Rensselaer Semi-Weekly Republican, Volume 37, Number 10, Rensselaer, Jasper County, 7 February 1905 — The Progress of the McCoy Estate. [ARTICLE]

The Progress of the McCoy Estate.

Trustee J H. C iapman has new given fully tbe legal newspaper notic-s of intention to sell the M *- C y estate lauds, and Referee Bowers has sent ->ut the necessary notices of the tame to the individual creditors The laud ia to be offen d at Mr. Ctiapmao’s c ffi e, on and after February 14th. After tue land is scid and no doubt it web ar 11 quite readily at satisfactory prices, toe trustee will nave quite a large sum m Ins bauds, but it would be a res 1 mar who would pr det bow sum a distribution win he made to the creditors, nor how Urge a per cent they will eve dually motive. There are several knotty legal points involved ai d are now up >o the referee tor his dicision, but are likely to go to Judge Ancersuu for final dtcision, no matter how the referee decides. Here being thiee sepaiate bankrupt m volved, that of the firm of A McCoy & Co , end triose cf A. Vic Coy and T. J. MoOoy, individually, greatly complicates matters. Tbe most imp >rtaut punt to be decided is the sending of the firm of A. McC y & Co., as a creditor of the estates or A McCoy a >d T. J. McCoy, mAvi ualiy. Thus, Lr it stance, thu records s ow that A. McCoy individuilly owed the tank SBO,OOO on over-drafis etc. Hea'soowtd perecnaby considerable rums to individuals. Now tbe queaten is, do all these individu .1 accounts have to be paid, in full, before the bank and (behind the bank, the bank’s creditor-) oau have the SBO 000 claim rec gnized. Trustee Ch-pman thinktne bank’s claim s ouid com-* in on equal terms wb b the ot"er A McC-y credit >is. The ref-me is undeoideo but i<.c!iu»d to take the other view. Hovever there are the claims ( f the various banks in Lafayette, Delphi. New York and Rensselaer aggng-ting $40,000 or so Their notes «r 3 signed b not 1n y the firm of A McCoy & Company, but by A McCoy and T. J. McCoy as individuals, also They claim that th>s late them in ahead of the bank creditors prop>r and that tbey will g t the r money in full, hefoie the bank creditors get anything. If these different claims are decided in favor of rhe claimant-, the bank depoei'ors will be lucky to get m re than 25 or 30 cent j on the dollar, and will be a long time in getting it, also.