Show ESTATES GIVEN CLAIM PRIORITY 4 T S Court Rules Closed Bank Receivers Receivers Receivers Re Re- Must Must Pay Beneficiaries Bene Bene- First The state supreme court held FrI FrI- day that when a bank acting as a fiduciary becomes insolvent the i claims o of beneficiaries of estates han died b by the bank constitute a han I lien against all aU assets and property o ohe of the he institution and must be paid bhe b by bythe the he receiver before claims of depositors depositors tors tons and common creditors are met The ruling regarded as a highly highl important one was contained in an opinion written by Chief Justice D D. N N. and concurred in by the theother theother theother other justices The opinion upheld decision of dis dis- dis court in m Millard county in the claim of ot Nellie Parkinson of Melbourne Australia Australla against the closed of Millard County When the bank closed In December December Decem Decem- ber er 1931 Walter Hadlock then state banking commissioner refused the claim on grounds it was a lien against bank capital which he construed as money paid in by stockholders stockholder When John A. A Malia became commissioner com corn missioner he appealed the Millard county count decision to the supreme court The he decision holds that capital in inthe inthe the he sense ense of or a statute covering such liens lens consists of total assets ets and property properly In connection with the decision the he the high court made permanent a temporary injunction restraining Mr Malia from paying common and Unsecured unsecured un- un secured claims until the claim in in question is met Following the same reasoning the court in another opinion by Justice affirmed a Second district court decision and directed payment of ot a Do claim against the defunct Ogden State bank by beneficiaries of the he estate of Herman Hennan E. E |