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eBook details

• Title: American Barrel Co. v. Commissioner Banks
• Author : Supreme Judicial Court of Massachusetts
• Release Date : January 27, 1935
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 72 KB

Description

FIELD, Justice. This suit in equity was brought in the Superior Court by the plaintiff, the payee of certain checks, against
the commissioner of banks in possession of the property and business of the Salem Trust Company, the Federal National Bank
of Boston, in the hands of Herbert Pearson, receiver, and the drawers of such checks to enjoin the defendant Federal National
Bank of Boston from bringing suit thereon, and the drawers from making payments thereon to the defendant bank or its receiver,
and to order said defendant bank to deliver these checks to the plaintiff. By amendment the receiver was joined as a party
defendant. He filed an answer and a counterclaim wherein he prayed that the amounts due from the plaintiff as indorser of
said checks and from the defendant drawers thereof be determined, and that the plaintiff and these defendants be ordered to
pay such amounts to him as receiver. The Judge who heard the case made findings of fact and an order for a decree. In accordance
with such order a decree was entered dismissing the counterclaim of the defendant receiver, ordering him as such receiver
to return to the plaintiff all the checks described in the bill of complaint and remaining unpaid, and enjoining the drawers
thereof from making payments thereon to said receiver, and the defendant receiver appealed. The evidence is reported. Material findings of fact, supported by the evidence, are as follows: Both the Salem Trust Company and the Federal National
Bank of Boston ceased to do business on December 14, 1931. The former was taken over by the commissioner of banks and the
latter by the comptroller of the treasury. Neither has reopened. Each is now in the process of liquidation.

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