Bank Commissioners v. Security Trust Co.
Supreme Court of New Hampshire
Petition, for instructions as to the distribution of the assets of the Security Trust Company. At the January term, 1908, of the superior court, Stone, J., found the facts and transferred the following questions: (1) How shall the funds be distributed? (2) How shall the expenses of administration be apportioned? The Security Trust Company was incorporated in 1889 (Laws 1889, c. 175) and was authorized, among other things, to do a general banking and a savings bank business.
Read the full summary
Petition, for instructions as to the distribution of the assets of the Security Trust Company. At the January term, 1908, of the superior court, Stone, J., found the facts and transferred the following questions: (1) How shall the funds be distributed? (2) How shall the expenses of administration be apportioned? The Security Trust Company was incorporated in 1889 (Laws 1889, c. 175) and was authorized, among other things, to do a general banking and a savings bank business. At the time of its failure in 1896, its assets consisted of (1) securities held under the provisions of section 18,…
1Opinion of the CourtYqung, J.
1. The relation between the different classes of claimants of the funds in the hands of the assignee and the trust company is that of debtor and creditor. Bank Commissioners v. Banking Co., 74 N. H. 292. Therefore the depositors in the company’s savings department, as well as the holders of debenture bonds, are entitled to share with the unsecured creditors in the distribution of the unpledged assets, as to so much of their claims as are not satisfied by the application of the special funds created for their benefit. Bank Commissioners v. Trust Co., 70 N. H. 536, 539.
The defendants, however,…
2Cases cited2 opinions
- Bank Commissioners v. Security Trust Co.Supreme Court of New Hampshire · 1900
- Bank Commissioners v. New Hampshire Banking Co.Supreme Court of New Hampshire · 1907
3Cited by5 opinions
- United States v. People's Trust Co.District Court, D. New Hampshire · 1927
- Dawson Farmers Elevator Co. v. OppNorth Dakota Supreme Court · 1928
- Hodgell v. WildeWyoming Supreme Court · 1937
- Fell v. Securities Co. of North AmericaCourt of Chancery of Delaware · 1916
- Parent v. RandSupreme Court of New Hampshire · 1936