(Download) "State v. Savitz" by Hawaii Supreme Court * eBook PDF Kindle ePub Free
eBook details
- Title: State v. Savitz
- Author : Hawaii Supreme Court
- Release Date : January 29, 1984
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 50 KB
Description
This appeal has developed by reason of an application made by the superintendent of banking, as receiver of the Farmers Savings Bank of Ankeny, Iowa, in the receivership proceedings pertaining to that bank, for instructions and directions as to the distribution of the remaining assets of the receivership after all the creditors, including all depositors, have been paid the face value of their respective claims. The receiver particularly asked the court to determine whether or not the depositors should be paid interest on their deposit claims, or the remaining assets be distributed to the preferred stockholders of the bank. The court held that after the payment of all debts and general claims of the receivership the remaining assets should be used to pay interest on the preferred claims, the claims of depositors, and general claims against the bank, at the rate of 5 per cent per annum. The court further held that interest on these claims should be computed from the date or dates when such claims were allowed by order of court. The preferred stockholders of the bank, who had intervened in these proceedings, appealed from the order of the court allowing the interest on the depositors claims and from the denial of their application that the surplus assets be distributed to them. The Federal Deposit Insurance Corporation, which had insured the deposits of the bank to the extent provided by the Federal Act, and who had also intervened in these proceedings, has appealed from the order of the trial court refusing to allow interest from the date of the closing of the bank rather than from the date of [231 Iowa Page 1153]
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