Jasper County Democrat, Volume 12, Number 18, Rensselaer, Jasper County, 5 June 1909 — ECHO FROM GOODLAND BANK FAILURE. [ARTICLE]

ECHO FROM GOODLAND BANK FAILURE.

A bank failure brings on many complications, and the three failures of recent years in this county has given the court considerable 1 business. When the Goodland Bank of Baldwin & Dague closed its doors one of the larges-t creditors was Charles W. Spinney, at that time Treasurer of Newton county. Mr. Spinney had used the bank as a depository%for county money, but to safeguard himself held collateral paper of the bank to the amount on deposit, less the amount of indebtedness to the bank owed by Spinney Bros. After the bank failure Mr. Spinney proceeded to realize on the collateral held in trust and also offered as an offset against the offered the firm’s indebtedness to the bank as an offset against the amount of public funds held in that institution on deposit. The receivers of the bank held that the Spinney Bros, note could not stand as an offset against the credit deposit of C. W. Spinney, and brought suit to recover. Thecase was heard before Judge James T. Saunderson Monday who held that the firm’s indebtedness was an ,asset of the bank and gave the receivers judgment for the full amount, $3 - 181.50, and SIOB.OO attorney’s fees. An appeal was taken to the Appellate Court.—Kentland Enterprise.