State v. People's Savings Bank & Trust Co.
New Mexico Supreme Court
Appeal from the District Court, Grant count}'; Neblett, Judge. Proceedings by the State of New Mexico, filed by the Attorney General, to wind up the affairs of the People’s Savings Bank & Trust Company, an insolvent corporation, with claim against the receiver by the American Surety Company of New York. From a judgment of the district court, dismissing exceptions of the surety company to the referee’s decision and sustaining his decision, the surety company appeals.
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Appeal from the District Court, Grant count}'; Neblett, Judge. Proceedings by the State of New Mexico, filed by the Attorney General, to wind up the affairs of the People’s Savings Bank & Trust Company, an insolvent corporation, with claim against the receiver by the American Surety Company of New York. From a judgment of the district court, dismissing exceptions of the surety company to the referee’s decision and sustaining his decision, the surety company appeals. State has common lawi right of preference, incident to sovereignty, in assets of bank in hands of receiver to extent of State’s…
1Opinion of the Court
OPINION OP THE COURT.
PARKER, J.
The People’s Savings Bank & Trust Companjr, of Silver City, N M., closed its doors on June 26, 1915, liavingj on deposit $9,929.08 of state funds. The deposit was secured by a depository bond in the sum of $30,000, with the American Surety Company as surety on the bond. Upon the closing of the bank the state of New Mexico made demand on the surety company for the payment of the amount of state funds on deposit in the bank at the time when it was closed, and the company paid the amount on July 27, 1915. Upon the payment of this amount, the state treasurer, in…
2Cases cited3 opinions
- Matter of Carnegie Trust CompanyNew York Court of Appeals · 1912
- State v. FosterWyoming Supreme Court · 1895
- American Bonding Co. of Baltimore v. ReynoldsDistrict Court, D. Montana · 1913
3Cited by8 opinions
- United States F. & G. Co. v. BramwellOregon Supreme Court · 1923
- Ghingher v. PearsonCourt of Appeals of Maryland · 1933
- National Surety Co. v. PixtonUtah Supreme Court · 1922
- Fidelity & Deposit Co. v. BruckerIndiana Supreme Court · 1933
- Board Comr's., San Miguel Co. v. Ppl's Bk. Tst. Co.New Mexico Supreme Court · 1929
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