Jasper County Democrat, Volume 8, Number 10, Rensselaer, Jasper County, 10 June 1905 — THE McCOY BANK MATTER. [ARTICLE]

THE McCOY BANK MATTER.

Judge Anderson of the Federal Court Decides Some Important (Questions. Trustee.!. H. Chapman, Judge Thompson, Jesse Wilson, Frank Foltz and Mose Tutuer were at Indianapolis Tuesday and Wednesday to the hearing of McCoy bank matters belore Judge Anderson. The Judge affirmed the referee to the effect that the Lafayette bankers get no preference because the notes held by them are signed by the members of the firm as individuals. He reversed the referee as to the overdrafts of the MoCoys and holds that the bank creditors are entitled to receive a share of the land in the name of the McCoys. This is said to be an important ruling. • In the matter of the alleged mortgage given by Tom McCoy to the bank several years ago and which was never placed on reoord, we understand the court thought there was sufficient evidence of such a mortgage, and the referee was instructed to look further into this matter, and if the alleged mortgage is sustained it will mean that the amount of same, which with interest now reaches some $43,000, will come out of the estate of Tom, which is practically worth about $50,000. This $43,000 would go to the bank to help swell the firm’s assets, and Tom’sJ individual creditors whom he owes amounts aggregating about s3o,ooo—would receive only the difference between the $50,000 and $43,000, instead of coming in on their regular share of the whole $50,000.