Palmer v. Bank of Zumbrota
Supreme Court of Minnesota
Action in the district court for Goodhue county under G. S. 1894r c. 76, to restrain defendant bank from exercising its corporate rights, privileges, and franchises and for the appointment of a receiver. An order was made appointing a receiver, and afterwards judgment was entered adjudging defendant insolvent, confirming the appointment of the receiver, and granting other relief.
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Action in the district court for Goodhue county under G. S. 1894r c. 76, to restrain defendant bank from exercising its corporate rights, privileges, and franchises and for the appointment of a receiver. An order was made appointing a receiver, and afterwards judgment was entered adjudging defendant insolvent, confirming the appointment of the receiver, and granting other relief. In the course of the action five appeals were taken from the orders of the court, Crosby, J., as follows: (1) R. P. E. Thacher by leave of court intervened In behalf of himself and all other creditors of defendant,…
1Opinion of the CourtCollins, J.
The Bank of Zumbrota was organized under the laws of this state, in 1878, with a capital of $50,000. Subsequently it reduced its capital to $25,000. In May, 1893, it suspended payment. On July 15 a meeting of the shareholders was called, and, believing the concern solvent, it was resolved to increase the capital to $45,000 by issuing new stock to the amount of $20,000. Several of the depositors who had not previously been stockholders were induced to subscribe for the new stock, and in payment therefor to ■surrender certificates of deposit The balance of the new shares was subscribed for and…
2Cases cited4 opinions
- Allen v. WalshSupreme Court of Minnesota · 1879
- McKusick v. Seymour, Sabin & Co.Supreme Court of Minnesota · 1892
- Pioneer Fuel Co. v. St. Peter Street Improvement Co.Supreme Court of Minnesota · 1896
- National German-American Bank v. St. Anthony Park North Real-Estate Improvement Co.Supreme Court of Minnesota · 1895
3Cited by6 opinions
- Hanson v. DavisonSupreme Court of Minnesota · 1898
- Minneapolis Baseball Co. v. City BankSupreme Court of Minnesota · 1896
- Dayton v. Board of EqualizationOregon Supreme Court · 1897
- Palmer v. Bank of ZumbrotaSupreme Court of Minnesota · 1898
- Ueland v. HauganSupreme Court of Minnesota · 1897
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