Sacramento Bank v. Pacific Bank

Appeal from judgment for plaintiff for the sum of $1,014.38 claimed to he due on the sixth dividend declared in favor of creditors by directors of defendant.

The appeal is taken on the judgment-roll, from which it appears that, when the defendant became insolvent and was placed in liquidation by proceedings of the hank commissioners in 1893, it was indebted to plaintiff in .the sum of $20,272.70 or thereabouts. The plaintiff presented its claim for that amount to the defendant and that defendant in due form allowed the *148 same. That from the defendant plaintiff has collected of this indebtedness, before the commencement of this suit, five dividends of five per cent each, or a total of twenty-five per cent of its original claim, amounting in the aggregate to about $5,071.-90; also from the solvent stockholders plaintiff recovered about $5,100, being the proportion of the remaining seventy-five per cent of plaintiff's claim due from them, leaving a little over $10,000 unpaid on plaintiff's original claim. After all these collections a sixth dividend to the creditors of five per cent was declared by the directors of the insolvent defendant, and the first question presented to the…