Greensboro News
Judge E.Y. Webb directed a non-suit in the case of the Maryland Casualty Company against J.E. Foutz, receiver of the Peoples National Bank of Salisbury, in federal court yesterday noon. He declared that the suit was one of the most involved cases he had ever been called upon to decide.
The Maryland Casualty Company contended that it should receive dividends accruing from the sum of $50,000, the amount of a bond furnished to the Peoples National Bank of Salisbury. When the bank failed, this bond was paid but since then the funds of the institution have been in the hands of the receiver and the casualty company contends that, pending final settlement, it should receive the dividends accruing from this money. Attorney General John S. Manning was of the opinion that the dividends should go to the state. Judge Webb ruled that the money in litigation to be held pending the decision of the higher court.
The attorneys representing the receiver announced that the institution would probably pay, when the affairs are finally liquidated, between 40 and 50 per cent.
At the conclusion of the hearing court was adjourned until 9:30 o’clock Monday morning, this week’s calendar having been disposed of.
From the front page of The Concord Daily Tribune, Saturday, Dec. 13, 1924. Paper spells it 'People's' Bank and 'Peoples' Bank.
newspapers.digitalnc.org/lccn/sn92073201/1924-12-13/ed-1/seq-1/#words=DECEMBER+13%2C+1924
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