Salt Lake Telegram | 1924-03-01 | Page 2 | County Will Assign Claim in Bank Case

COUNTY WILL WILLAS AS ASSIGN IGN CLAIM IN BANK CASE CASEI I Commission Paves ves Way for Surety Company to Perfect Claim to Last Dividend of Dead Bank BankIn In order that the American Surety Surety Surety Sure Sure- ty company may institute suit against E. E E E. Jenkins as receiver of the defunct National City bank to quiet claim to of the thelast last last dividend declared by the receiver the county commission has as assigned assigned assigned as- as signed to the surety company Its I claim to of ot this amount Suit it is stated by George G. G Armstrong of the county attorneys attorney's I office ottice will be instituted at once by byI I the American Surety company and andI I the county will aid in prosecuting it to the end that the county may receive the final balance due clue ue it on the deposits which it had In the bank when the Institution failed Recently the surety company paid the county plus pius in interest in- in t terest rest after a long and hard fight In the courts and th cleared the county's claim against the bank with exception of of ot the dividend the balance of ot this being being- conceded by the county to belong to the surety com corn pany TEXAS FIRM INVOLVED When nhen the receiver declared the Jast ast dividend he was prepared to tomake tomake tomake make payment to Salt Lake county Its portion n but before payment could be made he was served with notice by a Texas surety company which was a reinsuring agency that it would hold him liable Hable for payment of its claim for reimbursement reimbursement reimburse reimburse- ment for money paid laid out In settling the county's claim of ot The receiver then held up up the county's portion of ot the dividends re refusing re- re fusing to pay it until settlement of ot claim of ot the Texas Company could be had In order that this and other possible possible possible pos pos- sible claims of ot reinsuring companies may be settled and the county may receive Its It was decided by the county commission to assign its claims to the dividend to the American Surety company and let that company bring suit to quiet ulet and adjust the entire matter I Just when the suit will be filed tIled Judge Armstrong could not say this morning but said the surety company com com I pany would institute action as quickly quick ly as possible i L I