In re the President, Directors & Co. of the Franklin Bank
New York Court of Chancery
This was a motion made in behalf of the depositors of money in the Franklin Bank for an order directing the receiver to pay to them the amount of their deposits, before any distribution was made of the funds of the bank among its general creditors.
1Opinion of the Court
The Chancellor :—By the report of the receiver, it appears that at the time he took the concerns of the bank into his hands, the amount of moneys actually remaining in deposit, including the bills of other solvent banks, was only $7,957 88; while the amount of balances on the books of the company, standing to the credit of individuals and other banks, usually denominated deposits, was $250,671; of which sum, $84,000 was due to other banks. *253This amount of deposits has been reduced by off-sets, &c., about $85,000, leaving the estimated amount of debts due from bank, $340,000; of which, $125,000…
2Cited by23 opinions
- Armstrong v. American Exchange Nat. Bank of ChicagoSupreme Court of the United States · 1890
- Metropolitan National Bank of New York v. LoydNew York Court of Appeals · 1882
- Brahm v. AdkinsIllinois Supreme Court · 1875
- In re the Estate of KrugerNew York Surrogate's Court · 1931
- Bobbitt v. . StantonSupreme Court of North Carolina · 1897
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