1896 Suspension
Cause
Government Action
Cause Details
Court applied double liability law and ordered appointment of a receiver to collect debts; bank insolvent/indebtedness.
Newspaper Excerpt
Judge Egan has applied the double liability law to the stockholders of the defunct Seven Corners bank and has ordered the appointment of a receiver to collect the pro rata amount of the $203,165.90 of the indebtedness of the institution.
Source
newspapers
4. December 5, 1897 Other
Newspaper Excerpt
The court granted the final account of Receiver John P. Hoffman ... the creditors will all receive a further dividend ... The Seven Corners bank is now out of court as well as out of existence.
Source
newspapers

Newspaper Articles (4)
1. April 17, 1896 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, April 17, 1896

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Article Text

Notes of the Courts. Thomas Davis, who made an assignment a few days ago yesterday filed a schedule of his assets and liabilities. The aggregate of the former is $4,892.77, and the latter foot up $9,273.10. Judge Egan is hearing the case of Otto Walther against The Seven Corners Bank et al., being an action to establish the liabilities of the stockholders for the debts of that defunct institution. The claims aggregate $170,000. Celia Rosell was given a verdict for $570 in Judge Kelly's court yesterday in her suit for damages against Benjamin Braunstein for being run over by one of his delivery wagons.

2. December 10, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 10, 1896

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Article Text

DISTRICT COURT ROUTINE. New Cases Begun Yesterday-Actions on Trial. The following new cases were begun in the district court yesterday: 67,489-Eleanor Tatum vs. Ramsey County Land and Loan Co.; action to recover $58.78 alleged to be due on a promistory note and interest on $1,500 for three years at rate of 7 per cent per annum. 67,490-Chapman Drake Co. vs. Simon E. Goodrich; suit to recover judgment of $431. 67,462-In re assignment of Francis J. Berrisford; schedule of assets and liabilities filed. Assets, $653.09; liabilities, $2,876.02. Orders and Decisions-65,303-Charles P. Marvin vs. W. H. McDonald et al.; order granting motion of plaintiff to set aside struck jury. Brill, J. 66,724-Ellen Rush, for Phillip Rush, vs. The St. Paul City Railway Company; order granting motion of plaintiff to set aside struck jury. Brill, J. 65,951-In re guardianship of A. B. Weide: appeal from allewance of claim of Herman Hess; decision allowing modified claim in the sum of $395. Kelly, J. 53,664-Otto Wather vs. The Seven Corners Bank and W. P. Abbott, Edward Ayd et al.; findings for plaintiff fixing liability of stockholders and appointing receiver to adjust claims. 64.788-John W. Lane et al., executor, vs. Charles Eaton et al.; decision adjusting bequests of will. Otis, J. Before the Judges66,656-James H. Butterfield vs. George W. Freeman; motion of defendant to amend answer granted and cause continued. Willis, J. 65,153 - Julia E. Ccombs vs. James A. Coombs; decree of divorce granted on ground of desertion. Willis, J. 66.692-Haitie Olson vs. Anthony Olson; decree of divorce granted on ground of cruel and inhuman treatment. Willis, J. 67,185-Champion Iron Company vs. Northern Building Company; on trial. Kelly, J. 67,306-Harry A. De Mesteri, by guardian, vs. St. Paul City Railway Company; on trial. Brill, J.

3. December 14, 1896 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, December 14, 1896

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Article Text

# STOCKHOLDERS MUST PAY. Double Liability Assessment in the Seven Corners Bank Case. ST. PAUL, Dec. 11.-Judge Egan has applied the double liability law to the stockholders of the defunct Seven Corners bank and has ordered the appointment of a receiver to collect the pro rata amount of the $203,165.90 of the indebtedness of the institution according to the individual liability adjudged in the findings filed in the case. The total liability of the stockholders is placed at $170,800, which leaves an excess of indebtedness amounting to $30,465.90. The court finds that the stockholders are liable and adjudges the amount due each creditor.

4. December 5, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 5, 1897

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Article Text

SEVEN CORNERS' BANK. Is Finally Disposed of in the District Court. The affairs of the defunct Seven Corners bank were practically wound up yesterday before Judge Bunn at special term. The court granted the final account of Receiver John P. Hoffman and to permit the receiver to pay out all moneys still remaining in his possession as receiver, to the persons entitled thereto. In consequence the creditors will all receive a further dividend of five per cent, when this is paid the creditors will have received altogether something over a 35 per cent dividend. The court allowed Receiver Hoffman $2,500 for his services, and W. P. Westfall, his attorney, $3,386. Of the entire dividend, the assets of the bank paid 10 per cent and the stockholders 30 per cent. The Seven Corners bank is now out of court as well as out of existence.