Minneapolis Trust Co. v. Menage
Supreme Court of Minnesota
The Minneapolis Trust Company, as trustee, filed in the district court for Hennepin county its report of receipts and disbursements in connection with the sale of certain collateral held by it in trust. The La Salle National Bank, a creditor interested in the collateral, filed its exceptions to the report, which were adopted by certain other creditors.
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The Minneapolis Trust Company, as trustee, filed in the district court for Hennepin county its report of receipts and disbursements in connection with the sale of certain collateral held by it in trust. The La Salle National Bank, a creditor interested in the collateral, filed its exceptions to the report, which were adopted by certain other creditors. The exceptions were heard before Bussell, J., who on July 6,1897, overruled them, approved the account of the trustee and ordered judgment in its favor. In September, 1897, John M. Norris, as receiver of the defendant Menage, petitioned that he…
1Opinion of the CourtMitchell, J.
One Menage had discounted promissory notes, whose payment he had guarantied, of the face value of over one million dollars. About $100,000 of these notes were held by the Northwestern Guaranty Loan Company, but the balance was disposed of to about 150 different parties, principally banks, scattered over 10 or 12 different states. As security for the payment of these notes, he deposited in trust with the Guaranty Loan Company certain securities, including $295,000 second mortgage bonds of the West Pullman Association of Chicago. In May, 1893, the Guaranty Loan Company was adjudged insolvent,…
2Cited by15 opinions
- Melady v. South St. Paul Live Stock ExchangeSupreme Court of Minnesota · 1919
- Smith v. TolversenSupreme Court of Minnesota · 1934
- State Board of Law Examiners v. HartSupreme Court of Minnesota · 1908
- State ex rel. Pope v. Germania BankSupreme Court of Minnesota · 1908
- Minneapolis Trust Co. v. MenageSupreme Court of Minnesota · 1902
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