Francestown Savings Bank Case
Supreme Court of New Hampshire
Insolvency Proceedings, for winding up tbe bank as to scaled deposits. February 5, 1877, tbe deposit accounts of the savings-bank were reduced twenty per cent., under Laws of 1874, o. 71, s. 10. There was then due depositors $115,561.73, and the assets of the bank at their par value, as they stood on the books of the bank, amounted to $114,795.99. After the twenty per cent, reduction, the deposits amounted to $92,449.38, and the value of the assets, as then estimated, to…
Read the full summary
Insolvency Proceedings, for winding up tbe bank as to scaled deposits. February 5, 1877, tbe deposit accounts of the savings-bank were reduced twenty per cent., under Laws of 1874, o. 71, s. 10. There was then due depositors $115,561.73, and the assets of the bank at their par value, as they stood on the books of the bank, amounted to $114,795.99. After the twenty per cent, reduction, the deposits amounted to $92,449.38, and the value of the assets, as then estimated, to $99,441.57, leaving a surplus or contingent fund of $6,992.19. The contingent fund was not separate from the other assets…
1Opinion of the CourtSmith, J.
The depositors, on the day their accounts were-reduced to eighty per cent, of their value, as previously shown. •upon the books of the bank (February 5, 1877), were the equitable owners of the securities and other property of the bank. The value of all the assets of the bank on that day was not sufficient, if divided among the depositors, to restore to each one the par value ■of his deposit account. The bank, being insolvent, could not pay .all' its depositors in full. If it should pay some in full, it could pay others only in part, and those who should come last for their money might receive…
2Cases cited3 opinions
- Cogswell v. Rockingham Ten Cents Savings-BankSupreme Court of New Hampshire · 1879
- Hall v. ParisSupreme Court of New Hampshire · 1879
- Simpson v. City Savings BankSupreme Court of New Hampshire · 1876
3Cited by3 opinions
- Bank Commissioners v. New Hampshire Banking Co.Supreme Court of New Hampshire · 1907
- Petition of the Union Five Cents Savings BankSupreme Court of New Hampshire · 1895
- In Re City Savings BankSupreme Court of New Hampshire · 1973