Full text of Polk's Bank Directory : September 1907, Vol. XXVI : Bank Laws

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1129

BANK LAWS
against th e assignee. Assignor may by petition require a ll creditors re­
A S S IG N M E N T S —
siding in the state, and a ll who have in any m anner appeared in th e
ALABAMA— Every general assignm ent made by a debtor, or a convey­ cause, to show cause why he should not be discharged from his debt.
ance by a debtor of su b stan tially a ll of bis property in paym ent of a
Creditors may have jury tria l. Upon final determ ination by court or ;
prior debt, by which a preference of priority of paym ent is given to one jury th a t debtor has complied w ith the law, he shall be fully discharged
or more creditors over th e rem aining creditors shall be and inure to the
from his debts. This binds a ll creditors served w ith notice w ithin the
s ta te and a ll who have proved th eir claims or in any way appeared in
creditors equally. No preferences. the assignm ent proceeding.
ARIZONA—A ssignm ents sh all provide for th e distribution of a ll real
M ISSISSIPPI—D ebtor may m ake assignm ents to secure creditors, and
and personal property, not exem pt among creditors in proportion to
may prefer creditors, but no benefit, direct or indirect, may be reserved
th e ir respective claim s. Preferences are void.
to the debtor.
ARKANSAS— V oluntary assignm ents are provided for, and preferences
MISSOURI—Every voluntary assignm ent m ust be for the benefit of all
are allow ed by a ll except corporations when w ages of employees alone
the creditors of the assignor in proportion to th eir respective claims.
are preferred. In p ractice th e national bankruptcy law has replaced
MONTANA—An insolvent debtor may make an assignm ent to one or
this procedure.
mòre assignees for the benefit of his creditors. A debtor is insolvent
CALIFORNIA—An insolvent debtor may, in good fa ith , execute an
when he is unable to pay his debts as they become due. In all assign­
assignm ent of property to th e sheriff of th e county of his residence in
m ents the w ages of employees for services rendered w ithin 6 days
tru s t for th e satisfactio n of his creditors.- A debtor is insolvent when
previous to such assignm ent not to exceed $200 for each person, are
he is unable- to pay his debts from his own m eans as they become due.
preferred claims. Assignee is required to give bond fixed by the court,
A debtor may pay one creditor in preference to another, or m ay give
and the assignor m ust file an inventory showing the names of a ll his
one creditor security for th e paym ent of his demand in preference to
creditors and the amount due each, and a complete lis t of his prop­
another; b u t a preference by a debtor to any creditor w ith in 1 month
erty, w ith the clerk of the county in which the assignor resided a t the
of th e filing of a p etitio n in insolvency by or ag ain st such debtor is void
date of assignm ent.
an d the assignee m ay recover property tra n s fe rre d or th e value thereof,
NEBRASKA—An assignm ent m ust include a ll property of assignor,
as assets of such, debtor.
,
COLORADO—Assignm ents m ust be made for th e benefit of all credit­ and no preferences are allowed. A debtor in failing circum stances, how­
ever,
may prefer a creditor by a separate conveyance unconnected w ith
ors. No preferences are allowed.
th e transaction of m aking an assignm ent.
CONNECTICUT—Assignm ents in insolvency a re made to an assignee,
NEVADA—Every
insolvent debtor may be discharged from his debts
who becomes a tru stee on approval of the court.
upon executing an assignm ent of all his property, real, personal and
DELAWARE— V oluntary assignm ents for the benefit of creditors may
mixed,
for
the
benefit
of his creditors in accordance w ith and in the
be made. No preferences are allowed.
manner provided by the Insolvency Act, provided said assignm ent be
DISTRICT OF COLUMBIA—V oluntary assignm ents for th e benefit of
made in good fa ith and w ithout fraud. The assignm ent of a thing in
creditors may be made as a t common law, except th a t no preferences
action does not prejudice any set-off or other defence existing a t the
are allowed. All/ assignm ents for benefit of creditors m ust contain a
e of or before notice of the assignm ent; this does not apply to the
lis t of creditors, th eir places oi business and the am ount o f th e ir de­ tim
case of a negotiable promissory note or b ill of exchange in the hands
mand. (See Act of Congress approved February 24, 1893.)
a bona fide holder for value.
FLORIDA—Assignm ents may be made by deed and recorded in the . of NEW
HAM PSHIRE—Assignment m ust include all the debtor’s prop­
c le rk ’s office of the county in which th e property is situ ated . Not valid
except w hat is exem pt from attachm ent, for the equal benefit of
unless in w ritin g and providing for an equal disposition of a ll assignor’s erty,
all his creditors.
property, both real, personal or mixed, except such as is by law exem pt
NEW JER SEY —Assignm ents by debtors for the benefit of creditors
from levy and sale among his creditors.
m ust be w ithout preference, and all others are void. Landlord is en­
GEORGIA—T ran sfers or assignm ents of re a l or personal property by
title
d to priority to an am ount not exceeding one y e a r’s re n t; debtor
insolvent debtors are allowed under certain conditions bu t are fraudulent
may claim exemption to the am ount of $200.
and void as ag ain st creditors, where any tru s t or benefit is reserved to
NEW
insolvent debtor may make a voluntary assign­
th e assignor or any person for him . Every conveyance of re a l or per­ m ent for MEXICO—An
the benefit of his, creditors. No preferences allowed. Thé a s­
sonal e sta te and every co n tract of every description had or made w ith
signee
is
required
to
settle
up the e sta te w ithin 12 months.
intention to delay or defraud creditors is void if such intention is
NEW YORK—V oluntary general assignm ents for the benefit of credit­
known to the- p a rty ta k in g a bona fide transaction for a valuable con­ ors may be made. Preferences to the extent of one-third of the assigned
sideratio n and w ithout notice or ground for reasonable suspicion shall
estate, a fte r deducting w ages or salaries, are allowed. Assignee m ust
be valid.
advertise for claims and they should be proved to obtain dividend. B al­
IDAHO—An insolvent debtor owing debts exceeding $300, and having
ance of accounts is not discharged.
been a resident of county for six months, may be discharged of his
NORTH CAROLINA—Any person capable of contracting has a rig h t
debts by executing an assignm ent of all his property, real and personal.
to m ake an assignm ent of his property for the benefit of his creditors.
No preferences are allowed in the assignm ent.
H e shall file a schedule of his preferred debts under oath in the office
ILLINOIS^—The assignm ent law s are inoperative so long as the
of the Clerk of th è Superior Court w ithin five days of the registration
U nited S tates law is in effect.
of such deed of assignm ent. The tru ste e or assignee w ithin ten days,
INDIANA—Any debtor may make a general assignm ent of all prop­ shall file w ith said Clerk an inventory of the property which has come
e rty in tru s t for th e benefit of bona fide creditors. The assignor is not
into his hands. An insolvent tru stee may be removed and another trustee
forbidden to make preferences to bona fide creditors, provided the
substituted, by the Clerk, and required to give bond. Creditors m ust file,
preferences be made before th e deed of assignm ent and in no way co­ under oath, a statem en t of th eir claims, and the Trustee m ust file
ordinate w ith it. The assignor is not relieved from his, debts.
quarterly accounts and m ust close the tru s t in tw elve months.
NORTH DAKOTA—No assignm ent law s for the benefit of creditors.
INDIAN TERRITO RY —Assignm ent can. be made of a ll the property
Voluntary and involuntary dissolvency is provided.
or a p a rt thereof. Any creditor or creditors may be preferred under
OHIO—An insolvent debtor may m ake an assignm ent in tru s t for the
the original statu te, b u t th e N ational Bankruptcy Law of 1898 has prac­
benefit of creditors. An assignm ent made w ith in te n t to prefer one or
tically suspended th e operation of th is law here.
more
creditors inures to the benefit of all creditors.
IOWA—No general assignm ent of property by an insolvent, or in con­
OKLAHOMA TER RITO R Y —Voluntary assignm ents, w ithout p refer­
tem plation of insolvency, for th e benefit of creditors, shall be valid, un­
ence,
for the benefit of creditors, may be made by debtors of all th eir
less it be made for th e benefit of a ll his creditors in proportion to the
property (but they may except property exem pted by la w ). Creditors
am ount of th e ir respective claims. No preference is allowed to any
may
be
preferred before assignm ent.
Ncreditor. Claims m ust be filed w ith in three months of first publication
OREGON—No general assignm ent by an insolvent, or in contem plation
of notice of assignm ent by th e assignee.
of insolvency, for the benefit of creditors, is valid unless made for the
KANSAS—A ssignm ents can be made for th e benefit of a ll creditors
benefit of a ll his creditors in proportion to the am ount of th e ir respective
w ithout preference.
claims.
• KENTUCKY—V oluntary assignm ents for th e benefit of all creditors
PENNSYLVANIA—Assignments may' be m ade for the benefit of all
are governed by act of M arch 16, 1894. The county court h as jurisdic­
creditors, b u t there is no provision for the discharge of the debtor.
tion to s ettle them , b u t not to th^ exclusion of the circu it court, and
D
ébtor
cannot prefer any creditor by his deed except for w ages of labor.
su it to s ettle th e tru s t in th e circu it court brought on behalf of creditor,
RHODE ISLAND—Common law assignm ents m ay be made for equal
or creditors representing one-fourth of th e liab ilities ousts th e county
benefit of creditors, b u t subject to provisions of U nited S tates B ank­
court of jurisdiction. Disposing of property by an insolvent debtor for
the purpose of preferrin g creditors operates under s ta tu te as an assign­ ruptcy Law.
SOUTH CAROLINA—Assignments for the benefit of creditors may be
m ent for th e benefit of all th e creditors if an action is brought claiming
made. No preferences are allowed, b u t a release m ay be required of all
the sam e w ith in six m onths from a c t of preference.
creditors sharing benefits of assignm ent.
LOUISIANA—An insolvent debtor may m ake surrender of property to
SOUTH DAKOTA—An insolvent debtor may execute an assignm ent of
creditors, or an involuntary surrender may be forced by any creditor who
property for the satisfaction of his creditors; bu t such an assignm ent
shall have issued an execution which is returned unsatisfied.
cannot contain any tru s t or condition by which any creditor is to receive
MAINE—The A ssignm ent Law has been superceded by the Bankruptcy
a preference over any other creditor. Property exem pt from execution
Law.
does not pass to assignee unless instrum ent specially mentions sam e and
MARYLAND—The A ssignm ent Law has been superceded by the B ank­ declares an intention th a t i t shall pass thereby.
ruptcy Law.
TENNESSEE—Assignm ents for the benefit of creditors are allowed, b u t
MASSACHUSETTS—A voluntary assignm ent for benefit of creditors
w ithout preference.
may be made by debtor and cannot be set aside if assented to by
TEXAS—Assignm ents of all debtor’s e sta te fo r distribution among a ll
creditors whose claim s exceed th e am ount of property assigned, except his creditors mày be made. Insolvent debtors m ay make assignm ents
proceedings J)e brought in insolvency court w ith in six months of assign­ for benefit o f such creditors only as w ill accept th e ir pro r a ta in dis­
m ent, or by p arties proving fraud. All acts done in good fa ith by a s­ charge of all liability ; provided the creditor receives as much as onesignee under such an assignm ent are valid, even though th e same be
th ird of the am ount due him.
a fte rw a rd set aside, if th e assignm ent w as assented to in w riting by a
UTAH—A ssignm ents by insolvents for the benefit of creditors are m a le
m ajority in num ber and Value of creditors not having security. The as­ and adm inistered according to sta tu te , under the supervision of the
signee m ust, on acceptance of th e same, give notice in w ritin g to all
D istrict Court of the county where debtor resides, b u t preferences are
known creditors, of th e assignm ent and his acceptance thereof, and
allowed. Preferences are therefore allowed, and accepting a dividend
m ust deposit w ith th e Clerk of th e town or city in which th e debtor
from the assignee does not operate to discharge debtor from fu rth er
.m akes his principal place of business a copy of th e same.
liability.
’ VERMONT—Assignm ents of all property w ithout preference m ay be
MICHIGAN—A ssignm ent for benefit of creditors m ust be of a ll the
made for benefit of all creditors.
assignor’s property not exem pt from execution, and m ust be w ithout
VIRGINIA—There is no insolvent law, b u t an insolvent debtor may
preference.
make a voluntary assignm ent for the benefit of creditors, and m ay pre­
MINNESOTA—An assignm ent m ay be made of all assignor’s property,
fer certain creditors to others. ,
-. .
and m ust be w ithout preference. Each creditor desiring to share in the
WASHINGTON—An insolvent debtor may be discharged from debts of
e sta te assigned m ust prove his claim to the assignee w ithin 20 days
creditors by executing a. general assignm ent for benefit óf his creditors
a fte r notice of th e assignm ent. Before he can receive any dividend he
in proportion to the amount of th eir respective claim s. Notice must, be
m ust file w ith th e clerk- of th e court a release in fu llja f all his claims


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1130

BANK LAW S.
given by publication as w ell as by m ail. Assignee m ay be chosen by
creditors if they desire. M ust file fu ll rep o rt in Superior Court. Any
creditor m ay ta k e exception to th is rep o rt w ith in three m onths a fte r its
filing. If in good fa ith and, w ith o u t frau d assignor is, by order oi
court discharged from all debits listed.
.__
W EST VIRG IN IA —A ssignm ents can be made for th e benefit of credit­
ors w ith o u t preference.
A ssignm ents to p referred creditors m ay be
avoided by cred ito r’s b ill in equity, brought w ith in a y ear a fte r Its
d ate and w ith in four m onths a fte r its admission to record.
WISCONSIN—An assignm ent carries a ll th e property, re a l and per
sonai, of th e assignor, excepting his e x em p tio n s.. W ages of employes for
th ree m onths are preferred by law, and for six m onths may be preferred
by insolvent. All other claim s pro ra ta , and other preferences void the
assignm ent. Confessed judgm ents and m ortgages accepted w ith knowl­
edge of insolvency w ith in 60 days before assignm ent are void. Any a ct
of preference m ay w ith in th irty days th e re a fte r be set aside and re ­
ceiver appointed on application of tw o creditors to am ount of $200.
WYOMING— Any debtor may m ake a general assignm ent or ail nis
property in tru s t for th e benefit of his creditors. No preferences a l­
lowed, except w ages of employes for 3 months.
A TTACH M ENTS—
ALABAMA—A ttach m en ts may issue when defendant resides out of
th e state, or absconds, or secretes h im self so th a t th e ordinary process
o f law cannot be served on him ; or is about to remove out of the s ta te ,
or is about to remove his property out of th e state, so th a t p laintiff w ill
probably lose his debt or have to sue for i t in another s ta te ; or is about
fraudulently to dispose of h is property; or h as frau d u lently disposed of
his property ; or h as moneys, property or effects, liable to s a tisty m s
debts which he fraudulently w ithholds.
.
ARIZONA—A ttach m en t may issue when th e action Is on the con­
tra c t express or im plied for th e d ire c t paym ent of money, m ade or
p a y a b le 'in te rrito ry , and no security h as been given for th e satisfa c ­
tio n of th e judgm ent t a be rendered, i t shall specify the character
of th e indebtedness, th a t same is due to p laintiff, oyqy and above all
frau d his creditors; w here he h as removed, or is about to rem'ove,
th e am ount due; or th a t defendant is indebted to plaintiff, sta tin g the
am ount and ch aracter of th e deb t; th a t th e sam e is due over and above
a ll legal set-offs and counter claim s, and th a t th e defendant is a non­
resid en t of th e te rrito ry , or is a foreign .corporation doing business
th erein ; or th a t an action is pending betw een th e p arties, and th a t
th e defendant is about to remove his property beyond the jurisdiction
of th è court to avoid th e paym ent of th e judgm ent, and th a t th e a t­
tach m en t is not sought for w rongful or m alicious purpose, and th e ac­
tion is not prosecuted to hinder or delay any creditor of the defendant.
ARKANSAS—A ttach m en t may issue in actions for the recovery of
money when defendant is a foreign corporation or non-resident of the
s ta te , or has been absent from th e s ta te four months, or has departed
from th e s ta te w ith in te n t to d efraud his creditors, or has le ft the
county of his residence to avoid th e service of* summohs, or conceals
him self th a t summons cannot be served upon him, or is about to remove
or has removed his property, or a m a te ria l p a rt thereof, out of the state
not leaving enough th erein to satisfy th e claim s of defendant s creditors
or h as sold, conveyed, or otherw ise disposed of his property, or suffered
o r perm itted th e sam e to be-sold, w ith the frau d u len t in te n t to cheat,
hinder and delay his creditors, or is about to sell, convey or otherw ise
dispose of his property w ith such in te n t. B ut atta ch m e n ts w ill not be
g ran ted a g ain st a defendant on th e ground th a t h e is a non-resident
except in actions arising upon contract.
CALIFORNIA—An atta ch m e n t m ay issue in an action upon a con
tra c t, express or im plied, for th e d irect paym ent of money, w here the
co n tract is made, or is payable in th is state, and is not secured by any
m ortgage or lien upon re a l or personal property, or any pledge of personal
property; or, if originally so secured, such security has, w ithout a c t of
th e plain tiff or th e person to whom th e security w as given, becomes
valueless in an action upon a contract, expressed or im plied, ag ain st |
defendant not residing in th is s ta te .
, . , .
COLORADO—Suit m ay be brought by atta ch m e n t w here the defendant
is a non-resident of th is s ta te , and in cértain other cases, and upon
debts not y e t due w here freedom on th e p a rt of the defendant ,is alleged
and proven; b u t th e plaintiff m ust give bond in double the am ount
claim ed for all dam ages in case th e su it w as im providently commenced.
CONNECTICUT—A ttachm ents are by mesne or foreign process. They
are made upon th e personal or real property of the defendant, or upon
h is body if th e cause of action perm its it. W ages to the ex te n t of $25
a re exem pt from attach m en t. W ages m ay be garnisheed for a board
S ta
,
. i
DELAWARE—A w rit of dom estic atta ch m e n t m ay issue a g ain st an
in h a b ita n t of th is s ta te when th e d efendant cannot be found and proof
satisfacto ry to th e court of th e cause of action, or upon affidavit made
by th e plain tiff or some other credible person and filed w ith th e prothonotary. th a t th e defendant is ju s tly indebted to th e p laintiff in a sum
exceeding fifty dollars, and h as absconded from th e place of his usual
abode or gone out of th e s ta te in te n t to defraud his creditors or to elude
process, as i t Is believed. A w rit of foreign atta ch m e n t m ay issue
a g ain st any person not an in h a b ita n t of th is state a fte r th e re tu rn of a
summons or capias issued or delivered to th e sheriff or coroner ten days
before th e re tu rn thereof, and showing th a t th e d efendant cannot be
found and proof satisfa c to ry to the court of th e cause of action; or upon
affidavit m ade by th e p lain tiff or some other credible person and filed
w ith th e prothonotary th a t th e d efendant resides out of th e s ta te , and is
ju s tly indebted to th e said p lain tiff in a sum exceeding fifty dollars.
D ISTRICT OF COLUMBIA—W rits of atta ch m e n t a re issued when de­
fen d an t is a non-resident of th e D istric t; or. evades th e Service of ordi­
n ary process by concealing him self or w ithdraw ing from the D istrict
tem p o rarily ; or, th a t he h a s removed, or is about to remove some of his
property from th e D istrict, so as to d e fe at ju s t dem and against him , or
h as assigned, disposed of, or secreted, or is about to assign, dispose of.
or secrete property w ith in te n t to defraud his creditors. W rits of a t­
tach m en t are issued by th e clerk of th e Supreme Court of the D istrict
upon th e grounds mentioned above upon th e filing of an affidavit by. the
p laintiff, h is a g en t or atto rn ey supported by th e testim ony of one or
more w itnesses.
FLORIDA—A ttachm ents m ay issue on debt actually due when defend­
a n t is removing, or about to remove eith e r him self or his property
w ith o u t th e lim its of th e s ta te or th e ju d icial circu it in which he re ­
sides. or lives, or w ith o u t th e lim its of th e state, or Is secreting or
frau d u len tly disposing of h is property, or th a t he w ill fraudulently dis­
pose of h is property before judgm ent can be obtained against him , Con-


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ceals him self so as to avoid service of process or is absconding, or re­
sides beyond the lim its of the S tate. Wh,en debt not due bu t w ill be­
come due w ithin nine months, atta ch m e n ts may issue whenever debtor
is a ctually removing his property beyond the lim its of the S tate, or is
fraudulently disposing of his property for th e purpose of avoiding the
paym ent of his ju s t debts or demands, or is fraudulently secreting his
property for such purpose.
GEORGIA—A ttachm ent m ay issue w here the debtor resides out of thes ta te ; or w here he is actu ally removing, or is about to remove, w ithout
the lim its of the county; or w here he absconds; or w here he conceals
him self; or w here he re sists legal a rre s t; or w here he is causing his
property to be removed beyond the lim its of th e s ta t e ; or w here he is
disposing of, Or th re a te n s to dispose of, or conceals his property liable
to the paym ent of his debts, or m akes a fraudulent lien thereon to avoid
the paym ent of his debts. A ttachm ent may issue for any creditor when
debt is created for purchase of property known as purchase nioney a t­
tachm ent. Debt m ust be due and defendant in possession of property,
or has sold and has not been paid for the property. Such attachm ents
d a te from levy of attachm ent.
IDAHO-—A ttachm ent m ay issue in any action upon a judgm ent or up­
on contract for the d irect paym ent of money w here the contract is not
secured by m ortgage or lien upon re a l or personal property, on affidavit
a g ain st both residents and non-residents. Any creditor who shall w ithin
sixty days a fte r an atta ch m e n t has been made, secure judgm ent for his
claim shall share pro r a ta w ith th e atta ch in g creditor in the proceeds
of the d e fe n d an t’s property when there is not sufficient to pay all judg­
m ents in fu ll ag ain st him.
ILLIN O IS—A ttachm ent m ay issue w here the debtor is a non-resident
of the s ta te ; conceals him self so th a t he cannot be served w ith process,
has le ft the state, or is about to d epart from th e s ta te w ith the inten­
tion of having his effects removed, or is about to remove his property
from the state, or has, w ithin tw o years preceding the filing of th e affi­
d a v it required, fraudulently conveyed, or assigned his effects, or a p art
thereof, or has w ithin tw o years prior to th e filing of such affidavit,
fraudulently concealed or disposed of his property, or is about fraudu­
lently to conceal, assign, or otherw ise dispose of his property, or where
th e debt sued for w as fraudulently contracted on the p a rt of th e debtor,
provided the statem en ts of th e debtor, which constitute the fraud, have
been reduced to w ritin g and signed by the debtor.
INDIANA—A ttachm ent m ay issue w here the defendant is a foreign
corporation or a non-resident; w here th e defendant is 's e c re te ly leaving •
th e s ta te or has le ft i t w ith in te n t to defraud his creditors; w here the
defendant so conceals him self th a t summons cannot be served upon him ;
w here he is removing, or about to remove, his property subject to ex­
ecution, or a m a te ria l p a rt thereof, out of th e state, not leaving enough
to satisfy the p la in tiff’s claim ; w here he has sold or otherw ise disposed
of his property subject to execution, or suffered or perm itted i t to be
sold w ith the fraudulent in te n t to cheat, hinder, or delay-his creditors;
w here he is a b out to sell, convey, or otherw ise dispose of his property
subject to execution w ith such in te n t.
INDIAN TER RITO R Y —A ttachm ent m ay Issue in actions for the re­
covery of money when defendant is a foreign corporation or non-resident
of the s ta te ; or, has been absent therefrom four m onths; or, has departed
from this s ta te w ith in te n t to defraud his creditors; or, has le ft the
county of his residence to avoid th e service of a summons; or, conceals
him self th a t summons cannot be served upon him ; dr, is about to re­
move, or h a s removed, his property, or a m a te ria l p a rt thereof, out of
th is state, not leaving enough therein to satisfy th e claim s of defend­
a n t’s creditors; or, has sold, conveyed or otherw ise disposed of his
property, or suffered or perm itted to be sold, w ith th e frau d u len t intent
to cheat, hinder or delay his creditors; or, is about to sell, convey or
otherw ise dispose of his property w ith such in te n t. In an action to
recover possession of personal property w here i t has been ordered to be
delivered to the plaintiff, and w here th e property, or p a rt thereof, has
been disposed of, concealed or removed, so th a t the order for its de. livery can not be executed by the officer, The order of atta ch m e n t is a
lien upon the property of defendant, which m ight be seized under ex­
ecution a g ain st him from th e tim e of. delivery to the m arshal or other
officer. W here th e property is claim ed by a person not a p a rty to the
w rit, such person m ay m ake oath to th e property and the same shall be
delivered to him upon his giving bond in favor of th e p laintiff in a sum
double the value o f the property attached. The order of attachm ent
sh all not be issued by th e clerk u n til tnere h a s been executed in his
office, by sufficient sureties of th e plaintiff, a bond to the effect th a t
plaintiff shall pay to th e defendant a ll dam ages which he m ay sustain
by reason of the a tta ch m e n t if the order is w rongfully obtained.
IOWA— A ttachm ents m ay issue for debts not due when nothing but
tim e is w anting to fix an absolute indebtedness, atta ch m e n t bond re­
quired in double value of property sought to be attach ed or th ree tim es
th e am ount sued for and in no case less th a n $250 in D istrict Court or
$50 in Ju stic e Court. A ttachm ents may issue when the defendant is a
foreign corporation, or acting as such, or "is a non-resident of the state;
or is about to remove his property out of the s ta te w ithout leaving, suffi­
cient rem aining for the paym ent of his debts; or has or is about to dis­
pose of his property, in whole or in p a rt, w ith in te n t to defraud his
creditors; or h a s absconded, so th a t the ordinary process cannot be
served upon him ; or is about to remove perm anently out of the county
and has property therein not exem pt from execution, and th a t he refuses
to pay or secure th e p laintiff; or is about to remove perm anently out
of the state, and refuses to pay or secure the debt due the p laintiff; or
is about to remove his property, or a p a rt thereof, out of th e county
w ith in te n t to defraud his creditors; or is about to convert h is property,
or a p a rt thereof, in to money for th e purpose of placing i t beyond the
reach of his creditors; or has property or rig h ts in action which he cbnceals; or th e debt w as incurred for property obtained under false pre­
tenses.
KANSAS— An atta ch m e n t w ill be issued when the defendant is a
foreign corporation or a non-resident of th e s ta te (but in th is case for
no other claim than a demand arising upon contract, judgm ent or decree,
unless th e cause of action arose wholly w ithin the lim its of th is s ta te );
where th e defendant has absconded w ith the in te n t of defrauding his
creditors; w here th e defendant has le ft th e county of h is residence to
avoid th e service of summons; or so conceals him self th a t a summons
cannot be served upon him ; or is about to remove his property, or a p a rt
thereof, out of the jurisdiction of the court, w ith in te n t to defraud his
creditors; or is about to convert his property, or a p a rt thereof, into
money for th e purpose of placing i t beyond th e reach of his creditors;
or has property or rig h ts in action which he conceals; or has assigned,
removed or disposed of, or is about to dispose of his property or a part
thereof, w ith in te n t to defraud his creditors; or fraudulently contracted

v

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BANK LAWS.
or incurred th e debt, lia b ility or obligation; or when th e debtor has
this S ta te ; or, th a t defendant has failed to pay the price or value of
failed to pay th e price or value of any artic le or thing delivered, which
the article or thing delivered which by contract he w as bound to pay
by contract he w as bound to pay upon delivery. Bond in double the
upon delivery, or, th a t the debt sued for w as fraudulently contracted
am ount of p la in tiff’s claim m ust be filed; except no bond required where
on the p a rt of the defendant. A ttachm ent can be had for a debt not
defendant is a non-resident person or corporation.
y e t due except the first four grounds for an .attachm ent; but no judg­
KENTUCKY—Grounds of a ttach m en ts being a non-residence of de­ m ent till the debt m atures.
fendant or foreign corporation; or has been absent from the s ta te four
MONTANA—A ttachm ent may issue a t or a fte r the issuing of sum­
m onths; or has departed th is s ta te w ith in te n t to defraud creditors; or
mons, in an action upon contract, if debt is unsecured, or if secured,
has le ft th e county of his residence to avoid service of summons, or con­ such security has become valueless w ithout fa u lt of plaintiff. Affidavit
ceals him self to avoid service of summons; or is about to remove or has
m ust be filed showing above fa c ts and th a t action is riot brought to
removed his property or a m a te ria l p a rt thereof out of th is state, fiot
hinder, delay or defraud creditors. Bond in double am ount sued for
leaving enough to satisfy p la in tiff’s claim ; or has sold or disposed of required.
his property w ith in te n t to defraud, hinder or delay creditors; or is
NEBRASKA—A ttachm ents may issue where the defendant is a non­
about to sell, convey or otherw ise dispose of his property w ith such in ­ resident or foreign corporation; has absconded w ith the in te n t to dete n t or th a t d efen d an t h as no t property subject to execution sufficient to
fraud creditors; has le ft the county of his, residence to avoid service
pay p la in tiff’s demand, and the collection of th e demand w ill be en­ of summons; so conceals him self th a t summons cannot be. served upon
dangered by th e delay o f obtaining judgm ent or a re tu rn of “ No prop­ hlÌ*J i l ab.o ut to “ »ove his property out of the jurisdiction of th e court
erty found.”
w ith the intention to defraud his creditors; is about to convert his
LOUISIANA—A ttach m en t issues w henever th e debtor resides out of
property into money for the purpose of placing it beyond th e ir reach:
the s ta te ; has, or is about perm anently to leave it; conceals him self in
has property or rig h ts in action which he conceals; has> assigned, reorder to avoid service of citatio n ; when he has inortgaged, assigned or s moved or disposed of, or is about to dispose of, bis property w ith
disposed of, or is about to m ortgage, assign or dispose of, his property,
fraudulent in te n t; fraudulently contracted the debt.
rig h ts or credits, ,or some p a rt thereof, w ith in te n t to defraud his
NEVADA—A ttachm ent may issue in actions upon contract for the
creditors, or gives an undue preference tp some of them ; when he has
direct paym ent of money made or by the term s thereof payable in this
converted, or is about to convert his property in money or evidences of
State, which is not secured by mortgage, lien or pledge upon real or
debt, w ith in te n t to place his property beyond the reach of his creditors.
personal property situated or being in this State, and if so secured when
W henever th e debtor is about to remove his property out of th e state
such security has been rendered nugatory by the a ct of the défendant;
before th e debt becomes due, non-resident creditors are en titled to the
or against a defendant not residing in this S ta te ; or by a resident of
w rit to enforce th e ir claim s th e same as resident creditors.
this S ta te for the recovery of the value of the property, where such
MAINE—A ttachm ents of re a l or personal property o f defendant may
property has been, converted by a defendant w ithout the consent of the
be made upon direction of the plaintiff. No bond or other form ality re ­ owner; or where a defendant has absconded or is about to abscond w ith
quired.
the in te n t to defraud his creditors; or, where a defendant conceals him ­
MARYLAND—A ttachm ents m ay be issued on judgm ent in tw elve years
self so th a t service of summons cannot be made on him ; or, where a
from date of same by w ay of execution, and are liens from tim e of
defendant is about to remove his property or any p a rt thereof beyond
service. They are also issued where th e defendant is a non-resident or
the jurisdiction of the court w ith in te n t to defraud his creditors; or,
w here he absconds; or by giving bond where debtor is about to abscond,
where a defendant is about to convert his property or any p a rt thereof
or assign his property or remove th e same to defraud, or where debt
into money w ith the in te n t to place it beyond the reach of his cred­
is fraudulently contracted and in la s t named cases where bond is given,
itors; or, where a defendant has assigned, removed, or disposed of or
attach m en t may be h ad on debts no t y e t due and for unliquidated dam ­ is about to dispose of his property, or any p a rt thereof, w ith the in­
ages in certain cases.
te n t to defraud his creditors; or, where a defendant has fraudulentlv
MASSACHUSETTS—All real estate, goods, and ch attels liable to be
or crim inally contracted the debt or incurred the obligation for which
tak en on execution may be attach ed upon the original w rit and held to
suit has been commenced. Salaries of public officials m ay be attached
satisfy th e judgm ent which may be obtained; b u t no attach m en t shall
as w ell as other property.
be made if real e sta te on a w rit retu rn ab le before a tria l justice,
N EW H A M PSHIRE—In most actions, any property which may be
m unicipal, d istric t, or police court, unless th e deist or damages de­ taken upon execution may be attached and holden as security for the
m anded exceed tw enty dollars. No prelim inary bond is required. P e r­ judgm ent the plaintiff may recover. The property of the defendant, in
ishable property, or th a t which can only be kept a t g re a t and dispro­ the hands of a th ird person, and debts due the defendant, may be a t ­
portionate expense, m ay be sold a fte r i t is a ttach ed and th e proceeds
tached by tru ste e process, service being made upon the defendant and
held subject to th e attach m en t. Railroad cars and engines and steam ­ tru stee as in other cases. Property attached is holden for th irty days
boats in reg u lar use cannot be a ttach ed w ithin forty-eight hours previous
from the rendition of judgm ent and the levy of the execution m ust be
to th e ir tim e of departure, unless th e officers have made a demand for
commenced w ithin th a t tim e. No valid a ttachm ent can be made to se­
other property in order to a tta ch it, and such demand has been refused
cure claims not due a t the commencement of the action. A ttaching
or compliance th erew ith neglected. A ttachm ent may be made while the
creditors acquire a lien in the order of th e ir attachm ents, and do not
suit is pending by special order of court. A ttachm ent may be dissolved
share in the attached property pro ra ta .
by defendant giving a bond w ith sufficient sureties, e ith er to pay the
NEW JER SEY —A creditor may a tta ch the property of a non-resident
judgm ent th a t may be recovered, or to pay the value of the property.
or absconding debtor by m aking oath to the fact, and to the am ount of
Presses, type and other personal property used in publishing newspapers
his claim. A ttachm ents are for th e benefit of all applying creditors.
cannot be attach ed w ith in forty-eight hours previous to the issue of any
Debts not due may be proved under any attach m en t issued, and receive
edition unless th e a tta ch in g officer has made a demand for other prop­ th e ir pro ra ta dividend. The attach in g creditor is, however, entitled to
e rty a t le a st tw enty-four hours before and th e owners or m anagers have
have his claim paid in fu ll before the applying creditors receive any­
neglected to comply w ith said demand.
thing, and the applying creditors are paid pro ra ta of fund insufficient
MICHIGAN—A ttachm ents m ay be issued w here th e debtor has ab­ to pay them in full.
sconded or is about to abscond from th e state, or is concealed therein,
NEW MEXICO—A ttachm ents issue when the debtor is not a resident
to th e in ju ry of his creditors; w here he h as assigned, disposed of, or
of the te rrito ry of New Mexico; when the debtor has concealed him self
concealed any of his property, or is about to do so, w ith in te n t to deor absconded or absented him self from his usual place of abode in this
legal set-offs or counter claims, and th a t demand has been made for
territory, so th a t the ordinary process of law cannot be passed upon
of his property out of th e state w ith the in te n t to defraud his creditors;
him ; when the debtor is about to remove his property or effects out of
where he frau d u len tly contracted th e debt; where he is not a resident
this territory, or has fraudulently concealed or disposed of his property
of this state, and has not resided therein for th ree months before the
or effects; when the debtor is about fraudulently to convey or assign,
commencement of. suit, or where th e defendant is a foreign corporation.
conceal or dispose of his property and effects; when the debt w as con­
On order of court showing reasons by affidavit for im m ediate issuance
tracted outside of this territory, and the debtor has absconded or secretly
of w rit, atta ch m e n t m ay be levied before debt Is due.
.¿removed his property or effects into the te rrito ry ; when the defendant
MINNESOTA—A ttachm ent issues when the d efen d an t’s debt was
is a corporation whose principal office or place of business is out of the
fraudulen tly contracted, or when th e defendant is a foreign corporation,
territory, unless such corporation shall have a designated agent in the
or a non-resident of th e s ta te ; or has departed therefrom , as deponent
territory, upon whom service of process may be made in suits gaainst
believes, w ith in te n t to defraud his creditors, or to avoid the service of
the corporation.
a summons, or keeps him self concealed w ith like in te n t; or has disposed
NEW YORK—An a ttachm ent w ill be granted when i t is proven th a t
or is about to dispose of, his property w ith in te n t to defraud creditors.
the defendant is eith e r a foreign corporation or not a resident of the
M ISSISSIPPI—A ttachm ent may issue where defendant is a foreign
s ta te ; or if a n a tu ra l person and a resident of th e state, th a t he has
corporation or non-resident of th e s ta te ; or he has removed, or is about
departed therefrom w ith Intent to defraud his creditors, or to avoid the
to remove, him self or property out of th e s ta te ; or absconds or conceals
service of a summons, or keeps him self concealed w ith like in te n t; or if
him self so th a t he cannot be served w ith summons; or contracted the
the defendant is a na tu ra l person or a domestic corporation, th a t he or
debt or incurred th e obligation in conducting th e business of a ship,
i t has removed, or is about to remove, property from the s ta te w ith
steam boat or other c ra ft in some of th e navigable w aters of th is s ta te ;
in te n t to defraud his or its creditors; or has assigned, disposed of, or
or has property or rig h ts which he conceals and refuses to apply to the
secreted, or is about to assign, dispose of or secrete his property w ith
paym ent of his debts; or is about to assign or dispose of his property:
like in te n t; or where for the purpose o f procuring credit or the extension
or has, or is about to convert his property into money or evidences of
of credit, the defendant has made a false statem ent in w riting signed
debt w ith in te n t to place i t beyond th e reach of his creditors; or th a t
by him self o r an authorized agent w ith his knowledge and acquiescence,
he fraudu len tly contracted th e debt; or th a t w ithin six months has dealt
as to his financial responsibility. In the city court of New York an a t­
in “ fu tu re s ” or is in d e fa u lt for public monies; or bank tak in g deposits
tachm ent can be issued against a non-resident of the city or a dom estic
knowing its e lf to be insolvent: or m aking a false publication of its
corporation whose principal place of business as named in the ch arter is
financial condition.
not in such city. F irst attachm ent in hands of sheriff has priority.
MISSOURI—An atta ch m e n t m ay be obtained a t any time, by resident
NORTH CAROLINA—An a ttachm ent may be in an action to recover
as w ell as non-resident plaintiffs, when i t appears and can be proven
a sum of money only or to recover dam ages for, (a) breach of contract,
th a t th e defendant is not a resident of th is S ta te ; or, th a t defendant is
(b) w rongful conversion of personal property, (c) in jury to real or per­
a corporation whose chief office or place of business is out of th is S ta te :
sonal property caused by fraud or other w rongful act, and (d> for injury
or, th a t defendant conceals him self so th a t the ordinary process of law
to the person caused by negligence or other w rongful act. The affidavit
cannot be served upon him ; or, th a t defendant has absconded or absented
m ust show th a t the defendant is a non-resident of the S tate, a foreign
him self from his usual place of abode in th is S tate, so th a t th e ordinary
corporation, or a domestic corporation whose officers can not be found
process of law c an n o t be served upon him ; or, th a t defendant is about
in the S ta te ; if he is a n a tu ra l person and a resident of th e S tate th a t
to remove h is property or effects out of this S ta te w ith in te n t to de­ he has departed therefrom w ith in te n t to defraud his creditors or to
fraud his creditors: or,, th a t defendant is about to remove out of this
avoid services o f summons, or keeps him self concealed therein w ith like
S ta te w ith th e In te n t to change his domicile; or. th a t defendant has
in te n t; th a t the defendant is about to remove his property from the
fraudently conveyed or assigned his property or effects so as to hinder
S tate to defraud his creditors; or has assigned, or is about to assign,
or delay his creditors; or, th a t d efen d an t has. or, is about fraudulently
dispose of or secrete his property w ith like intent.
to convey or assign his property or effects so as to hinder or delay his
NORTH DAKOTA—A ttachm ent may issue against a foreign corpora­
creditors; or. th a t defendant is about fraudulently to conceal, remove,
tion; or ag ain st a defendant who is not a resident of this s ta te , or
or dispose of his property or effects so as to hinder or delay his cred­ against, a defendant who has absconded or concealed him self; or when­
ito rs; or. tak e th e cause of action accrued out of th is S tate, and de­ ever the defendant is about to remove any of h is . or its property from
the s ta te ; or has assigned, disposed of, or secreted, or is about to asfendant h as absconded .or secretly removed his property or effects into


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BANK LAW S.
sign, dispose of or secrete any of h is or its property, w ith in te n t to
defraud his creditors, or is about to remove from th e county w here he
resides, w ith th e in ten tio n of perm anently changing his place of resi­
dence, upon failin g or neglecting to give security for th e debts a fte r
its being demanded, or w hen th e debt upon which th e action w as com­
menced w as incurred for property obtained under false pretense, or in
an action to recover purchase money, for personal property sold to de­
fendant, the atta ch m e n t m ay be levied on such property.
,- .
OHIO—A ttach m en t m ay be had when th e defendant is a non-resident
or a foreign corporation; or h as absconded or concealed him self; or is
about to remove, convert, or assign, or h as concealed his property, w ith
in te n t to d efraud creditors; or w here th e d ebt is fraudulently con-

UTAH—W rit of atta ch m e n t m ay be issued when defendant is not a
resident of th is te rrito ry ; stands in defiance *of an officer or oonceals
him self so th a t process cannot be served upon him ; has .assigned, dis­
posed of, or concealed, or is about to assign, dispose of, or conceal any
of his property w ith in te n t to defraud his creditors; has departed or Is
about to d e p art from th e te rrito ry to the injury of his creditors; fraudu­
le ntly contracted th e debt or incurred the ( obligation respecting which
the action is brought.
•
HMIWM
VERMONT—A ttachm ent m ay be made on mesne process, of both per­
sonal and re a l property.
.
VIRG IN IA —A ttachm ents m ay be issued a g ain st foreign corporations
and non-residents having property in th e state, ag ain st absconding debtors intending to remove th e ir property out of the s ta te ; ag ain st debtors
who have removed, or intend to remove th e ir property, w hether claim
be due or not; ag ain st debtors converting, about to convert, or have
converted th e ir property, or some p a rt thereof into money or securities,
w ith in te n t to d efraud creditors; ag ain st a te n a n t rem oving property
from leased prem ises; ag ain st vessels for m aterials and supplies fu r­
nished, or work done thereon; ag ain st crops of te n a n ts cultivating lanu,
or for advancem ents made upon crops, and ag ain st property claim ed In
action, when defendant is alleged to be insolvent.
WASHINGTON—A ttachm ents may be issued when th e defendant is a
foreign corporation or is not a resident of th is s ta te ; or conceals him ­
self, or has-absconded or absented him self from his usual place of abode
in th is state, so th a t th e ordinary process of law cannot be served upon
him ; or has removed or is about to remove any of his property from this
state, w ith in te n t to delay or defraud his creditors; or has assigned,
secreted or disposed of, or is about to assign, secrete or dispose of, any
of his property, w ith in te n t to delay or defraud his creditors; or is
about to convert his property, or a p a rt thereof, into money, for the
purpose of placing i t beyond the reach of his creditors; or has been
guilty of a fraud in contracting the debt or incurring the obligation for
which the action is brought or th a t the dam ages for which the action is
brought are for injuries arising from the commission of some felony.
A ttachm ent m ay be made before debt is due. Bond in sum of $300 or^
more m ust be filed before w rit issues. Damages allowed i f w rit wronglully, oppressively or m aliciously sued out.
W EST V IRG IN IA —A ttachm ents w ill issue when defendant is a for­
eign corporation, or is a non-resident, or has le ft or is about to leave
the s ta te w ith in te n t to defraud his creditors; or so conceals him self
th a t a summons cannot be served upon him ; or is removing or about
to remove his property, or a p a rt thereof, out of th is s ta te w ith like
in te n t; or is converting or about to .convert, his property, or a p a rt
thereof, into money or securities w ith like in te n t; or has assigned or
disposed of his property, or a p a rt thereof, or is about to do so w ith
like in te n t; or has property or rig h ts in action which he conceals; or has
fraudulently contracted the debt or incurred the liability. In a ll the
above cases a bond m ust be given in a -p e n a lty a t le a st double the
am ount sued for.
, . , . .
.
W ISCONSIN—A ttachm ent is authorized when th e defendant has ab­
sconded or is about to abscond the state, or is concealed therein to the
injury of his creditors, or keeps him self concealed therein w ith in te n t to
avoid service of summons; has assigned, conveyed, disposed of or con­
cealed his property, or some p a rt of it, or is about to do so, w ith fnm nt
to defraud his creditors; has removed or is about to remove any of his
property out of the state w ith in te n t to defraud his creditors, fraudu­
lently contracted th e debt or incurred the obligation respecting which
th e action is brought; or is a non-resident of th e s ta te or is a foreign
corporation, or if a domestic corporation, th a t all of the proper officers
to serve summons upon are non-residents or cannot be found, or do not

**OKLAHOMA' TER RITO R Y —A ttach m en t w ill be gran ted w hen th e de­
fen d an t or one o f several defendants is a foreign corporation or non­
resid en t of th is te rrito ry (but no atta ch m e n t sh all be allowed on this
ground for any claim other th a n a debt or demand arising upon contract,
judgm ent or d e cree ); has absconded w ith in te n t to defraud^ his credit­
ors; has le ft th e county of h is residence to avoid th e service of summons; so conceals him self th a t the summons cannot be served upon him ;
is about to remove his property, or a p a rt thereof, out of the jurisdiction
of th e court w ith th e in te n t to defraud his creditors; is about to convert
his property, or a p a rt thereof, in to money for th e purpose of placing
i t beyond th e reach of his creditors; has property or rig h ts m action
which he conceals; has assigned, removed or disposed of, or is about to
dispose of, his property or p a rt thereof, w ith in te n t to defraud his cre d it­
ors; fraudulently contracted the debt or incurred th e obligation for which
su it is about to be or h as been brought, or upon th e failure to pay the
price of goods on delivery, when contracted to pay on delivery. W here
th e dam ages for which the action is brought are for inju ries arising
from th e commission of some felony or misdem eanor or seduction of
any fem ale. An atta ch m e n t bond is not necessary w here the defend­
a n t is a non-resident o f th e te rrito ry .
'
,
OREGON—A w rit of atta ch m e n t shall be issued when the defend­
a n t is indebted to th e plaintiff upon a contract, express or implied,
for th e d irect paym ent of money, and when th e paym ent of the same
has not been secured by any m ortgage, lien, or pledge upon any real
or personal property; and th e sum for which th e attach m en t, is asked
is an actu al bona fide existing debt due and owing from th e defendant
to th e plaintiff, and th e atta ch m e n t is not sought nor the action pros­
ecuted to hinder, delay, or defraud any creditor of th e defendant; or
in action upon co n tract express or im plied ag ain st a d efendant not re ­
siding in th is s ta te .
, , . . . .
.
PENNSYLVANIA—A ttachm ents ag ain st frau d u len t debtors m ay be
issued for sums over $100.00 when debtor conceals, assigns, disposes of,
removes his property, or a tte m p ts to do so, w ith in te n t to defraud his
creditors, or when th e d ebt w as frau d u len tly contracted. Domestic a t­
tach m en ts m ay be issued when any resident debtor sh all have ab­
sconded or shall have absented him self from th e commonwealth, or
concealed h im self in his own house or elsew here w ith in te n t to de­
frau d his creditors, or a g ain st a non-resident if he shall have con'cealed him self w ith in th e county w ith in te n t to avoid process or in
order to avoid his creditors. Foreign a ttach m en ts may be issued against
th e real or personal e sta te of any non-resident no t w ithin the county
a t th e tim e of th e issuing thereon.
RHODE ISLAND— An original w rit, or w rit of m esne process, to a t­
ta c h th e real, as w ell as th e personal e sta te of a defendant m ay be
issued whenever th e plaintiff, his a g en t or attorney, sh all m ake affidavit
th a t th e p lain tiff has a ju s t claim a g ain st th e defendant th a t is due, and
upon which he expects to recover in th e action a sum sufficient to give
ju risd ictio n thereof to th e court to which said w rit is made returnable.
eXWYOMING—A ttachm ent m ay be had w here th e debtor is a foreign
A ttachm ents cannot issue upon a debt not m atured.
corporation, or a non-resident of W yoming, or is about to become a non­
SOUTH CAROLINA—An atta ch m e n t may issue ag ain st a corporation
resident thereof; has absconded w ith in te n t to defraud his creditors; has
created by or under th e law s of any other s ta te or ag ainst a defendant
le
ft the county of his residence to avoid th e service of summons; so
who is not a resid en t of th is state, or ag ain st a defendant who has ab­ conceals
him self th a t service of summons cannot be had upon him ;
sconded or concealed him self, or w henever any person or corporation is
about to remove his property, or a p a rt thereof, out of th e jurisdic­
about to remove any of his or its property from th is s ta te or has a s­ is
tion
of
the
court w ith in te n t to defraud his creditors; is about to
signed, disposed of or secreted, or is about to assign, dispose of or
convert his propertv, or a p a rt thereof, into money, for th e purpose of
secrete any of bis or its property w ith in te n t to defraud creditors. B et
placing
it
beyond
the reach of his creditors; has property or rig h ts of
in suits by non-residents ag ain st a foreign corporation th e cause of action
action which he conceals; has assigned, removed or disposed of or Is
m u st have arisen in South Carolina or the su b ject m a tte r be situated - about to dispose of his property, or a p a rt thereof w ith in te n t to de­
there.
d his creditors; fraudulently or crim inally contracted the debt or
SOUTH DAKOTA—A ttachm ents m ay issue ag ain st a corporation cre­ frau
incurred th e obligation for which su it, is about to be, or has been
a ted by or under .the law s of any other te rrito ry , state, governm ent or
brought.
country; or a g ain st a defendant who is not a resident of this s ta te ; or
a g ain st a d efendant who has absconded or concealed h im self; or when­ B A N K L A W S —
ever any person or corporation is about to remove any of h is or its
property from th is s ta te ; or h as assigned, disposed of, secreted, or is
ALABAMA—Banks of discount and deposit may be established under
about to assign, dispose of or secrete any of his or its property w ith i n ­ the general incorporation law s, b u t m ust be wound up a t th e end of
te n t to defraud creditors, th e plan itiff a t th e tim e of issuing th e sum­
tw enty years, or th e G eneral Assembly m ay extend the tim e. De­
mons, or a t any tim e afterw ard s, may have th e property of such defend­ positors not claim ing in te re st are p referred creditors in case of
a n t or corporation a ttach ed as security for th e satisfactio n of such ju d g ­ insolvency. Any num ber of persons (not less th a n three stockholders)
m ents as th e plaintiff may recover.
may associate them selves together to establish a bank of deposit and
TENNESSEE—A ttachm ents may be gran ted w here th e debtor or de­ discount; th e ir c ap ital stock to be not less th a n $50,000, of which
fen d an t resides out of th e s ta te ; w here he is about to remove, or has re­ not less th a n 20 per cent, and in no case less th a n $25,000, m ust be
moved. him self or property from th e s ta te ; w here he has removed or is
actu ally paid by the subscribers for stock before th e filing of the
removing him self out of the county p riv ately ; w here he conceals him self,
declaration of incorporation. A tra n sc rip t of th e declaration of in­
so th a t the ordinary process of law cannot be served upon him : where
corporation m ust also be filed in the office of S ecretary of S tate, who
he absconds or is absconding or concealing him self or property: where he
Issues to the incorporators a certificate of incorporation. A stock­
h as frau d u len tly disposed of or is about frau d u len tly to dispose of his
holder is liable for the debts of th e bank only to th e ex te n t of unpaid
p ro p erty ; w here any person liable for any debt or demand, residing out
stock. Any banker who discounts a b ill or note a t a g re a te r ra te than'
o f the s ta te dies, leaving property in th e state, attach m en ts m ay issue
8 per cent cannot enforce th e collection of sam e except as to principal,
on demands not due in all th e above cases except th e first, and also in
and if any in te re st has been paid i t m ust be deducted from the
ca^es of su it of surety on paper due or not. W henever th e debtor and
principal. No official exam inations are provided for.
cred ito r are both non-residents of th is s ta te and residents of the same
ARIZONA—Banks of discount and deposit m ay be incorporated under
s ta te attach m en ts w ill not lie unless th e property has been fraudulently
the general Corporation act. B anking business m ay be carried on by
removed to th is s ta te to evade process.
individuals or firms, or by corporations organized for th a t purpose.
TEXAS—A ttachm ents m ay be issued when th e defendant is not a resi­ The T e rritorial A uditor is ex-officio bank com ptroller. Every bank and
d en t of th e state, is a foreign corporation, or acting as such; th a t
banker shall m ake to the bank com ptroller not less th a n th ree reports
he is about to remove perm anently out of th e state, and has refused to
each vear under oath.
pay or secure th e debt due the p lain tiff; th a t he secretes him self so th a t
ARKANSAS—There is no law re la tin g specifically to th e form ation
the ordinary process of law cannot be served upon him ; th a t he has se­ or operation of banks. Three or more m ay form a corporation by filing
creted his property, or is about to secrete, or is about to remove his
a rticles w ith the Secretary of S tate and County Clerk. L iability of
property out of the s ta te or county w here th e su it is brought, or
stockholders is onlv for am ount subscribed.
CALIFORNIA—Corporations may be form ed under general law s for
th a t be has disnosed of his property, in whole or in p a rt, or th a t he
banking purposes. No corporation, association or individual shall issue
is about to dispose of his property, or th a t he is about to convert
or
p u t in circulation as money anything bu t law ful money of the
h is property, or a p a rt thereof, into money for th e purpose of placing
U nited States. %B ank commissioners m ust annually, or oftener, a t th eir
i t beyond th e reach of his creditors w ith in te n t to defraud them , or
discretion
exam ine th e affairs of all banks. All banks are required
th a t th e debt is due for property obtained under false pretenses.


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BANK LAWS.
to m ake verified rep o rts In w ritin g a t le a st th ree tim es each year.
expenses. This certificate m ust be filed in the office of R ecorder of
Sayings banks m ust publish every tw o years a sworn statem en t of un­ Deeqs of the county where the bank is organized, and upon recording
claimed deposits. _ Every banking corporation m ust keep in its office,
such certificate the association may proceed to business. S to c k h o ld e r
in a place accessible to stockholders, depositors, and creditors, a book
are severally liable for a ll engagem ents of the association to an am ount
containing a lis t of its stockholders and th e num ber of shares held, by
equal to th eir respective stockholdings, a t par value, in addition to th e
e.a ch- » m ust also post in a conspicuous place in its office a notice
am ount invested In th eir share of stock. \ Reports under oath of presi­
signed by th e president or secretary, giving th e names o f th e directors
dent or cashier shall be made on call of the A uditor a t least once In
of the corporation and the number and value of shares held by each.
three months, showing resources and -liabilities in detail, which rep o rts
All foreign banking corporations m u st make sim ilar reports to those
shall be published in some newspaper of the place w here the bank is
required by local banks, verified by the agent or m anager of the
^ted. A t le a st once a year the Auditor shall cause an exam ination
business, resident in C alifornia, and he shall be subject to the same
of the bank to be made by a suitable person not a stockholder, officer,
liabilities provided ag ain st directors and officers for false statem ents.
or employe of the bank, who shall make a d e ta ile d 're p o rt of his ex­
No bank failin g to comply w ith th e provisions of th is law can prosecute
am ination, and shall have power to exam ine officers, employes, or a g e n ts
an action in th e courts. There is no lim itation of the rig h t to sue a
on oath. There is no provision of law for the inspection of p riv a te
bank, banker, tru s t company, saving or loan association for money or
banking firms not organized under the statu tes.
property deposited w ith them .
,
'
INDIANA—Any number of persons, not less than five, m ay e n title
COLORADO—Any num ber of persons, not less th a n three, may estabthem selves to a charter as a bank of discount and deposit. The c ap ital
lish a bank of discount and deposit, and savings bank, or a tru st,
stock m ust not be less than $25,000, divided into shares of the value
deposit and security association in th is s ta te under th e general cor­
of $100 each. There m ust not be less than three directors elected by
poration law s of th e state. C apital stock of banks of discount and
the stockholders. These directors shall elect one of th e ir num ber a s
deposit m ust not be less th an $30,000, 50 per cent to be paid in before
president, and shall also elect a cashier, who m ust give bond for th e
opening, and th e balance w ith in one year th e re a fte r. C apital stock
fa ith fu l discharge of his duties. A corporation so formed may begin
of sayings banks m ust not be less th a n $25,000 paid in cash; tru sts,
business as soon as 50 per cent of its cap ital stock shall have been
deposit and security companies m ust have a c ap ita l of $50,000, of
actually paid in; and i t shall have a ll the powers incident to th e
which $30,000 should be paid in before beginning business. Title
business of banking, except the issuing of bank notes. A bank m ay
guaranty companies m ust have a cap ital of $100,000 fully paid in
purchase such re a l esta te as may be necessary for use in its business,
Shareholders in all banks in th is s ta te are held individually liable for
or which may be taken by m ortgage or conveyance in paym ent Of
obligations of th e bank, in double th e am ount of th e p ar value
debts; but a ll property not required in transacting its business m u st
of the stock owned by them respectively.
be resold w ithin five years. Stockholders are individually liable fo r
CONNECTICUT—B anks cannot be organized in th is s ta te except by
the debts of the bank to the ex ten t of the par value of the stock.
special ch arte r of th e Legislature. There are two bank commissioners,
The Auditor of the S tate, w ith the approval of the Governor, shall, a s
ap2°lnu
th e Governor. w ith th e advice and consent of th e Senate;
often as he deems proper, appoint a suitable person, or more than one,
*:£ eT have fu ll power ,to a t any tim e v isit each bank and examine
to m ake an exam ination of the affairs of all banks established under
its affairs, and are required to do so tw ice in each year. These
the general banking law. The exam iner so apppointed m ust m ake a
commissioners m ake annual reports to th e L egislature concerning the
fu ll detailed report of th e condition of each bank to the S ta te Auditor.
condition of each bank. Said Bank Exam iners may prefer a complaint
Banks m ust also make a t least five reports annually to the 'A uditor of
to the judge o f the superior court of th e county or to a judge of the
the S tate, verified by the president or cashier or other m anaging
suprem e court of errors, who may, if necessary to p ro tect depositors
agent, showing, in detail, the resources and liabilities of the in stitu tio n .
enjoin any bank from doing business for a certain length of tim e or
IOWA—Any number of persons may be incorporated for the tra n sac ­
m ay order th e revocation of its charter.
tion of the banking business, under the general incorporation law s of
DELAWARE—There is no general banking a c t and b u t one sta te
the state, b u t such association other th a n savings banks m ust have th é
bfLn • ,whlch , w as chartered by th e Legislature in 1807. There are no
word “ S ta te ” incorporated in and made a p a rt of the name of th è
official exam inations and th e bank is merely required to make a yearlv
corporation, and any association not incorporated, partnership or indi­
report of its condition to th e Governor of the state. B anking com- vidual, engaged in banking business is prohibited from em bracing or
panies can .only be formed by special a c t of th e L egislature, and the
including in the name of such association, partnership or individual,
holders of stock therein are tax ed a t th e ra te of one-fourth of one
the word “ S ta te .” The capital of such banks m ust not be less th a n
per centum on the cash value of each share of cap ital stock.
$50,000, except in cities or tow ns having a population of 3,000 or less,
D ISTRICT OF COLUMBIA—There is no statu to ry provision regulating
where they may be organized w ith a paid-up cap ital of not less th a n
banks, p riv ate or other, except th a t savings banks may be incorporated
$25,000. Stockholders are responsible to th e am ount of th e ir stock
under th e general sta tu te , and when so incorporated they may continue
and an additional sum equal to the am ount of stock so held by them .
' tw enty years, and are subject to exam ination and supervision of
In case of insolvency, bill holders are to be preferred. Suspension o f
the Comptroller of the Currency th e same as national banks.
specie paym ent is n o t . perm itted. The G eneral Assembly, by a tw oFLORIDA—Banking corporations m ay be established, by five or more
th ird s vote, may amend or repeal any law, and no special or ex­
persons, in any incorporated town or city having 3,000 or more inhab­ clusive privileges shall be given. A fu ll and accurate statem ent, veri­
it
w ith a. c ap ital of not less th a n $50,000. In tow ns of not less than
fied by the oath of the president or vice-president, or cashier, or a s­
3,000 Inhab itan ts th e cap ital may, w ith th e com ptroller’s approval, be
s ista n t cashier -and a tte ste d by the signatures of a t least three di­
not less th an $15,000. Savings banks may have not less th an $20,000 rectors or verified by tw o officers and a tte ste d by two directors, m u st
capital. B anks are formed as other corporations are, and cannot begin
be made quarterly to the A uditor of the S tate. The A uditor may cause
business u n til authorized by th e comptroller. The com ptroller of the
to be made four exam inations per year of each bank. Corporations, to
state m ay inspect and supervise th e business pf th e bank, and inspect
be known as savings banks, may be formed under acts applying only to
and examine^ its books, papers, documents, m inutes, and every­ such banks, for the purpose of receiving on deposit the savings, and
thing pertain in g to th e acts of th e bank. B anks are required to make
funds of others, and preserving and safely investing the same, and
a sem i-annual re tu rn to th e s ta te com ptroller of resources and liabilities,
paying in te re st or dividends thereon; and any number of persons, not
and advertise in Jan u ary of each y ear am ount of stock, property, and
less than five, may organize such savings banks w ith a paid-up c ap ital
contractual Indebtedness. Before organization 50 per cent of th e capital
stock of not less than $10,000 in cities or tow ns of 10,000 in h a b ita n ts
stock m ust be paid in cash; 10 per cent each month th ereafter. Stock­ or under, and a paid-up çapital stock of not less than $50,000 in c ities
holders are individually liable to th e e x te n t of th e ir stock a t th e par
of over 10,000 inhabitants.
value thereof, in addition to th e am ount invested in said shares. Di­
KANSAS—Any five or more persons in th is state may organize them ­
rectors m ust be citizens of the U nited States, and own ten shares of
selves into a banking association and shall be perm itted to carry on
stock of $100- per share. The directors m ust not be less th an five,
the business of receiving money on deposit and to allow in te re s t
three-fifths of whom m ust have resided in S ta te of Florida one year
thereon, giving to the person depositing credit therefor; and of buying
preceding th e ir election, and m ust continue so to reside. The comp­ and selling exchange, gold, silver, coin, bullion, un current , money,
troller, w ith th e aid' of --.the courts, winds up th e affairs of insolvent
bonds of the United States; of the S tate of K ansas, and of the city,
banks.
county and school d istric t in the s ta te ; of loaning money on real e sta te
GEORGIA—All S ta te B anks are incorporated under th e G eneral S ta t­ and personal security, a t a ra te of in te re st not to exceed the leg al
ute of 1893 as am ended in 1895. C harters are gran ted by th e Secre­
ra te allowed by law ; and of discounting negotiable notes and notes
ta ry of S ta te for the
term of th irty years, b u t w ith a capital of
not not
negotiable. The name selected for such bank shall not be th e
less th a n $25,000, $15,000 to be paid in cash before filing th e declara­ name of any other bank doing business in the s ta te and m ust ' h a v e
tion w ith th e Secretary of S tate. Stockholders are individually liable
the word “ S ta te ” included in it. The cap ital stock shall not he less
to the ex te n t of th e ir unpaid shares, and additionally to depositors over
than $10,000, which shall be subscribed before the charter is filed, and
and above th e p ar value of th e shares equal in am ount to th e face
all subscriptions to the capital stock sh all' be paid in cash. C apital
value of th e shares. No bank or corporation doing a banking business
may be increased, the Increase to be paid in full. In cities of less
shall loan to an officer o f a bank w ithout good collateral, and no loan
than 5,000 population, tw enty per cent and in cities over 5,000, tw entyshall be made to any one person of more th an ten per cent of its
five per cent of deposits m ust be kept on. .hand or on deposit w ith
capital stock and n et
profits, unless am ply secured by good security.
solvent banks, a t least h a lf of which m ust be in cash on hand. N ot
Q uarterly re tu rn s are
required to be made under oath and published
more than 15 per cent of capital and surplus shall be loaned to one
in the local papers a t th e expense of th e corporation. The Treasurer
debtor. Officers crim inally liable for receiving deposits when bank is
of the S ta te is ex-officio Exam iner of th e S ta te Banks. I f the C apital
insolvent. Dividends can only be paid out of n e t profits as directors
Stock is found to have become im paired or is not made good, report is
may judge expedient, but before dividend is declared one-teftth of n e t
to be m ade to the Executive and proceedings in stitu te d for th e for­ profits since preceding dividend m ust be carried to surplus fund u n til
feiture of th e C harter.
surplus amounts to fifty per cent of capital. Losses in excess of un­
IDAHO-—There is no s ta tu te law re la tin g to banks. No ch arters can
divided profits may be charged, to surplus, bu t no dividend in excess
be granted to banks except under th e general corporation a ct and no
of one-half of n e t earnings m ust be paid u n til surplus be fully restored.
provision is made for the supervision of banks or bankers by any state
P riv ate banks are subject to the provisions of the law . The B ank
official or otherw ise. License is required of money loaners.
Commissioner or deputy m ust make exam ination of each bank a t le a s t
ILLINOIS—Associations may be formed to do a general -banking
once a year. Four reports per annum are required and the Commis­
sioner may call for others. The reports are practically the sam e as
business (except th e issuing o f bills to circulate as money), including
loans, on personal and real e sta te security, and accepting and executing
those required of national banks. R efusal to comply w ith the law
tru sts. The c ap ital required is, in cities of 5,000 population or under,
forfeits charter. Double liab ility on stockholders sim ilar to N ational
Banking act.
$25,000; betw een 5,000 and 10,000 population, $50,000; between 10,000
KENTUCKY—Banks m ust incorporate under the general law by filing
and 50,000 population and upw ards, $200,000. Im pairm ent of capital
a rticles w ith the county clerk for record, and are to report th e ir con­
m ust be made good on notice from the S ta te Auditor. The stock being
dition quarterly, and oftener if required, to the secretary of s ta te .
fully subscribed, a m eeting of th e stockholders, on not less th an three
days’ notice, shall be held, a t which the number of directors shall be
Minors and m arried women m ay make deposits in th e ir own nam es,
and draw checks on the same as if of fu ll age or unm arried.
determ ined, and they elected. The directors thereupon organize and
■LOUISIANA—Banking corporations m ust be organized under th e gen­
elect officers, m ake by-laws, and arran g e for tran sactio n of business.
They are required to ta k e an oath of fe a lty to th e association and
eral free banking law s. The number of persons organizing m ust exceed
observance of th e banking act. Upon complying w ith these provisions,
five. No special acts of incorporation can be passed. There are no law s
the A uditor m akes exam ination, and if satisfied th a t cap ital has been
requiring saving banks to invest in any p a rtic u la r class of bonds.
paid in, issues a certificate of organization upon paym ent of reasonable
There are seven banks in the city of New Orleans s till doing business


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Federal Reserve Bank of St. Louis

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BANK LAW S.
under s ta te ch arters. C h arters are gran ted for a period not exceeding
ninety-nine years. Notes for circulation, secured by public bonds de­
posited w ith S ta te Auditor, m ay be issued. Banks m ust m ak e ana
.publish q u arterly statem en ts. Stockholders are liable for th e p a r value
stock only. Savings, safe deposit and tru s t banks may be organized
'w ithout power to issue bank notes. A m arried woman may deposit
¡money or funds in any bank in th e s ta te and w ith d raw same w ithout
th e authorization or intervention of h er husband.
, 1 1 . + .
MAINE—Discount and savings banks created only by special c h arte r,
su b ject to exam ination by th e B ank Exam iner, who m ay, a t any tim e,
c all for statem e n ts and m ake exam ination; m ay in s titu te proceedings
to w ind up; m akes an annual rep o rt to the'G overnor and council. Capi­
ta l stock of discount banks m u st be paid, one-half in six m onths ana
one-half in tw elve m onths from th e d a te of c h arter; they cannot go into
operation u n til one-half, of th e stock has been paid in ; cannot circu­
la te bills in excess of 50 per cent o f th e ir cap ital stock w ithout $1 in
specie for every $3 of such excess; nor, a t any tim e, more th a n cap ital
stock paid in and specie on hand; m ust keep 5 per cent of th e cap ital
stock in specie reserve; m ust no t owe more th a n tw ice th e am ount 01
th e c ap ital stock aside from deposits. D irectors incurring illegal debts
o r illegally im pairing c ap ital are liable th erefo r. Stockholders are
liable for an additional sum equal to th e am ount of stock. Officers are,
president, directors and cashier. R eport to exam iners when required.
MARYLAND—The paid-up c ap ital stock in th e city of B altim ore m ust
b e not less th a n $300,000; in shares of $100 each, w ith privilege of increasing th e num ber of shares to 20,000. Outside of th e city of B aiti-'
m ore th e ’ paid-up c ap ital stock m ust be $50.000, in shares of $100 each,
w ith privilege of increasing to 5,000. Any five or more persons, citizens
o f th e U nited S tates a n d . a m ajo rity of them citizens of th is state,
m ay form a corporation for banking under th e provisions set fo rth in
A rt. II. of th e Code T itle “ B an k s.” B ut shall not be qualified to do
b usiness u n til a m a jo rity ‘ of th e directors shall have certified to the
T rea su re r and Comptroller of th e S ta te th a t th e required c ap ital has
been fully paid in th e “ law fu l m oney” of th e U nited tS ates, and a cer­
tificate o f such organization sh all have been tra n sm itte d to th e Clerk
o f th e Court of A p p e als,1and by him filed among th e records of his
office. The num ber of directors many not be more th a n seven, nor less
th a n .fiv e. None b u t a citizen of th is s ta te and a stockholder m ay be
d irecto r or president. No one m ay be a director of more th a n one bank
in th is s ta te a t the same tim e. Sem i-annual statem en ts of th e condi­
tio n of s ta te in stitu tio n s m ust be made to th e S ta te T reasurer, and be
published. Stockholders’ liab ility extends to th e am ount of th e ir stock.
I t is th e duty of th e S tate T reasu rer to appoint exam iners of S tate
B anks not members of th e B altim ore C learing A ssociation, which are
examined) by th e N ational B ank Exam iner.
MASSACHUSETTS—Ten or more persons and th e ir successors may
form a corporation for the purpose of carrying on th e business of bank­
in g . The general court m ay, by special act, an n u l or dissolve any such
corporation; b u t its dissolution shall no t im pair any remedy ag ain st
th e same for lia b ility previously incurred. The c ap ital stock of each
b an k shall not be less th a n $100,000 nor more th a n $1,000,000. The
sto ck sh all be paid in gold or silver money, one-half before the bank
goes in to operation, and th e rem ainder w ith in one y ear thereafter,
Before commencing business, th e president and directors Shall m ake £
certificate specifying th e corporate name, which sh all be different from
any previously organized in th e comm onw ealth; th e location of said
b a n k ; th e am ount and num ber of shares of its c ap ital stock; nam e and
residence and num ber of shares of each stockholder, and th e tim e when
i t is to go into operation; a copy of which certificate shall be filed
w ith th e secretary of th e commonwealth. Every bank doing business
In Boston, except in th e suburban d istric ts which form a p a rt of
Boston, shall on every Monday m orning tra n sm it to th e S ecretary of
th e Commonwealth a s tatem e n t under o ath o f th e president or cashier,
o f th e am ount .o f c ap ital stock, assets and liab ilities of the bank, in
eluding am ount in Boston clearing house, which statem e n t shall be
based upon th e condition of th e bank on th e day of th e w eek next
preceding said Monday. M onthly reports are required from every bank
in th e S tate, not included in those above mentioned, to be m ade to
th e S ecretary of th e Commonwealth.
MICHIGAN—N ot less th a n five persons m ay estab lish banks and say
in g s associations. The minimum am ount of c ap ital stock m ust not be
less th a n $100.000; except in tow ns of 1,500, and less, th e minimum is
$15,000, and in tow ns no t exceeding 5,000, th e minimum is $25,000
a n d in tow ns not exceeding 25,000, i t is $50,000. The a rticles of asso­
ciation sh all specify : The nam e of th e bank, which sh all not be sim ilar
t o th a t of any other ban k ; th e county and city or village of its loca­
tio n ; w hether a commercial or savings bank, or both; th e am ount of
i t s cap ital, which m ust be divided into shares of $100 each; the names
a n d places of residence o f th e stockholders and th e num ber of shares
b e Id by each; th e period for which th e bank is organized, not to exceed
th ir ty years. F ifty p er cen t of th e c ap ital stock m u st be paid in be
fo re th e bank can begin business, and th e rem ainder in m onthly in sta ll
m ents of 10 per cent each. B anks are to be exam ined once in each
y ear by th e Commissioner o f th e S ta te Banking D epartm ent and report
m ade to S ta te T reasurer.
MINNESOTA—Banks of issue, discount and deposit m ay be organized
b y the execution and recording of a certificate containing the name,
p lace of business, am ount of c ap ital stock, nam es and places of resi
dence of -shareholders, and th e period for which th e organization is
m a d e ., The cap ital stock m u st am ount to a t le a st $10,000 in tow ns of
population not exceeding 1,000; $15,000 in tow ns no t exceeding 1,500
people; $20.000 in tow ns n o t- exceeding 2,000; $25,000 in tow ns of
more th a n 2,000 population. Such association h as th e usual powers of
ban k s. I t may issue circulating notes, to be secured by the assignm ent
a n d deposit w ith th e S ta te A uditor of a like am ount of th e public
■stock of a s ta te of th e U nited S tates, or th e stock or securities of the
U n ited S tates. Banks not of issue b u t of discount and deposit only
m ay be incorporated under th e general law s of 1895, and in such case
th è lia b ility of the stockholder is equal to th e am ount of stock held
or owned by him . No deposit w ith S ta te A uditor is necessary. Loan!
a re lim ited to 10 per cent of th e c ap ital stock to any one firm or indi
vidnal. All loans m ade to a director or officer of such bank m ust be
m ade by fu ll board, and acted on in th e absence of th e borrower. P ri­
v ate banks are prohibited from doing business under an artificial or
corporate nam e. B anks are required to make a t le a st four detailed
re p o rts in each y ear to th e S ta te A uditor, and o ften er if required by
him . th e rep o rts to be published in a new spaper a t th e direction of the
S ta te A uditor. The Public E xam iner is required to exam ine the books,
accounts, and secu rities of all banks in th e S ta te a t le a st once in each
year, a n d rep o rt such exam ination to th e Governor, and the Governor


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Federal Reserve Bank of St. Louis

is- to publish such report. Stockholders are liable to creditors to double
th e am ount of stock held or owned, and such liab ility continues for one
year a fte r sale or tra n s fe r of stock.
.
MISSISSIPPI.—No special law s re la tin g to banks, except th a t they
are required to furnish, not less th a n four tim es a year, sworn statem ents, which are to be published. The auditor of public accounts may
call for such statem en ts a t any tim e.
■ ■„
„ .
MISSOURI— Any five or more persons m ay associate them selves for
th e purpose of establishing a bank of deposit, or discount, or both, by
filing a rticles of association w ith the Secretary of S ta te , who issues the
certificate of incorporation. The cash c ap ital m u st not be less than
$15,000 or more th a n $5,000,000. In c ities having a population ex­
ceeding 100,000 inh ab itan ts, the c ap ital stock shall not be less than
$100,000. The en tire c ap ital m ust be subscribed and one-hair thereof
a ctually paid up before corporate existence can be acquired, and the
other h a lf w ithin one year. No person can be a director who is not.
a resident of th is state, nor a t the sam e tim e a director in tw o state
banks, or in a s ta te bank, or in a national bank. The Secretary of
S ta te or some one appointed by him is to exam ine banks and If the
c ap ital is im paired or th e bank is doing an illegal business the Secre­
ta ry of S tate has a u thority to compel the discontinuance of such illegal
practices, or w ind up the affairs of the bank. Sworn statem en ts of
the condition of the corporation m ust be filed in th e office of th e Sec­
re ta ry of S ta te whenever by him required, b u t not less th a n tw ice in
each year. F alse statem e n ts as w ell as th e receipt or assent to -th e
reception of deposits, w ith knowledge of the fa c t th a t the bank is insolvent or in failin g circum stances, are punishable by a fine or im pris­
onment. Loans of more th a n 25 per cent of its c ap ital stock to any
individual, corporation or company are forbidden. No person Or com­
pany of persons may engage in the business of banking as private
bankers w ithout a paid-up c ap ital of not less th a n $5,000.
MONTANA—Three or more persons, b u t not more th a n th irteen, may
establish a bank jof discount and deposit w ith not less th a n $20,000
capital, fully paid, and m ust not tra n s a c t business u n til a certificate
to th a t effect under oath of president and cashier is filed w ith the
S ta te A uditor and the Clerk of the County w here the bank is located,
nor u n til authorized by the S ta te Auditor. M ust file A rticles of In­
corporation. Any num ber of persons not less th a n three m ay form
a savings bank corporation. M ust have not less th a n $100,000 capital
stock, a t le a st $100,000 of which m ust be paid in before receiving de­
posits. May organize on basis of not more th a n $500,000 and provide
for excess over $100,000 to be paid in 5 years - in in stallm ents not
g re a te r th a n 25 per cent of said balance each year, on 30 d ays’ notice.
M ust elect not to exceed 13 directors who m ust be citizens of United
S tates, and three-fourths o f whom m ust be residents o f. th is State;
the directors choose the officers. Any num ber of persons not less than
th ree m ay form a corporation to carry on a tru s t deposit, security and
loaning business. C apital stock not less th a n $100,000 nor more than
$500,000, in shares of $100 each, $100,000 of w hich m ust be subscribed
before doing business. M ust qualify and proceed to business w ithin
90 days a fte r filing a rticles of incorporation or same become null •and
void. A ffairs of corporation m anaged by not less th a n th re e directors;
directors choose one of th e ir num ber president, and such other officers
as they see fit. B anks m ust m ake not less th a n four reports to State
E xam iner ■each y ear a t his call a t in tervals of not less th a n two
months, sai'd reports to be published by the bank. Exam iner may call
for special rep o rt when he deems expedient. Each bank, banking cor­
poration, savings bank, investm ent or loan company organized under
th e law s of th is S tate, sh all pay a S ta te E xam iner fee o f $50 per
year, and if same is not paid by th e 11th of Jan u a ry such corporation
sh all fo rfe it $10 per day.
NEBRASKA—Any num ber of persons m ay form a corporation for
banking purposes. They m ust adopt and record, in offiçe of the County
Clerk of the county w here th e business is to be transacted, th e ir articles
o f association. Notice m u st be published in a new spaper in the pro­
posed place of business, giving the nam e of th e bank, its place of
business, capital, tim e and condition of paym ent of the capital, the
beginning and term ination of corporate existence, th e m axim um liability
th a t m ay be incurred, and the nam es of the officers. The liabilities
of th e bank m ust not exceed tw o-thirds of th e c ap ital stock, except in
cases of banks of deposit only. All banks m ust publish quarterly
statem e n ts of th e ir assets and liabilities, and stockholders are liable to
the creditors of th e bank in an am ount equal to th e p a r value of the
stock held by them in addition to the cost of said stock. The cash
c ap ital of banks m ust be a s follows: In villages of less th a n 1,000 pop­
ulation $5,000 and upw ards; those of 1,000 to 1,500 population, $10.000
and upw ards; in cities of 1,500 to 2,000, $15,000; of 2,000 to 3,000,
$20 000 and upw ards; those of 3.000 to 5.000, $25,000 and upw ards, and
thbse of 5,000 to 10,000 population, $30,000 and upw àrds; more than
10,000 population, $50,000. R eports m ust be made by th e bank officers
not less th a n th ree tim es per year, to the s ta te board, consisting of
th e S ta te Auditor, S ta te T reasurer and A ttorney-G eneral, showing the
ban k ’s condition.
. .
NEVADA—License shall be obtained by any person or persons, private
association or corporation, doing business in th is s ta te , engaged in one
or more of th e following occupations, to-w it: In buying foreign or
inland bills o f exchange, or sig h t checks or d ra fts, or in loaning money
a t in terest, or in buying or selling notes, bonds or other evidences of
indebtedness; or stock of incorporated or unincorporated companies, or
person or persons, or in buying or selling gold dust, gold or silver coin,
or bullion, for profit. All such persons, companies and corporations are
hereby declared to be bankers. Three or more persons m ay form a
banking corporatoin by conforming to th e law s relativ e to the incor­
poration of companies.
, , .
NEW H A M PSH IR E—S ta te banks a re chartered by the Legislature
only ahd c ap ital m ust be fully paid up in a ctu al cash before business
is begun. Each stockholder is liable only for th e p a r v a lu e . of his
stock. S tatem ent of condition to be m ade once in three m onths to
th e Secretary of S tate. T h re e 'B a n k Commissioners appointed by the
Governor exam ine a ll banks a t le a st once-every y ear and report their
condition to the Governor.
NEW JER SEY —Any num ber of persons, not less th a n seven citizens
of th e state, m ay associate to establish a bank or a banking company,
b u t th e aggregate am ount of the c ap ital stock of any such association
shall not be less th a n $50,000 nor more th a n $2,000.000. The persons so
associating shall, under th e ir hands and seals, m ake a certificate, by
th e term s of which such association shall be bound, which shall specify L
th e nam e assumed to distinguish such association; th e place w here the
business is to be carried on; the am ount of the c ap ital stock, and the

1135

BANK LAWS.
thirteen. Majority must be residents. Must make stat®“ ?“^s ttel1 £a^
number of shares; the names and places of residence of the
after Comptroller of United States makes _call for statements from
holders, and the number of shares held by each of them, and t^e period National
Banks. Must keep reserve fund of 20 per cent ofJ^posits.
at which such associations shall commence and terminate,
Capital
stock $10,000.00 must be fully paid up, in towns jmu
not be for a longer term than twenty years. This certificate shall be cities having
less than 2,500 inhabitants; $15,000 in cities paving
proved or acknowledged in the same manner as deeds, and recorded in more than 2,500
and less than 5,000; $20 000 in cities ^having
the oflice of the Secretary of State and in the Clerk s office °^ \he,tco^ 7 1 the amount of stock owned and no more. Bank Commissioner must
where the office of such association shall be established, bnt it shall require at least four reports from banks each year.
not be lawful for any association to locate their office in any other than
OREGON—There are no laws regulating banks or banking, and there
one of the county towns, except by permission of the Commissioner of
Banking and Insurance, to whom all matters relating to banks aie com­
PENNSYLVANIA—Any person or association of persons, not less
mitted and in whom lies the right of examination. The legislature than three, may establish banks of discount, deposit and circulation
may dissolve any company created by virtue of this act. The chan­ m
a capital of not less than $50,000 Whenever any association de­
cellor may order an examination on application of creditors or stock­ sires to establish a bank, or increase the capital, a certificate to that
holders An individual, partnership or joint stock association may do a effect must be made for at least six months m at JeaBt-jtoeo newsprivate" banking business under the supervision of the Commissioner papers, one published at the seat of the government and the <ither two
of Banking. The Commissioner must make a thorough examination in the city or county where such hank is located. When a cop,
.. .
as to capital, assets and property in the business, and issue a certificate certificate containing the name, place of business, amount of .eaprial
to such parties before they can do business. Banks usually publish a stock, with the number of shares upto which the same shall be divided,
statement, and make annual reports to the State Treasurer.
.
certified by the Attorney General, it is recorded after* 1the manne
NEW MEXICO—Any number of persons, not less than tb^ee, may be is
of deeds, and the Governor, upon f certified copy of such certificate
chartered as a bank. The capital shall not be less than $30,000, one- being produced before him, causes letters patent to be issued. Every
half of which must be paid in before beginning business, and the person or corporation to whom letters patent may be grante ,
remainder within one year. Statements are required to be sent twice a thorized
to carry on business for twenty years from date of patent.
vear to the Territorial Treasurer showing the condition of the bank, The Commissioner of Banking is required to report annually to the
on the first Monday of January and July, and these statements are re- Governor a summary of the condition of every incorporated bank. The
auired to be published for three consecutive weeks in a newspaper of
stock of each bank is divided into shares of $50
ll*
the county where the bank is located. The officers and stoekholdeYS of capital
the duty of every cashier to publish in the newspapers a statenaent
every0 bank are individually liable for all debts contracted during the giving the amount of assets and liabilities, circulation, deP°sits, gold
time that they were such officers or stockholdes ratably to the extent and silver, with all evidences of debt, with the personal
of the bank; and semi-annual reports are required. The Commls
°fNEW YORK—Banks^may be chartered under. general laws of the ertv
sioner of Banking is to require not less than two statements a_ yea
State In places of 2,000 inhabitants or less the minimum capital must from cashiers of the condition of banks. Stockholders are individually
he «25 000- in Places of 30,000 inhabitants or less the minimum capital liable for the notes issued by the bank, and shall bei personaily liable
must be $50,000; in places with upwards of 30,000 inhabitants the
minimum capital must be at least $100,000. The capital stock of a f0^ K b?SL S a f w b°anfsUa«
bank shall be paid up in full before it begins business. A deposit is c o m m S e ^ appointeTby the Governor The Commissioner J three
sK
reauired to be made with the banking department t o secure the ban
intend the organization of bank until entire amount of Capital stock
circulating notes, and $1,000 must also be deposited as a guarantee subscribed is paid in in cash. Stockholders, unless exempted by
*
nf compliance with the banking laws, which the Superintendent of the are individually liable for all debts due from
Banking Department is authorized to apply to the extent required in denosit or otherwise, to the amount of the shares held by tn e m , m
payment of*any penalty incurred by the bank or any assessment im addition to the amount invested in such shares. The„®e“tera^vAtimebapnosed upon it. Banks located in cities having a population of 800,000 or Governor, when the Assembly is not in session, may at any time ap
or over shall at all times have on hand in lawful money of the United Doint a special commission, to visit and examine any bank, or institution
States an amount equal to at least fifteen per cent of the^ aggregated forkvings and upon complaint of such the Supreme Court may re­
amount of their deposits, and an amount equal to at least ten per cent strain such blnk from doing business and appoint a-receiver to wind
if located elsewhere. Stockholders in banks of issue are liable to the up its affairs. Banks and institutions for Savings are required to make
amount of theiT respective shares, for its debts. Holders of the bank’s
notes in case of insolvency are entitled to a preference over all other res™UTHnnCAROLmAkAn banks must be incorporated
| f “graJ
creditors. 1 Savings Bank must not be located in the same room or in law Liability of stockholders in bank 100 per cent over face value of
anv room communicating with a bank of discount. Any officer, director, stock No director is allowed to borrow from the bank. If any
clTrk or a geT o? any discount or savings bank is forbidden to borrow director or officer be convicted of violating this provision he
money from the corporation with which he is connected without the con ished by fine or imprisonment. No loans can be made for a longer
Snt of the majority of the board of directors. A majority of the board neriod than twelve months. All state banks may invest then capital
of trustees of a savings bank shall not belong to the board of ^ir®cJ:0. ® ?n the bonds of the State or of the United States to an amount not
of a bank of discount. Reports must be made every three months to exceeding one-half of its capital. The notes of .the bank in circU;larion
the Superintendent of Banking on a •day designated by himr which
not exceed, for more than four consecutive
fts’pMsession or
report is required to be published in a newspaper of the place where must
the amount of gold and silver coin and bullion in its possession or
the bank is located. The superintendent has visitorial powers, and is
requirefto make1 an annual «port to the Legislature of the perform5
anNORTHSCAROLINA—Any number of persons not less than three^ WetoeaTay of^each week tti^he Comptroller-General a eertifled account
hv a certificate of incorporation under their hands and seals, can
t l
®
S fia f M ?
S ' T S f l «.am i«
establish a®bank °by setting forth: (a) the
of
tion, (b) the location of its principal office, M
amount
business, whether commercial or savings or both (d) the amount
of the total authorized capital stock with the numDer 01
and the value of each, (e) the names and addresses of the sub­
scribe« of stock, and (f) the duration of its exist®“c<h
^hall
im filed with the Secretary of the State, and if m aue iorm ui
laewfilshair1be ^ r d fd ^ L k e charter o 'th e corporation At ea^
50 per cent of the capital stock shall be piad in and tne casnier
or president shall file with the Corporation Commission a state­
ment under oath containing the names of the directors and officers,
S e amount of capital stofk, and the
AH banking
annmint n f ranltal stock before the business is begun. All DanKins
rens ^ n k nr bthe ^ S f l S ^
institutions are under the supervision of the ^air^om ^issi^and^
for by each. The time when such bank is to commence and terminate
w S
C»mml»>.*n° ippoint. its business This certificate must be acknowledged and filed with th
|the
p bank
shall examine
each p
bfla”ktakeC
bankexaminer,
is found who
insolvent,
the examiner
can
take possessioi
possession ofkhe
or ine
7 7
same
and
have
a
receiver
appointed*.
thirds
■NrrmT'TT nATCOTA_Three or more persons, two-thiras of
or whom
wnoui shall

r$ « r« y °

“

L a? coio^

the scares resp^tively held by them. There can be no special or lim­
ited partnership formed for banking purposes.
„ S r u S ^ tY to T a fS 7 M g *
>" truat or

g j f j s s f a i '» .£&&f
i. i m

m

t o i f C

i t o P

t i S

proved by them, and no such law has bee

banks are required to make a
October. % s°« p o ri ¿ust ^ published in a

*4.“- » S T . ? N . t S i

P

^

Th supreme

Monday of April and
N° visit0rlal

^
Z s T t e
l i l t
in
SwfulPemoney. ^ard^of mecSrs°'not less than three nor more than


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Federal Reserve Bank of St. Louis

1136

BANK LAW S.
W
aF®. allowed to Issue notes of circulation upon deposit- holders of the bank must give bonds with sureties resident in Wisconsin
1 toS lent securities as provided, with the State Treasurer.
rne amount of one-fourth of the notes issued. A correct list of the
ai= a 4 ^tate Banks are authorized by the act of May 26, 1905.
of each bank is required to be filed in the office of the
and dfs7™ft Banks’ S*ate, Banks besides Incorporating with banking shareholders
register of deeds of the county where the bank is located, and also in
f o i l o w W wers aind pr.lvulleges may also include one or all of the the office of the comptroller on the first Monday of January and July
vlz>’ Wlth trust company, surety company, Fidelity annually, at which time a report must also be made under oath by the
asdpÎlpnt«rty«H
“ Pay powers
and privileges
with power
,or, cashier to the comptroller concerning the bank’s affairs,
as executor, administrator,
guardian,
receiver,and
assignee,
trusteeto act
de­ sS a vTe?i
it is his duty to publish in a newspaper at the capital of the
positors and other fiduciary relation. All are subject to examination which
jT?.
■
Be
must also transmit to the Legislature a summary of the conconditionuperintendent
condition
when requiredof byBanking
him. and must make statements of their dition_ of all banks in the state, and must publish a statement of the
condition of every bank, which must be furnished him by its
01 more Persons, two-thirds of whom must be residents financial
Stockholders are liable only to the amount of the shares re­
pn,',i+iS
may associate themselves together as a bank of dis- officers.
spectively held by them. Private banking is permitted, without state
hav^ been sIC lIh ll
s ®|yln«s bank- When $100,000 at least shall
or
apart from the usual civil and criminal lia­
naid bee° subscribed and 25 per cent of the capital shall have been bilities and interference,
remedies, except that the name of the person or firm must
adon/arH^iP* pfSUrer w - the association in cash, the subscribers may be displayed. Most banking, not under national charters, is so eon¡! i
of association and elect five or more directors; provided
banks may be organized by twenty or more persons,
that m towns having from 10,000 to 20,000 inhabitants t h e capital
(tirtoc? • irlG—Banks may be incorporated with capital not less than
^b®1hank must be at least $50,000; in towns of less- than 10 000 inkn°?
^
J-i5ns
1.000 or less; not less than $25,000 in towns from
p??HbltantS +thK capltal must be at least $25,000. The articles of a’sso- 1,000 to 2j000; notof less
than $50,000 to towns from 2,000 to 5,000; not
themsplvps Spf bfhaSet -f0Îth W ' S » object of’the subscribers!! to avail less than $100,000 to towns over 5,000. Savings associations may incor­
eS of. tbe Privileges of this act; the amount of the capital stock porate. Doan and trust companies may incorporate. All banks are reaP*^ £b? number of shares; the names and places of residence of the quired
to make full statements at the end of each quarter, showing their
stockholders and the number of shares held by each; the number and resources
and liabilities. The statement is required to be filed in the
kind of officers who are to manage the affairs of the bank and the office of the
County Clerk of the county to which the bank does busi­
names of those who are to act for the first yeL. These articles mus! ness and in the
office of the State Examiner. In the case of a corpora­
be sworn to by three or more of the subscribers and must
i®o0nf pt^ er things, that 25 per cent of the Capital’ his been paid to’ tion, the report must be published in a liewspaper.
The articles must be filed in the office of the Clerk of the District EXEMPTIONS—
tnT cW ^0 is, thereupon required to issue a certifillte showing thaî
the articles of association have been filed, and this certificate Sand n
-ALABAMA—A resident of Alabama is entitled to a homestead not ex­
articles, must be filed to the office of■toe Secretarl of ceeding in value $2,000, and in area 160 acres; and if he leaves survivState, who must . issue a} certificate of incorporation It shall Lve
»FJI; *** a.,"i<iow and minor child or children, or either, during the life
power among other things, to exist for fifty yelrs The rematoder die or the widow and minority of the child or children, such property con­
tinues exempt from levy and sale for his debts. Personal property to
the value of $1,000 and wages to $25 per month are also exempt. A
debtor may waive exemptions. Waiver as to homestead must be by ■
separate instrument, and if by a married man his wife must sign and
assent to same as in the conveyance of homestead.
°f Pamily may owrl real property, selected to the
value
of $4,000 and $1,000 worth of personal property.
more man
thin ^ouu.uoo.
$500 000 n
IP associationmust
be less tban
moie
No
can not
commence
the $50,000,
hmiinooo nor . ARKANSAS Homestead: Rural, 160 acres of land with improvements
both not to exceed in value $2,500.00, but in no event shall homestead
oe reduced to less than 80 acres without regard to value. In city town
2eeee geh, °Pe acre of land witb improvements, both not to exceed $2,500.00, and in no event to be reduced to less than one-fourth acre with­
out regard to value. Personal Property: Unmarried persons, $200 00:
married persons and heads of families, $500.00. Wages of laborers and
mechanics not exceeding sixty days.
m
l m
t S •«"Sum ,?t ttTÎloao S \ S e fa0r„„°'tte“s ; g ’ . fCALIFORNIA—The
T ' “
head of a-family is entitled to a homestead not
exceeding $5,000; one not a head of a family, to a homestead not ex­
ceeding $1,000 in value.
,, COLORAD°—
—Every householder, being the head of a family, is en­
titled to a homestead exempt from execution and attachment, not ex­
ceeding the value of $2,000. The homestead may consist of a house and
lot in any town or city, or a farm of any number of acres not exeeeding the homestead value. Also $60 in wages due for services; household
etc., $100; tools and implements, $200; professional library, $300;
m
m
t goods,
working animals, $200. Also persons not heads of families are entitled
to $300 worth of tools, working animals and stock in trade.
CONNECTICUT—Homestead to the value of $1,000 is exempt if decla­
ration to hold it as such is recorded. Of the property of any one person,
his necessary apparel 'and bedding and household furniture necessary for
supporting life; arms, military equipments, uniforms, or musical instru­
™«t
*thF
eZl1
annnal meeting of the stockholders. Everl sulh bank ments owned by any member of the militia for military purposes- any
pension moneys received from the United States, while in the hands of
4 e pensioner; implements of the debtor’s trade; his library, not exceed­
ing $500 in value; cattle, poultry, etc., not to exceed $325 in value; cer­
1
tain specified family stores; the horse of any practicing physician or
surgeon, of a value not exceeding $200, arid buggy; one boat used in the
business of planting or taking oysters, or clams, or shad, with the sails,
tackle, rigging, and implements used in said business, not exceeding in
PÜ & $
value $200; one sewing machine in use; one pew in church to use and
lots in burying ground, appropriated by its owner for the burial place of
aay Person <>r family; so much of any debt which has accrued by reason
$¿5,000, divided into shares of $100 each Thp whMo^„*4. S£°CK ¿s of the personal services of the debtor as shall not exceed $25.
—No homestead law. Personal property, etc., to value of
r
8xempt’ depending upon the county in which the debtor resides.
In addition to the above, personal property, not exceeding in value $200
Is exempt from execution process where debtor is the head of a family.
In some of the counties the amount does not exceed $150. Wa^es are
exempt from execution attachment in New Castle countv.
m
m
m
m
r n
DISTRICT OF COLUMBIA—The property of the head of a family is
exempt from levy and sale as follows: Wearing apparel, household fur­
niture, etc., not exceeding $300 to value; provisions and fuel for threemonths; implements of trade amounting to $200, and $200 worth of
stock; library and implements of a professional man or artist of the
value of $300; one horse, mule, or yoke of oxen, harness, one cart
wagon or dray; farming utensils, with three months’ food for team and
t0 A ,far?ler; farmlng tools of the value of $100; all family pictures
and the family library, not to exceed $400 in value; one cow, one swine
six sheep. The earnings, not exceeding $100 per month, of actual resi­
dents who are married or who have to provide for a family, for two
business^^The*^State*" B!nkaExlmtoeeratoh0riZed d° 1 ° / generai balking months prior to issuing any writ, are exempt.
FLORIDA—Re8l property to the extent of not exceeding 160 acres
aldter“Îorrt 3i t 0toethe Stlto A mtmine ^ ^ “^ « n ^ ^ e ^ s te te ^ M k outside of any incorporated town or city, and not to exceed one-half an
acre within the limits of any such town or city, is exempt from forced
sale, together with $1,000 worth of personal property to every person
who is the head of a family residing in this state; and money due to
such person for personal labor or services is exempt from garnishment or
attachment.•
GEORGIA—The head of every family, or the guardian or trustee of a
family of minor children, every aged or infirm person, or person having
the care and support of dependent females of any age. is entitled to have
a homestead set apart on realty or personalty, or both, to the value in
the aggregate of $1,600. No judgment, execution or decree may be en­
forced against the property so set apart as a homestead, including im­
provements made thereon from time to time, exeept for taxes for the
purchase
money of the same, for labor done thereon, for material fur­
as security for the payment of said note!? a i d ™ dYrectol^or^t^knished therefor or for the removal of incumbrances thereon. This right

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1137

BANK LAWS.
of homestead may be waived in writing as against any particular debt,
except as to wearing apparel and $300 worth of household and kitchen
furniture and provisions. The homestead may not be alienated or incumbered, but it may be sold by the debtor and his wife,-if any, jointly,
with the sanction of the Judge of the Superior Court where the debtor
resides, or the land is situated, the proceeds to be reinvested upon the
same uses.
,, .
, , ,,
IDAHO—The homestead, consisting of a quantity of land, and a dwell­
ing hotise thereon, with its appurtenances, not exceeding the value of
$5,000, to be selected by the husband or wife, or both or by other head
of a family, and not exceeding $1,000 if claimant is not the head of a
family, office furniture and library, $100, necessary household and kitchen
furniture, and provisions for family for three months; certain farm ani­
mals, etc., with food for three months; tools and implements of hus­
bandry up to $200. Libraries of professional men, and team used by a
laborer or teamster are also exempt.
ILLINOIS—Every householder having a family is entitled to a home­
stead, valued at $1,000, and such exemption continues to the survivor
after the death of husband or wife, so long as he or she occupies it, and
to the children until the youngest is twenty-one years old. In addition,
there is also allowed to every person necessary wearing apparel, etc., and
$100 worth of other property selected by the debtor. If the debtor is
the head of a' family, and resides' with the same, he is allowed $300
worth in addition, to be selected by him. But such selection cannot be
made from any money or wages due. Of wages there are $15 per week
exempt from garnishment to any one who is the head of a family re­
siding with the same. Wages earned are preferred debts in cases of in­
solvency or debtor owing such wages.
INDIANA—There is no homestead law. An exemption of $600 on any
contract liability is allowed to resident householders. One month’s
wages is exempt from garnishment and on proceedings supplemental to
execution while the employment lasts. There is no exemption as against
mechanic’s liens, purchase money, liens and taxation. The right of ex­
emption cannot be waived by contract.
INDIAN TERRITORY—The personal property of any resident of this
state who is not married or the head of a family, in specific articles to
be selected by such resident, not exceeding in value the sum of $200.00
in addition to his or her wearing apparel, shallbe exempt from seizure
on attachment or sale on execution, or other process from any court
issued for the collection of any debt by contract. Provided that no
property shall be exempt from the execution for debts contracted for
the purchase money therefore while in the hands of a vendee. The
above applies to a single person. Any resident who is married or is
the head of a family is entitled to $500.00 as exempt to him instead
of $200.00, as stated above. The homestead of a resident who is mar­
ried or the head of a family shall consist of not exceeding 160 acres
of land with improvements thereon, to be selected by the owner, pro­
vided the same shall not exceed in value the sum of $2,500.00 and
in no event shall the homestead be reduced to less than 80 acres with­
out regard to value. The homestead in a city, town or village shall
consist of not exceeding one acre Of land with improvements thereon,
to be selected by the owner, provided the same shall not exceed in
value the sum of $2,500 and in no event shall such homestead be re­
duced to less than one-fourth of an acre of land, without regard to
value.
«
IOWA—The homestead must embrace the house used as a home by the
owner thereof; and if he has two or more houses thus used by him at
different times and places, he may select which he will retain as his
homestead. It may contain one or more lots or tracts of land, with the
buildings, thereon, and other appurtenances, subject to the limitations be­
low set forth, but must in no case embrace different lots and tracts un­
less they are contiguous, or unless they are habitually and in good faith
used as a part of the same homestead. If within a town plat it must not
exceed one-half acre in extent, and if not within a town plat it must not
embrace in the aggregate more than forty acres. When thus limited, if
in either case its value be less than $500, it may be enlarged until its
value reaches that amount. It must not embrace more than one dwelling
house, or any other buildings except such are ate properly appurtenant to
the homestead as such; but a shop or other building situated thereon,
and really used and occupied by the owner in the prosecution of his own
ordinary business, and not exceeding $300 in value, may be deemed ap­
purtenant to such homestead. It is liable for taxes accruing thereon, is
subject to mechanics’ liens for work, labor or material done or furnished
exclusively for the improvement of the same, and may, after all other
property is exhausted, be sold on execution for debts contracted prior to
its acquisition, except when purchased with pension money. ;t A convey­
ance or encumbrance of a homestead by the owner is of no validity unless
the husband and wife, if the owner be married, concur in and sign the
same joint instrument. Personal property exempt includes tools, instruments, library, necessary team, etc., of mechanic, farmer, teacher, or
professional man; wearing apparel, household and kitchen furniture, $200;
certain farm animals; poultry to the value of $50, and necessary food
for six months. Foregoing relates only to residents being heads of fami­
lies ; unmarried persons and non-residents being only entitled to retain
their own clothing and trunks, save and except pensioners. Where debt­
or is a printer, the printing press and types, furniture and material up
to $1,200 are exempt. Earnings of debtor who is the head of a family
within ninety days of levy are exempt. No exemption allowed against
execution for purchase money. When property of a company, corpora­
tion, firm or person is seized under court process or placed in the hands
©f a receiver, trustee or assignee, debts owing to employees for labor
performed within 90 days next preceding the seizure or levy and not
exceeding $100 to each person, shall be preferred and first paid.
KANSAS—One hundred and sixty acres farming land or one acre in in­
corporated city, with all improvements thereon, while occupied by family
of owner is exempt from forced sale under any process of law, and can­
not be alienated except by joint consent of husband and wife. No ex­
emption for purchase money or for improvements erected on homestead.
Every person being the head of a family shall have exempt certain live
stock, household goods, etc., not exceeding $500; implements, etc., not
exceeding $300; grain, meat, vegetables, groceries, etc., for the family
for one year; the tools and implements of any mechanic, minor, or other
person, and in addition thereto stock-in-trade not exceeding $400 in
value; library, implements, and office"furniture of any professional man.
Residents, not the head of a family, have tools, implements, and stockin-trade up to $400 exempt from execution.
KENTUCKY—Homestead not to exceed in value $1,000 is exempt to
the head pf the family when occupied by the family, and can be con­
veyed by" Joint deed of husband and wife; also specified articles, tools

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of trade and household goods and provisions for family, and exempt work
beasts, for one year, not to exceed in all $750.
’L^oISIANA—To head of family, real estate, if owned and occupied
as a residence, together with certain furniture, stock, implements, pro­
visions, etc., the property not to exceed $2,000, and no exemption if wife
has separate property worth $2,000.
MAINE—Homestead, $500, where duly registered; usual wearing ap­
parel; furniture, $100; bedding, pictures, etc.; library, $150; stoves, fuel,
and $10 worth of lumber; provisions and seed grain, sewing machines;
pertain working animals; a team not exceeding $300 in value, and a boat
of two tons burden; domestic fowls worth $50, and two shares stock
building and loan association. Tools of trade and material for carrying
on same not exceeding $50.
MARYLAND—There is no homestead law. Usual wearing apparel,
$100 worth of personal property and wages of employes to the amount
of $100 are exempt.
, .
MASSACHUSETTS—A householder can create estate of homestead to
the value of $800, and no more; in lands and buildings owned or rightly
possessed by lease or otherwise and occupied by him as a residence, and
there is no exemption unless a homestead is particularly created; neces­
sary wearing apparel of family, certain specified articles of household
furniture, and $300 worth in addition thereto; library, $50; tools and
implements, $100, boats and fishing tackle, etc., $100; one cow, six
sheep, one hog and two tons of hay; sewing machine, pew in church,
6tC. •
MICHIGAN—A home of one lot in any town or city, or not more than
forty acres of land outside, not exceeding $1,500 in value, owned and oc­
cupied by a resident of the state, is exempt from execution; apparel;
books to the value of $150;'family pictures, two cows, five, swine, with
provisions and fuel for six months; tools, team of horses, wagon or other
things necessary to carry on trade, business or profession, not exceeding
in value $250; to each householder, goods, furniture, etc., not exceeding
in value $250. Also every householder having a family shall have 80
per cent of wages for personal labor of himself or family exempt, such
exemption in no case to be less than $8, or more than $30. Defend­
ant not a householder has labor exemption of 40 per cent, but in no
case more than $15 nor less than $4.
MINNESOTA—A homestead, consisting of land not exceeding eighty
acres and the dwelling house thereon, and its appurtenances, to be se­
lected by the owner thereof, and not included in the platted portion of
any incorporated town, city or village, or, instead thereof, at the own­
er’s option, a quantity of land not exceeding in amount one lot, if with?
in the platted portion of any incorporated town, city or village having
over 5,000 inhabitants, or one-half acre, if within the platted portion of
any incorporated town, city or village having less than 5,000 inhabitants,
and the dwelling house thereon and its appurtenances, owned and occu­
pied by any resident of this state, is not liable for debts of owner, ex­
cept mortgages and vendor liens created by act of husband and wife in
writing, and except for labor or material furnished in building or im­
proving or repairing same.
MISSISSIPPI—In the country 160 acres of land, not exceeding in value
$2,000, is exempt to every citizen, male or female, being a householder
and having a family. In cities the land and building owned and occu­
pied as a residence not to exceed in value $2,000 is exempt from levy
and sale under execution or attachment.
MISSOURI—Homestead in the country shall not include more than 160
acres of land, or exceed the total value of $1,500; in cities having a
population of 40,000 or -more, such homestead shall not include more than
eighteen square rods of ground, or exceed the total value of $3,000; in
cities having a population of 10,000 and less than 40,000 such homestead
shall not include more than thirty square rods of ground or exceed the
total value of $1,500; in cities and incorporated towns and villages hav­
ing a population of less than 10,000, such homestead shall not include
more than five acres of ground or exceed the value of $1,500. Personal
property, such as household furniture, etc., or general property to the
,value of $300. Also a month’s wages to employes. For personal serv­
ices by house servant or common laborer to amount not exceeding $90.
No property is exempt if suit be brought within six months.
MONTANA—The homestead consists of the dwelling house in which
the claimant resides and the land on which same is situated not ex­
ceeding 160 acres of agricultural land or % of an acre within any town
plot, city or village, and not exceeding in value $2,500. The home­
stead is subject to execution upon judgment rendered (1) after July
1, 1895, and before a declaration of such homestead is filed, and which
is a lien upon the premises; (2) on debts secured by mechanics’ labor­
ers or vendors’ liens, mortgages on the premises executed by husband
and wife or single claimant, or given before declaration of homestead
is made. Homestead is otherwise exempt. Married man or head of
family is exempt for tools of trade or profession, $200 worth of furni­
ture all kitchen utensils and provisions for 3 months, and some domestic
animals, and for earnings for thirty days previous to levy, except that
' one-half thereof may be taken for claim for necessaries furnished.
NEBRASKA—There is exempt from judicial sale to every family a
homestead, not exceeding in value $2,000, consisting of a dwelling-house
in which claimant resides and its appurtenances and lands on which the
same is situated, not exceeding 160 acres, or if within an incorporated
city or village, a quantity of contiguous lands not exceeding two lots.
All heads of families who have neither lands, town lots or houses sub­
ject to exemption as a homestead shall have exempt $500 in personal
property besides certain specified articles, such as ordinary household
goods" or if a farmer, a team and the ordinary farming implements.
Provisions for the family necessary for six months’ support. The tools
of a mechanic and the library and implements of a professional man.
Sixty days’ wages of laborers and mechanics who are beads of families.
NEVADA—The following property shall be exempt from execution ex­
cept as herein otherwise specially provided: Chairs, tables, desks and
books to the value of one hundred dollars; necessary household, table
and kitchen furniture; the farming utensils or implements of hus­
bandry of the judgment debtor; also two oxen or two horses or two
mules, and their harness, two cows and one cart or wagon and food
for such oxen, etc:, for one month; also all seed, grain or vegetables,
actually provided, reserved or on hand for the purpose of planting or
sowing at any time within the ensuing six months, not exceeding in
value two hundred dollars; the tools of a mechanic; the implements and
chest of a surgeon, physician, surveyor, and dentist, with their scien­
tific and professional libraries; the libraries o f. attorneys, counselors,
and ministers of the gospel; the dwelling .of a miner, not exceeding in
value the sum of five hundred dollars, also his sluices, implements and
appliances necessary for carrying on any kind of mining operations,

1138

BANK LAW S.
not exceeding in value the aggregate value of five hundred dollars,
and two horses, mules, or oxen, with their harness and food for one
month; two oxen, or horses, or mules and their harness, and one car
or wagon by the use of which a cartman, huckster, peddler, teamster,
or other laborer habitually earns his living; and one horse with vehicle
and harness or other equipments' used by a physician or surgeon or
minister of the gospel in making his professional visits, and also food
for such oxen, mules or horses for one month; for every livery stable
keeper two horses or mules, with vehicle and harness, provided the
whole shall not exceed the value of five hundred dollars; all appliances,
uniforms, etc., of any fire company now existing or which may be
under the laws of this state herafter organized; all court houses, jails,
public offices and buildings, lots, grounds and personal furniture, prop­
erty, _fixtures, books, papers, and appurtenances belonging to and ap­
pertaining to the court house, jail, and public officers, belonging to any
county of this state; all cemeteries, public squares, parks, and places
and public buildings, town halls, public markets, buildings for the use
of the fire department, and military organizations, and the lots and
grounds thereto belonging, and appertaining, owned or held by any
town, or incorporated city or dedicated by said town or city to health,
ornament er public use for the use of any fire or military company;
no article mentioned in this section shall be exempt from execution
upon a judgment recovered for its price, oh upon a mortgage thereon.
Likewise, wherever materials have been furnished for use in the con­
struction, alteration or repair of any building or other improvement,
such material shall not be subject to attachment, execution or other
legal process, to enforce any debt by the purchaser of such materials,
except a debt due for the purchase money thereof so long as in good
faith the same are about to be applied to the construction, alteration,
or repair of such buildings, mining claim or other improvement. Like­
wise homesteads are exempt from forced sale, to the value of $5,000.00.
Likewise, horses and equipments of officers of mounted companies and
all company property of uniformed companies of the state militia is
exempt from execution.
NEW HAMPSHIRE—The wife, widow and children of every person
who is the owner of a homestead, or any interest therein, are entitled
to so much thereof as does not exceed in value $500. If the wife owns
a homestead at her decease the life estate of the surviving husband, not
exceeding the value of $500, is exempt to him. A homestead of the
T“lhe of $500 is also exempt to an unmarried person owning the same.
NEW JERSEY—House and lot to the value of $1,000. The conveyance
should show that the property is to be held as a homestead, or a notice
to that effect should be recorded in the clerk’s office and published for
six weeks in one or more newspapers of the county. Goods and chattels
to me value of $200, and all wearing apparel are exempt from execution,
when the debtor has a family residing in the state.
NEW MEXICO—Husband and wife, widow or widower, living with an
unmarried daughter, or unmarried minor son, may hold exempt a family
homestead not exceeding $1,000 in value. Any resident of this territory,
who is the head of a family and not the owner of a homestead, may
hold exempLreal or personal property, to be selected by such person, not
exceeding $500 in value, in addition to the amount of chattel property
otherwise by law exempted. NEW YORK—A lot of land with one or more buildings thereon, not
exceeding in value $1,000 owned and occupied as a residence by a
householder having a family, when designated as an exempt homestead
as prescribed by law, is exempt; also household articles, tools and im­
plements of mechanics not exceeding $25 in value, and in addition furfn vaeiueteamS’ professional instruments and library not exceeding $250
NORTH CAROLINA—Every resident in this state is entitled to real
™ e oi
value of $1,000, and personal property of the value of
$500, as a homestead and personal exemption, which property shall be
exempt from sale under execution. The h'omestead remains exempt from
sale under execution to the widow-during life if there be no children, or
t0iJ n ^ iiC^il i ^ A UntA
11 ¿be y?un£est child becomes 21 years of age.
NORTH DAKOTA—A homestead not exceeding in value $5,000 to be
selected and appraised as provided by statute, also $1,000 of personal
property is exempt to the head of a family from judgment lien and
execution of forced sale.
.
OHIO—Husband and wife living together, widow or widower, living
with an unmarried daughter or unmarried minor son, may hold exempt
from sale on judgment or order a family homestead not exceeding $1 000
in value; the wife may make demand if the husband refuse, but neither
can make such demand if the other has a homestead. Where the home­
stead is sold for the payment of liens thereon, after payment of such
liens, the owner may claim $500 out of the balance of the proceeds of
sale, if any, in lieu of a homestead.
OKLAHOMA TERRITORY—The homestead of a family not in a city
or town shall not exceed 160 acres. The homestead in a city or town
®ba”,
exceed one acre with the improvements thereon. Household
and kitchen furniture, lot in cemetery; implements of husbandry used
for homestead; tools; apparatus and books used in any trade or profession; family library, portraits,* pictures and wearing apparel; five
milch cows and their calves under six months old; yoke work oxen1 two
horses and mules; one wagon, cart or dray; carriage, buggy, gun ten
hogs, twenty sheep; all provision and forage on hand or growing for
home consumption, and for use of exempt stock for one year. All curLe^ , Wages and earnings for personal or professional services earned
within ninety days. These exemptions do not apply to a corporation
for profit to a non-resident, a debtor who is in the act of removing his
property from the territory, or who has absconded taking his family with
«,?ftEif^NT:Hom®stea<1
a?y family Is exempt from judicial sale for
the satisfaction of any liability hereafter contracted or judgment here­
after obtained on such debt to the extent of 160 acres when not located

exPENNSYLVANIA—There
tlnTnof°r$iSo(in£&%**?;*
°£°Debl°Ck)>andt0 the
is no homestead law. Property, real or per-

ofAT?3^0’ besides wearing apparel, are exempt.
homestead law. Necessary wearing apparel of
ls,famil3r> necessary working tools, not exceeding $200, and
furniture and family stores not exceeding $300 are exempt
froin attachment and execution where the debtor is a householder- also
arn?
a?rd library of Professional man.
’
°
«.a
CA^0I1IN^ —Homestead not to exceed in value $1,000, with
the yearly products thereof; and every head of a family residing in this
dphtoi??mi


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state, whether entitled to a homestead exemption in lands or not, per­
sonal property not to exceed in value the sum of $500.
SOUTH DAKOTA—The homestead, whether owned by husband or
wife, is exempt from judicial sale, judgment lien, and all process while
it possesses the homestead character.- It must embrace the house used
as a home by the owner, and if the owner has two or more such houses,
he may select which he will retain, as the homestead must only embrace
contiguous lots limited to one acre, of city property ; 160 acres of farm
property limited to $5,000 in value. Upon death of either the husband
or wife, the survivor may continue to occupy the homestead. Personal
property of the value of $750 is also exempt.
TENNESSEE—A homestead or real estate in the possession of, or be­
longing to, each head of a family, and the improvements, if any, there­
on, to the value of, in all, $1,000, certain household furniture, family
supplies, live stock provender, farming implements, tools of trade, &c.,
specified by Statute, shall be exempt from sale under legal process during the life of such head of the family, and which shall inure to the
benefit of his widow and children, and shall be exempt from sale in any
way at the instance of any creditor or creditors.
TEXAS—-A suburban homestead consisting of not more than 200 acres
of land, which may be in one or more parcels with the improvements
thereon, without regard to value; an urban homestead consisting of lot
or lots not to exceed in value $5,000 at the time of designation as the
homestead without reference to the value of any improvements; provided
that same shall be used for the purpose of a home, or as a place to exerclr?m»?TCallIng or buslness of the head of a family, are exempt.
UTAH—The statute provides that if the debtor be the head of a family
there shall be exempt a homestead to be selected by the debtor, consist­
ing of lands not exceeding in value the sum of $1,500 for the judgment
debtor, and the further sum of $500 for his wife, and $250 for each
other member of the family. If the homestead selected is of greater
value than is exempted, the judgment debtor has the option to permit
partitioned or to be sold and to receive in money the vaine
or the homestead. Also one-half of the earnings of the head of the
family for the thirty days immediately preceding a levy, are exempt,
providing, however, that where the earnings amount to $30 or less for
sa^ Period, it is all exempt. Non-residents have no- exemptions.
VERMONT—The law exempts a homestead to the amount of $500;
also certain articles of personal property such as household furniture,
sewing machine, two horses kept and used for team work, etc., except
that no personal property is exempt on suit brought to recover purcbas® P^ce or for material or labor expended on any article exempt.
VIRGINIA—A householder, the head of a family, is entitled to have
reiil and personal property exempt to the value of $2,000. This homestead exemption can be waived, however, by a statement embodied in
the note, bond or other writing to that effect. And in case of house­
holder or head of family, who is a laborer, all wages not exceeding $50
a month are exempt. The homestead claimed to be exempt must be
described in a writing signed by the householder and duly admitted to
record in the county or corporation wherein the property claimed is lonitore’ & c
SS a
is also allowed necessary articles of furWASHINGTON—To every householder, being the head of a family, a
homestead to the value of $2,000 is exempt (a homestead may consist of
a house and lot or lots, or a farm), also family wearing apparel fire,use of family find other personal property to the value of $750.
All life insurance proceeds. In addition to this, special exemption of
personal property as follows: Farmer—Stock and farming tools not to
exceed $500 in value. Mechanic—Tools and Instruments of his trade not
to exceed $500. Physician—Library not to exceed $500, horse and buggy
and harness-, and instruments and medicines not exceeding $200. Attor­
ney and other professionals—Library not exceeding $1,000. A homestead
may be mortgaged. When property that is exempt is insured and is
destroyed by fire the insurance money shall be exempt. Money received
as a pension from the Government, whether in actual possession of the
person, or deposited or loaned by him, shall be exempt. Wages and
salary To $100 exempt to person having family dependent upon him for
support No‘exemption for necessaries of life or wages, to sum of $50
if furnished within sixty days of suit.
*
WEST VIRGINIA—A resident husband or parent, or the widow or thè
Infant children of deceased parents, may have personal property not ex­
ceeding $200 in value, exempt from forced sales; and since 1872 such
husband or parent, or widow, or the guardian of such infants, may have
recorded a claim of homestead, not exceeding $1,000 in value, as exempt
from liability for debts, except such as were incurred for the purchase of
such property, or for permanent Improvements or taxes thereon Anv
resident mechanic, artisan, or laborer, whether a husband or parent, or
b°ld th®. working tools of his trade or occupation exempt to the
extent of $50, but not so as in any case to allow more than $200 exemp­
tion of personal property to one person.
F
WISCONSIN—-Exemption from execution extends to forty acres of
agricultural land, or one-fourth acre of village or city property to be
selected by debtor together with dwelling house and its appurtenances.
„f°^e®ds,,of f ale. °.f homestead are exempt for two years while held in
good faith with intent to procure another therewith.
WYOMING—Every householder in the state of Wyoming, being the
head of a family is entitled to a homestead not exceeding in value the
sum of $1,500, which is exempt from execution and attachment arising
from any debt, contract, or other obligation entered into or incurred but
is exempt only where occupied as such by the owner thereof, or the
nnm02«e^tlt*
1:<r>n*ll+
reÌ0’ororstock
?Is, °,inber
familyHouse­
hold goods, $500;
tools
trade,
$300; Other
wagesexemptions:
not exceeding
$50.
Above exemptions do not apply where attachment or sale is upon execu­
tions for the purchase money of any article of property.
INTEREST—
ALABAMA Legal rate is 8 per cent. In case of usurious contract
where usuary pleaded all interest forfeited and defendant recovers full
ARIZONA—Legal rate is 7 per cent per annum, and by contract any
rate may be fixed. There is no usuary law.
ARKANSAS Legal rate is 6 per cent, but contracts may be made for
terest
DOt exceeding 10 per ceat; usuary forfeits principal and inCALIFORNIA—Legal rate is 7 per cent per annum, but any rate may
be contracted for. There are no usury laws.
COLORADO—Legal rate is 8 per cent per annum, but parties may contract for any other or higher rate,. There are no usury laws.
CONNECTIpUT—Legal rate is 6 per cent. No penalty for usury.

1139

BANK LAWS.
DELAWARE—Legal rate Is 6 per cent. Usury forfeits principal and the amount of interest. Usurious interest may be recovered if action is
interest. If any bank incorporated by any law of this state shall en­ brought therefor within one ^year. Usury is a misdemeanor. A corpora­
gage in any transaction, the amount of profit of which shall exceed the tion cannot interpose the defense of usury.
rate of 1 per cent for sixty days, such bank shall be deemed and taken
NORTH CAROLINA—Legal rate is 6 per cent. Usury works a for­
to have forfeited its charter, and the directors or managers of the bank feiture of the entire interest, and in case a greater rate has been
shall be guilty of a misdemeanor and shajl be fined at the discretion paid, the person paying the same, or his legal representative, may re­
of the court.
cover back by aetion, twice the amount of interest so paid, if action
DISTRICT OF COLUMBIA—Six per cent per annum is the legal rate; is brought within two years.
parties may agree in writing for any interest not exceeding 10 per cent.
NORTH DAKOTA—Legal rate is 7 per cent. Parties may contract
The penalty for usury is the forfeiture of the whole of the interest, for 12 per cent. The law provides that when usurious interest has been
which may be recovered by corporation or person paying same by suit paid a civil action may be Commenced to recover twice the amount of
brought within a year after such unlawful interest has been paid.
interest paid, but if not paid the payee forfeits simply the interest.
FLORIDA-—Legal rate is 8 per cent, but parties can stipulate for any
OHIO—Legal rate is 6 per cent, but parties may contract in writing
rate not exceeding 10. Usury forfeits entire interest.
for 8 per cent. If a contract be made for a higher rate than 8 per cent
GEORGIA—Legal rate, except on contracts Specifying another rate, is the contract as to interest is void, and the recovery is limited to the
7 per cent, and no more than 8 per cent per annum may be contracted principal sum and 6 per cent.
for, even by written instrument. The penalty in cases where usury is
OKLAHOMA—-Legal rate 7 per cent, contract may be 12 per cent.
contracted for, is the forfeit of the excess above legal interest, and Usury forfeits all interest.
where the title of any property has been conveyed as security for the
OREGON—Legal rate is 6 per cent, but contracts to pay not to exceed
usurious debt, such title is absolutely void. A mortgage, however, does 10 per cent on special contracts, if there be an agreement to that effect,
not convey title and is not so rendered void. Usury in a contract ren­ only, may be enforced. Usury is punishable by forfeiture of the in­
ders void the waiver of a homestead.
terest absolutely, and of the principal to the common school fund.
IDAHO—Legal rate 7 per cent. Parties may agree in writing for 12
PENNSYLVANIA—Legal interest 6 per cent. Illegal interest does
per cent. Above that rate, and agreement for interest on interest not not forfeit the debt or interest, but no more than 6 per cent can be
due, usurious. Usury penalty forfeiture of all interest and costs of recovered. Illegal interest can be recovered back if sued for in six
action.
months.
ILLINOIS—Legal rate is 5 per cent; 7 per cent may be contracted for.
RHODE ISLAND—Legal rate is 6 per cent, but any rate agreed upon
The penalty for usury is forfeiture of the entire interest.
between the parties may be taken. There is no usury law.
INDIANA—Legal rate is 6 per cent, but parties may contract in
SOUTH CAROLINA—Legal rate is 7 per cent, but 8 per cent may be
writing for 8 per cent. Where a contract calls for usurious interest, it contracted for in writing. The receipt of any interest greater than that
is void only as to the interest in excess of 6 per cent.
thus allowed shall be attended not only with the forfeiture of all in­
INDIAN TERRITORY—The legal rate of interest in the Indian Ter­ terest, but lender shall be liable in a separate action for double the
ritory is 6 per cent. -By contract, not exceeding 8 per cent. As to pen­ sum so usuriously received.
alty for interest in excess of 8 per cent our courts are not settled, but
SOUTH DAKOTA—Legal rate, 7 per cent; contract rate may be 12
the law specificially provides that corporations doing business in the per cent. Usury forfeits double the amount of Interest collected.
territory, organized under the laws of the Indian Territory, shall not
TENNESSEE—Legal rate is 6 per cent. A defendant sued for money
charge exceeding 8 per cent interest.
may avoid the excess over legal interest by a plea of setting forth the
IOWA—Legal rate 6 per cent. Parties may contract in writing for 8 amount of the ,usury. If usurious interest has been paid, it may be
per cent. Usury works a forfeiture of 8 per cent of amount unpaid to recovered by an action at the suit of the party from whom it was taken.
school fund, and plaintiff takes judgment for the principal without in­
TEXAS—Legal rate is 6 per cent; conventional, 10 per cent. Double
terest, costs against plaintiff.
the amount of usury paid may be recovered at any time within two
KANSAS—Six per cent. May. contract in writing for 10; if more than years after the payment thereof.
10 per cent is contracted for, double the excess of 10 per cent is for­
UTAH—Legal rate, 8 per cent, but parties may agree in writing for
feited. Usury does not affect bona fide holder of negotiable paper with­ any rate of interest on any contract. There is no usury law.
out notice, but after payment double the excess paid may be recovered
VERMONT—Legal rate, 6 per cent. Usury forfeits excess of legal
back of person originally exacting the usury, if suit be brought within interest with Interest on same from time of payment.
ninety days after maturity of such paper.
VIRGINIA—Six per cent; all contracts for more are void, except as
KENTUCKY—Legal rate is 6 per cent. All usurious contracts are to principal sum. A bank, licensed broker or corporation authorized- to
void to the extent of usury. Usury paid to assignee of the lender may make loans, may take interest in advance. Corporations cannot plead
be recovered of the lender. Usury paid may be recovered.
usury.
LOUISIANA—Legal rate is 5 per cent, but 8 per cent may be agreed
WASHINGTON—Legal rate of interest is 6 per cent per annum, and
upon. If higher than 8 per cent be charged, such charge forfeits entire 12 per cent is allowed if agreed to in writing. Judgments bear the
interest. If paid, it may be sued for, and recovered within twelve legal rate of interest, except on written contracts, when they bear the
months. But a higher rate may be recovered if included in the principal same rate as contract. Penalty for usury, forfeiture of double the in­
terest and costs of prosecution.
of the note.
MAINE—Legal rate is 6 per cent where not stated In writing; any
WEST VIRGINIA—Legal rate is 6 per cent. Though a higher rate
may have been, agreed upon, the excess may be avoided on a plea of
rate legal if agreed to by the parties in writing; no usury law.
MARYAND—Legal rate 6 per cent. Usury forfeits excess, with in­ usury, except by an incorporated company. Corporations are authorized
to borrow money at higher rates. Illegal interest may be - recovered
terest thereon.
MASSACHUSETTS—Legal rate is 6 per cent, which is allowed on judg­ ■within five years.
ments. There are no usufy laws, and any rate may be reserved or con­
WISCONSIN—Legal rate is 6 per cent with right of contract in writ­
tracted for in writing, except on loans of $1,000 or less, which shall ing as high as 10. Penalty for higher rate is forfeiture of all interest.
not exceed 18 per cent, and where loans are secured by mortgage of Any person having paid execessive interest may recover back treble the
household goods, for $200 or less shall not exceed 12 per cent except as excess paid by action brought within one year after payment.- Corpora­
tions are barred from pleading the defense of usury.
licensed.
WYOMING—Legal rate is 8 per cent, but any rate not exceeding 12
MICHIGAN—Legal rate is 5 per cent. Parties may contract in writ­
ing for 7 per cent. The penalty for usury is a forfeiture of all interest. per cent may be agreed upon in writing.
Sunday is a legal holiday in all States.
Usurious interest, voluntarily paid, cannot be recovered.
MINNESOTA—Six per cent is the legal rate. Parties may agree to
pay as high as 10 per cent per annum. All usurious contracts are void, LEGAL HOLIDAYS—
and court will decree cancellation. Where usurious interest has actually
been paid the entire interest may be recovered in a civil action, half to
ALABAMA—Christmas, February 22, January 1, July 4, Thanksgiving,
go to party bringing action, and half to go to public schools, with all Mardi
Gras, GoOd Friday, April 26 (Memorial Day) and the first Monday
in
September (Labor Day). If any of these days fall on Sunday the:
MISSISSIPPI—Legal rate is 6 per cent, but by written contract 10 per
following is the legal holiday.
cent may be provided for. If a greater rate than 10 per cent be stipu­ Monday
ALASKA—January iff February 22, May 30, July 4, December 25,
lated for or received in any case, all interest is thereby forfeited and Thanksgiving.
may be recovered back.
ARIZONA—January 1, February 22, May 30, July 4, September 2
MISSOURI—Legal rate is 6 per cent. Parties may contract for 8 per
Day), December 25, Thanksgiving, General territorial election.
cent. Penalty for usury, forfeiture of interest at 10 per cent to the (Labor
ARKANSAS—January 1, February 22, July 4, Thanksgiving and
pommon schools and recovery by defendant of his costs. Usurious in­ Christmas.
Holidays only mean that commercial paper falling due on
terest paid shall Be credited on principal debt. Judgments bear 6 per holidays is due
the day before.
cent per annum, unless the instrument sued on bears a different rate,
CALIFORNIA—January
1, February 22, May 30, July 4, December 9,
not to exceed 8 per cent. Interest on judgment compounds if rendered December 25, any public fast,
Thanksgiving, Labor Day, State or general
on compound interest agreement.
election
day.
MONTANA—-Unless a different rate is agreed upon in writing interest
COLORADO—January 1, February 22, May 30, July 4, December 25,
at 8 per cent per annum is allowed on contracts and accounts, and 8 Thanksgiving,
Day and, in cities having 100,000 population or
per cent and no more on judgments, not compounded on judgments. For over, Saturday Labor
afternoons during June, July and August.
purposes of computation 365 days constitute one year. No usury law in
CONNECTICUT—January
1, February 12 (Lincoln Day), February 22,
Montana.
4, Labor (first Monday in September), Thanksgiving, De­
NEBRASKA—Legal rate is 7 per cent, but by agreement may be 10 May 30,25,July
Fast day.
per cent. The penalty for taking a greater rate of interest than 10 per cember
DELAWARE—Christmas,, January 1, February 22, July 4, May 30.
cent is loss of all interest and cost of an action.
Labor Day.
NEVADA—In the absence of express written contract, fixing a dif­ Thanksgiving,
DISTRICT
COLUMBIA—January 1, February 22, Decoration Day,
ferent rate of interest, the legal rate is 7 per cent per annum. Parties July 4, LaborOF
Day (first Monday in September), Thanksgiving, Christ­
may agree on any rate. Any judgment rendered on such a contract mas. Inauguration
day. and every Saturday after 12 o’clock.
shall bear interest at the agreed rate of interest, provided only the
FLORIDA—January 1, January 19, February 22, April 26, June 3,
amount of the original claim or demand shall draw interest after judg­ July
4,
Labor
day,
December 25, any general election day, Thanksgiving.,
ment.
,
GEORGIA—January 1, January 19 (Lee’s birthday), February 22,
NEW HAMPSHIRE—Legal rate is 6 per cent per annum, unless a April
26, June 3 (Jeff. Davis’ birthday), July 4, Labor'Lay, Thanks­
lower rate is stipulated. The penalty for usury is forfeiture of three giving,
Christmas.
times the excess of 6 per cent paid.
IDAHO—January 1, February 22, July 4, December 25, Thanksgiving,
NEW JERSEY—Legal rate is 6 per cent, and the penalty of usury is general
election, any day proclaimed a holiday by President or Governor.
loss of all interest and costs if suit be necessary to recover.
Fridav after May 1 and first Monday in September.
NEW MEXICO—Legal rate is 6 per cent; parties may contract in Possibly
ILLINOIS—January 1, February 12, February 22, May 30, July 4,
writing for 12 per cent. Usury is punished by fine, and. forfeiture of Election
day in certain places only. The first Monday in September
double amount of interest paid.
,
(Labor Day), December 25, Thanksgiving, every Saturday after 12NEW YORK—Legal rate is 6 per cent. Demand loans with Collateral o’clock
noon
in Chicago only, and all days appointed by proclamation
for $5,000 and over; any rate contracted for is legal. Penalty for usury
is forfeiture of principal and interest, except a state bank forfeits double of the President of the United States or Governor of the State of


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Federal Reserve Bank of St. Louis

1140

BANK LAW S.
Thanksgiving, Labor Day, and every general election day. When an*
Illinois. When Legal holiday comes on Sunday, the following day, Mon­ such
day is Sunday the succeeding Monday is a legal holiday.
day, shrill be the day.
_.
WYOMING—January 1, February 22, May 30, July 4, Thanksgiving,
INDIAN TERRITORY—January 1, February 22, July 4, First Mon­ December
25, Election Day, Arbor Day, Labor Day.
day in September, Thanksgiving, Christmas.
INDIANA—-January 1, February 22, May 30, July 4, Labor Day, LIMITATIONS OF ACTIONS—
December 25, Thanksgiving, national and state election days.
ALABAMA—Judgments, twenty years; actions founded on any con­
IOWA—January 1, February 22, May 30, July 4, Labor Day, December
tract or writing under seal; for the recovery of lands, tenements,
25, day of the general election, Thanksgiving.
KANSAS—Generally:—May 30, Labor Day, and Washington s Birth­ hereditaments, or any part thereof, actions against officers, ten years;
day with reference to negotiable instruments, every Sunday, January action on contracts in.writing not under seal; for loans and upon stated
1, Washington’s Birthday, May 30, July 4, Labor Day, Thanksgiving, or other liquidated accounts; for use and occupation of hinds; against
and Christmas day. When a holiday other than Sunday falls on Sunday, attorneys at law for failure to pay over money; upon judgments ob­
tained before justices of the peace of this state, six years; for money
Monday shall be observed as the holiday.
_
KENTUCKY—February 22, May 30, July 4, December 25, Thanks­ due by open or unliquidated account, three years.
ARIZONA—To recover real estate, three years after cause accrued,,
giving, Decoration Day and Labor Day.
.
LOUISIANA—January 1, January 8, February 22, Mardi Gras, in New where founded on possession, two years. Three years for debt, where
Orleans; April 6 (Confederate Decoration Day), July 4, December 2o, the indebtedness is not evidenced by a contract in writing, upon stated
Good Friday, Labor Day, November 1. Thanksgiving, and in cities over or open accounts. All actions for which no limitation is prescribed,
except open accounts. All actions for which no limitation is prescribed,
100,000 population every half Saturday after 12 o’clock noon.
MAINE—Thanksgiving, May 30, July 4, February 22, Labor Day, except to recover real estate, actions to contest wills and to cancel a
will for forgery or fraud, two years after the discovery thereof. Five
Christmas, January 1, Fast days,.
. .
MARYLAND—Christmas, January 1, Good Friday, May 30, July 4, years, judgment or actions for debt evidenced by, . or founded upon
February 22, Labor Day, Thanksgiving, or General and Congressional contract in writing, made within this territory. Actions upon a judg­
election days, and every Saturday after 12 o’clock in Baltimore and ment or upon an instrument in writing executed without this territory.
Annapolis only, apd all days specially recommended by the President New acknowledgment or promise must be in writing.
ARKANSAS—Accounts, three years; notes and other written evidences
of the U. S. or Governor of Md. for religious observance- or general ces­
of debt, five years; (sealed instruments executed prior to March 29, 1889,
sation of business.
.
„„ T , .
MASSACHUSETTS—Thanksgiving, Christmas, February 22, July 4, ten years); judgments, ten years. A written acknowledgment of in­
debtedness and promise to pay, or part payment, revives the debt.
April 19, May 30, First Monday in September.
^
MICHIGAN—January 1, February 22, May 30, July 4, December 25, Limitations of actions for the recovery of real estate, seven years.
'Thanksgiving, Labor Day, and Saturday afternoons for acceptance and Where possession is held under a tax sale two, and under judicial sale
five years, suits for personal property three years. Suits to foreclose
payment of notes, etc.
,
„
_
, ,
MINNESOTA—Thanksgiving, Good Friday, Labor Day, General elec­ mortgages or trust deeds are barred, unless brought within a period
tion day, Christmas, January 1, February 12, February 22, May 30, of limitation fixed by law for suit on the debt or liability for the
security of which they are given.
CALIFORNIA—Upon a judgment and for mesne profits of real prop­
"^MISSISSIPPI—January 1, February 22, July 4, Labor Day, Thanks­
erty,
five years; upon any contract, obligation, o r liability founded upon
giving and Christmas.
. ■_ , , T
_
MISSOURI—January 1, February 22, May 30, July 4, Labor Day, De­ an instrument in writing, executed in this state, four years; upon a
cember 25, Thanksgiving, and any general or state election day. In liability created by statute other than a penalty or forfeiture, for
cities having over 100,000 population every Saturday after 12 o clock trespass upon real property; for taking, detaining, or injuring any
goods or chattels, including actions for the specific recovery of personal
n°MONTANA—January 1, February 22, May 30, July 4, Labor Day, property; for relief on the ground of fraud or mistake, and the cause
General Election Day, Thanksgiving Day, and December 25. If any of of action does not accrue until the discovery of fraud or mistake, three
years; upon a contract, obligation or liability not founded upon an in­
these days fall on a Sunday the following Monday is the holiday.
NEBRASKA—January 1, February 22, April 22, May 30, July 4, De­ strument of writing, or founded upon an instrument of writing executed
out of this state, two years.
cember 25, Public fast, Thanksgiving, and Lalior Day.
COLORADO—All actions on contracts, judgments of courts of record,
NEVADA—The non-judicial days are Sunday, January 1, February
22, May 30, July 4, October 31, Thanksgiving Day, December 25. for arrears of rent, for waste or trespass on land, replevin, all actions
which
would have been on the case at common law, must be com­
first Monday in September, known as Labor Day, and the day of the
menced within six years. Actions for a balance upon an open account
£Gn6ral election.
NEW HAMPSHIRE—Thanksgiving, Fast Day, Christmas, July 4, in six years after the last item. Limitations apply to set off as well
as demand. In actions accruing outside the state on contracts, sealed
February 22, May 30, Labor Day and biennial election days.
NEW JERSEY—January 1, February 12, February 22, May 30, July 4, instruments or judgments more than six years before the commence­
Labor Day (first Monday of September), Thanksgiving day, December ment of the action, the statute of limitation may be pleaded in bar.
CONNECTICUT—Actions upon writing under seal, or non-negotiable
25, and any General election day for members of the Assembly, and
nromisory notes, must be brought within seventeen years; upon simple
every Saturday after 12 noon.
,
, ,, ,
.
NEW MEXICO—January 1, July .4, December 25, and all days for contract within six years. But persons legally incapable of bringing an
fasting or thanksgiving.
'¿ i „ ,
'
T
» action at the time of the accruing of the right of action, may bring the
NEW YORK—January 1, February 12, February 22, May 30, July 4, same at any time, in the case of specialties, within four years, and in
Labor Day, December 25, Thanksgiving, Fast Day, any General election the case of simple contracts, within three years, after becoming legally
capable. Actions founded on express contract (other than actions of
•day, everv Saturday from 12 o’clock at noon.
NORTH CAROLINA—January 1, January 19, February 22, May 10, book debt), not in writing, must be brought within three years. Ac­
tions upon negotiable notes, fraudulently obtained,, must be brought
May 20, July 4, December 25, Thanksgiving.
NORTH DAKOTA—January 1, February 12 and 22, July 4, December within one year after notice of the fraud, or six months after maturity.
DELAWARE—No action of trespass, replevin, detinue, no action of
25 May 30, general election day and every day appointed by the
President of the- United States or by the Governor for a public fast, debt not founded upon a record or specialty, no action of account, no
action
of assumpsit, nor action on the case can be brought, after the
Thanksgiving or holiday.
. „
, „ _
OHIO—January 1, February 22, May 30, July 4, December 25, Thanks- expiration of three years from the occurring cause of action. When the
cause of action arises from a promissory note, bill 'of exchange or
g lOKLAHOMA TERRITORY—January 1. February 22, May 30, July 4, acknowledgment of the party of a subsisting demand the action may
Labor Day, Thanksgiving, December 25. Every election day and every be commenced at any time within six years from the accruing of such
'day appointed by tbe President of the U. S. or Governor of tbe State for action. All actions for the recovery of real property may be brought
a public fast, thanksgiving or holiday. Holidays falling on Sunday are within twenty years from the occurring of such cause of action.
DISTRICT OF COLUMBIA—Actions to recover usurious interests
•observed the following Monday.
'
^
OREGON—January 1, February 22, May 30, July 4, December 2o, must be brought within one year; actions upon simple contracts, book
Labor Day, Public fast, Thanksgiving, and every General election day. debt or account, detinue and replevin, and for trespass for injuries
PENNSYLVANIA—January 1, February 12 (Lincoln s Birthday), Feb­ caused by negligence, must be brought within three years; actions on
ruary 22, Good Friday, May 30, July 4, Labor Day, December 25. contracts under seal and on judgments must be brought within twelve
Thanksgiving, and every Saturday after 12 o’clock noon, and General years; to foreclose mortgage or deed of trust within twenty years.
FLORIDA—For the recovery of real estate: Under written instru­
elRHODEaiSLAND—February 22, May 30, July 4, first Monday in Sep­ ment or under decree or judgment of competent court, within seven
tember (Labor Day), December 25, Arbor Day, National election day, years of the commencement of the adverse possession of defendant;
and such days as the Governor or President shall appoint as holidays. without color of title, within twenty years. Actions other than real
Banks close at 12 noon on Saturdays.
, ,, actions: Upon a judgment or decree of a court of record in this State
SOUTH CAROLINA—Thanksgiving, Labor Day, Christmas, and all and an action upon any contract, Obligation or liability founded upon
•General election days, January 1, January 19, February 22, May 10, an instrument of writing under seal, within twenty years; upon a judg­
ment or decree of any court of the United States or of any State or
July 4. In Charleston every Saturday from 12 o’clock noon.
SOUTH DAKOTA—January 1, February 22, May 30, July 4, Labor territory of the United States, or of any foreign country, within seven
years.
Day, Thanksgiving, Fast day,' and General election day, Christmas.
Upon any contract, obligation or liability founded upon an instrument
TENNESSEE—January 1, February 22, July 4, December 25, Thanks­
writing not under seal, within five years; for an article charged in a
giving, Labor Day, Good Friday, Decoration Day, Memorial Day and of
store
account, within four years; upon a liability created by statute,
election days.
„ f
T
, a
TEXAS—January 1, February 22, March 2, April 21, June 23, July 4, other than a penalty or forfeiture, an action for trespass upon real
property, an action for taking, detaining or injuring any goods or chat-'
Labor Day, December 25, Fast day, Thanksgiving, election days.
UTAH—January 1, February 22, April 15, May 30, July 4 and 24, tels, including actions for the specific recovery of personal property,
an action for relief on the- ground of fraud, the cause of action in such
Dabor Dav, December 25, and Thanksgiving.
VERMONT—January 1, February 22, May .30, July 4, August 16, case not to be deemed to have accrued until the discovery by the ag­
grieved party of the facts constituting the fraud, and an action upon
December 25, Thanksgiving, first Monday in September.
VIRGINIA—January 1, January 19 (Lee-Jackson Day), February 22, a contract, obligation or liability not founded upon an instrument of
writing, except an action on an open account for goods, wares and
May 30 (Memorial Day), July 4, first Monday in September (Labor merchandise,
within three years; on an open account for goods, wares
Day) election days, Oecember 25, Thanksgiving, and every Saturday
merchandise sold and delivered, within two years.
•after .12 o’clock noon. When a holiday falls on Sunday the Monday and
GEORGIA—Suits
on bonds and other instruments under seal, should
-following is observed.
_ ,
jl
WASHINGTON—January 1, February 12, February 22, Decoration be brought within twenty years from the accrual of the right of action.
bn promissory notes and other similar contracts in writing must
Day July 4, December 25, Thanksgiving, Labor Day, days of general Suits
be brought within six years from maturity of such contract. Suits on
'-election. ' All of these are holidays for judicial business only and then open,
accounts, contracts not in writing, should be brought within four
certain exceptions.
_„ i '
_
,
WEST VIRGINIA—January 1, February 22, July 4, December 25,; yeiDAHO—Six years on actions on judgments and to recover mesne
■Thanksgiving, Labor Day, Election Day.
, _
WISCONSIN—January 1, February 22, May 30, July 4, December 25, profits. Five years on action for real estate and on written contracts.


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Federal Reserve Bank of St. Louis

1141

BANK LAWS.
Four years on actions on contracts not in writing and accounts. Three
years on actions for trespass on real property, taking, detaining or
injuring goods or chattels, for recovery of personal property, and for
relief on account of fraud or mistake, and for statutory penalty.
ILLINOIS—All actions for the recovery of possession of real property
must be commenced within twenty years. Actions on unwritten con­
tracts, express or implied, or on-awards of arbitration, or for recovery
of damages for an injury done to property, real or personal, or to
recover the possession- of personal property, or for damages for the
detention or conversion thereof, and in all civil actions not otherwise
provided for, must be commenced within five years next after the
cause of action accrued. Actions on bonds, promissory notes, ‘bills of
exchange, written leases, written contracts or other evidences of in­
debtedness in writing, must be commenced within ten years after the
cause of action accrued.
INDIANA—On accounts and contracts not in writing, for use, rents
and profits of real property, and relief against frauds, six years; upon
promissory notes, bills of exchange and other written contracts for the
payment of money, ten years; upon actions not limited by statute, fifteen
years; upon contracts in writing other than those for the payment of
money on judgments of courts of record, and for the recovery of the
possession of real estate, twenty, years.
INDIAN TERRITORY—All action of debt founded on contract not in
writing shall be commenced within three years after the cause of
action shall accrue and not afterwards. Also all actions for trespass
on lands, or for libels, or actions for taking or injuring goods or chat­
tels. Actions on promissory notes and their instruments in writing
not under seal, shall be commenced within five years after the cause of
action shall accrue and not afterwards.
IOWA—On unwritten contracts, those brought for injuries to property
or for relief on the ground of fraud in cases heretofore solely cognizable
in a court of chancery, and all other actions not otherwise prvided for
in this respect, within five years. Those founded oh written contracts,
or judgments of any courts except those provided for in the next subdivisioh, and those brought for the recovery bf real property, within
ten years. Those founded on judgments of a court of record, whether
of this state or any of the United States, or of the federal courts of the
United tSates, within twenty years after rendition of same; as to do­
mestic judgments no suit can be brought until fifteen years after their
rendition and the limitation is twenty years after the fifteen years.
KANSAS—An action upon any agreement,' contract, or promise in
writing, within five years. An action on a contract not in writing ex­
press or implied, on a liability created by statute other than a for­
feiture or a penalty, within three years. An action for trespass upon
real property for taking, detaining or injuring personal property, in­
cluding replevin, for injury to the rights of another, for relief on the
ground of fraud, within two years; in case of fraud, cause of action
does not accrue Until discovery of the fraud. Partial payment or ac­
knowledgment in writing will toll the statute.
KENTUCKY—On judgments, notes and bonds,- fifteen years; contracts
not in writing, five years; for personal injuries, by railroads and other
companies, seduction, slander, etc., one year; the cause of as against
sureties in written obligations, seven years; accounts between merchant
and merchant, five years; merchant and consumer, two years. For the
recovery of real estate the action is barred ordinarily in fifteen years
from the accruing of action.
LOUISIANA—Open accounts as prescribed, in three years; closed
acknowledged accounts in ten years; notes in five.
MAINE—Actions on judgments of courts of record of the United
States or of the state, and justice courts in this state, twenty years.
Replevin, and other actions on the case, actions of debt on contract or
liability not under seal, except judgments as aforesaid, within six
years. Suits on witnessed notes and on contracts under seal, twenty
years.
MARYLAND—On open accounts, commercial paper, simple contracts,
assumpsit replevin, ren’t in arrears, or trespass suit, must be brought
within three years; on specialty, bond or judgment, in twelve years.
Limitations do not run in case of debtor residing out of the state;
twenty years possession gives title to real estate.
MASSACHUSETTS—Contracts under seal, actions upon promissory
notes which have been signed in the presence of an attesting witness, if
■brought by the original payee or by his executor or administrator,
actions ‘upon judgment, real actions, twenty years. Actions upon other
contracts, upon most torts and upon replevin, six years.
MICHIGAN—On actions and notes and other simple contracts, six
years; on sealed instruments and judgments, ten years. Revivor—part
payment or promise in writing to pay.
MINNESOTA—Actions for recovery of real estate, within fifteen
years; on judgments, within ten years; upon any contract, obligation, or
upon a liability created by statutes, or to enforce a trust or compel an
accounting, within six years.
MISSISSIPPI—Actions on open accounts and other unwritten con­
tracts must be brought within three years; on all other contracts six
years. Actions on domestic judgments, seven years. A set-off held
against a claim is not barred until the principal debt is barred.
MISSOURI—An action upon any writing, whether sealed or unsealed,
for the payment of money on property; second, actions brought on any
covenant of warranty contained in any deed’of conveyance of land and
upon judgments within ten years. All actions upon contracts, obliga­
tions or liabilities, express or implied; an action for trespass upon real
estate; an action for taking, detaining or injuring any goods or chattels,
including actions for the recovery of specific personal property, within
five years.
MONTANA—Ten years: An action upon a judgment of a court of
record; for the recovery of real property or the mesne profits thereof
(including an action by the State), except that a person under disa­
bility at the time the title first descends or accrues, may sue within
ten years after disability ceases or the death of such person; an action
to redeem a mortgage within ten years after condition broken if
premises are held adversely by mortgagee or those claiming under him.
Eight years: An action upon any claim founded upon an instrument
in writing.
Five years: An action upon a contract, account, promise not founded
upon an instrument in writing; an action to establish a lost will; an
action upon a judgment of a court not o f record.
Three years: An action to recover damages for death by wrongful
act or negligence; upon an obligation or liability not founded upon an
instrument’in writing other than a contract, account or promise.
Two years: An action upon statutory liability other than penalty
or forfeiture; for waste or trespass on real or personal property; for


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recovery of personal property; for relief on ground of fraud or mistake,
f+o™. /o?f ,action accrues (1) in case of open account at date of last
.V1 $fgt of lost will at date of discovery of facts by ag’
,Inparty.
case of fraud or mistake at date of discovery
thereof ypalty
by aggrieved
Heirs may bring action to recover escheated property within 20 years.
Various other limitations not here specified.
NEBRASKA- Upon a contract not in writing, expressed or implied,
rour. years. Upon a specialty or an agreement, contract or promise in
writing, or foreign judgment, five years. For the recovery or the title,
or possession of land, tenements or hereditaments, including also mort­
gages, ten years.
action upon a judgment, contract, obligation, or
iiaDility for the payment of money or damages obtained,- made,
executed, or incurred out of this State, can only be commenced
as follows: First, within one year, when prior to the passage of this
act, more than two or less than five years have elapsed since the cause
* action accrued; Second, within six months when, prior to the passage
of this act, more than five years have elapsed since the cause of action
accrued; Third, within two years, in all other cases after'the cause
of action accrued. This act was passed in 1867.
When the cause of action has arisen in any other state or territory
of the United^ States or in a foreign country, and by the laws thereof
cannot be maintained against a person by reason of the lapse of time,
n0 aefrou . thereon shall be maintained against him in this state.
The limitations above stated do not run against any indebtedness by
a state official existing at the time of entering upon the duties of his
office, .pr during his continuance in office.
NEW HAMPSHIRE—Actions for the recovery of real estate, upon
notes secured by. mortgage and upon judgments (whether domestic or
foreign), recognizances and contracts under seal, mUst be brought
within twenty years. Actions for trespass to the person and defamatory
words must be brought within two years, and all other personal action
within six years after the cause for action accrues. A debt is revived
by any new promise,* verbal or written.
% NEW JERSEY—Contracts not under seal, six years; real actions and
judgments, twenty years; bonds secured by mortgages and contracts
under seal, sixteen years. Notes not under seal run only six years.
When a person against whom cause of action shall exist is a non-resi­
dent or shall remove from thè state, the time during which he is absent
from the state is not computed as part of the period of limitation.
NEW MEXICO—Within six years; upon any bond, promissory note,
bill of exchange or other contract in writing, or of any judgment of
a court not of record. Within four years: upon accounts and unwritten
contracts, injuries to property or the conversion thereof, and for relief
upon the ground of fraud, and all other actions not otherwise pro­
vided for.
NEW YORK—Within twenty years: actions for the recovery of real
property or upon judgment of a court of record, or upon a sealed in­
strument, or f o r dower; within, six years: an action upon a contract,
express or implied, except a judgment or sealed.instrument; an action
to recover upon liability created by statute, except a penalty or for­
feiture; an action to procure a judgment other than for a sum of money
on the ground of fraud. An action to establish a will. An action upon
a judgment of a court not of record. Within three years: an action
against a sheriff or other officer for money collected upon an execution.
Action upon a statute for a penalty. Action against an officer, etc.,
in his representative capacity. Action for damages for a personal in­
jury resulting from negligence. . Within two years: action for libel,
slander, etc. Within one year: action against a sheriff, etc., upon a
liability incurred by doing an official act, etc., or for an escape, etc.
NORTH CAROLINA—Actions upon an open account or any contract,
obligation or liability, or for trespass upon real property, or for taking
or detaining, converting, or injuring any personal property shall be
Commenced within three years; actions upon contract under seal within
ten years as against the principal debtor. On open accounts or on con­
tracts to pay money, the statute begins to run from the date of the last
credit or charge on said account or contract. Judgments in the Superior
Court are not barred by the statute until ten years, and by proper
notice can be kept alive after ten years. Judgments before a Justice
of the Peace are not barred by the statute until seven years, and can
be revived within the seyen years by suit on the same.
NORTH DAKOTA—An action upon a judgment or decree of any court
in the United States, or of any state or territory within the United
States, within ten years. Action upon' a contract, obligation or liabil­
ity, express or implied; actions upon a liability created by statute
other than a penalty or forfeiture; for trespass on real property, within
six years; an action for slander, libel, assault, battery pr false im­
prisonment; actions upon the statute for a forfeiture or penalty to the
people of this state, within two years.
OHIO—Upon contracts not in writing, express or implied, six years;
specialty or any agreement in writing, fifteen years; real actions,
twenty-one years; an action may be taken out of the statute by part
payment, acknowledgment, or promise in writing.
OKLAHOMA TERRITORY—Suits to set aside deeds must be brought
in five years, tax deed in two years, other actions for real estate fifteen
years; forcible detainer, or unlawful detainer, two years; actions on
agreements and contracts in writing, five years;, on contracts not in
writing, three years; actions for trespass and frauds, recovery of per­
sonal property, two years; libel, slander, assault and battery, one
year, a suit on foreign judgment, one year, on bond of executor, admin­
istrator or sheriff, five years.
OREGON—On contracts not under seal, express or implied, six years;
on judgments or decrees of any court and sealed instruments, ten years;
recovery of real property, ten years; a part payment or a new promise
in writing revives the debt. PENNSYLVANIA—Book accounts, debts, notes, and contracts, not
under seal, expire by limitation in six years; contracts under seal, in
twenty-one years.
RHODE ISLAND—Accounts, six years; simple promissory notes, six
years; sealed instruments and judgments, twenty years. An oral prom­
ise and partial payment revive a debt.
SOUTH CAROLINA—Actions upon a judgment or decree of any court
of the United States or of any state or territory, or upon a sealed instru­
ment other than sealed notes and personal bonds for payment of money
only, which are not secured by mortgage, must be brought within
twenty years. An action upon a contract, obligation or liability, ex­
press or implied, not under seal, and upon sealed notes or personal bonds
for the payment of money only which are not secured by mortgage,
within six years.
•^

1143

BANK LAW S.
SOUTH DAKOTA—Action must be commenced on judgments within
ten years; on contracts, express or implied, six y®a?s *10“
a cause of action accrued thereon; liability created by statute, six
years; upon real property, twenty years. Replevin and conversion, six

IOWA—Protest $1,75, and additional 25 cents for each notice.
KANSAS—Protest and record of same 25 cents, each notice of pro­
bate 10 cents. For certificate and seal 25 cents.
KENTUCKY—Protest $1.25, and 25 cents for each endorser.
LOUISIANA—Protest $2.50 to $3.50.
MAINE—Protest $1.50.
'
i
S -¿a
MARYLAND—Protest $2, plus postage and costs; for presentation
^MASSACHUSETTS—Protest $1.50 under $500; $2 on $500 and over.
MICHIGAN—Protest 50 cents, each notice 25 cents and postage.
MINNESOTA—Protest $1, each notice 25 cents, record 10 cents per
folio.
MISSISSIPPI—Protest $1.50.
%
..
MISSOURI—Protest $1.85, and 15 cents for each notice, mileage 8
cents per mile.
.
,
MONTANA—Drawing and copying protest $1; drawing and serving
notice of non-payment $1; recording protest $1.
NEBRASKA—Protest $1, copy 50 cents, each notice 25 cents and
postage.
. . .
.
NEVADA—For drawing and copying every protest for non-payment
of a promissory note or for the non-payment or non-acceptance
of a bill of exchange, draft or check, $2; for drawing and
serving every notice of non-payment of a promissory note, the non­
payment or non-acceptance of a bill of exchange, order, draft, or check,
$1 * for drawing an affidavit, deposition or other paper for which pro­
vision as to price is not made herein by statute, for each folio, 20 cents;
for every certificate, to include writing the same, 50 cents.
NEW HAMPSHIRE—Protest 50 cents, demand 50 cents, certificateand seal 25 cents.
...
NEW JERSEY—Protest $1.30 under $100; $1.50 over $100.
NEW MEXICO—Protest $2, and 25 cents for each notice.
NEW YORK—Protest 75 cents, and 10 cents for each notice.
NORTH CAROLINA—Protest $1, and 25 cents each notice.
NORTH DAKOTA—Protest $1.50, recording 50 cents, seal 25 cents,
notices 25 cents.
OHIO—Protest $1 and costs.
OKLAHOMA TERRITORY—Protest and record of same 25 cents, for
each notice of protest 10 cents, for certificate and seal 25 cents, for
District Court.
OREGON—Protest $3.
PENNSYLVANIA—Protest $1.50.
.
..
.
RHODE ISLAND—Protest $1, each additional endorsement 25 cents.
SOUTH CAROLINA—Protest $2.10.
•
,
,,
SOUTH DAKOTA—Protest $1.50, record 50 cents, each notice 25
C6T^IUSrESSEE—Protest and notices $1.50 without regard to number
of notices. Recording $1.
TEXAS—Protest, $2.50, and 50 cents for each notice.
UTAH—Protest $1.50, and 35 cents for each notice.
VERMONT—Protest $1, and postage on notices.
VIRGINIA—Protest $1, seal $1, and for each notice 10 cents.
WASHINGTON—Protest $1, registering 50 cents, demand and noting
50 cents, no protest necessary on bills .issued and payable within the
state, acknowledgment two persons or certifying affidavits 50 cents each.
WEST VIRGINIA—Protest and two notices $1, and 10 cents for each
additional notice and postage.
. . .
.
WISCONSIN—Protest $1, and 25 cents for each notice and postage.
WYOMING—Protest $1, seal 50 cents, and for each notice 50 cents.

^TENNESSEE—Upon bonds, notes, accounts a“^nl??nt^a^tsot€i“erCases
six years; judgments or decrees of courts of record, and other cases
.m indebtedness Is not
evidenced by a contract in writing; stated or..°Pe“ ^ c0.,ininerchandise
such mutual and current accounts as concern the trade of mercnanaise,
between merchant or merchants, their factors or agents, tw o ^ « «
Debt when evidenced by or founded upon any contract in writing, for
Denaltv or damageson the penal clause of any bond to convey real
estate^ action by one partner against his co-partner for the settlement
of partnership accounts, or upon mutual and^current_accounts concerning
merchandise between merchant or merchants, their factors or agents,
S e cause oi action shall be deemed to have accrued on the cessation
of the dealings in which they were interested together, four yars.
UTAH_Within eight years; on a judgment or decree rendered in any
court of the United States, or -of any state or territory within the
United States; for mesne rents and profits of real propery. Within six
years: on a contract, obligation or liability, founded on an instrument
or writing except judgments of a court of the United States, or of a
state or territory within the United States. Within four years: on a
contract, obligation, or liability not founded on an instrument of writing,
oDen account for goods, etc. No limitation against actions to recover
money or other property deposited with bants, bankers, trust company.
SayE]lMONT—iActionsf"for the recovery of lands or the possession, must
be begun within fifteen years after the cause of action first accrues.
Actions of covenant other than the covenants of warranty and seisin
contained in deeds of land shall be brought within eight years. Actions
of debt on judgments shall be brought within. eight years after the
rendition o-f such judgment. Actions on contracts, accounts, trespass
and replevin six years. Action to recover on a note must be brought
within six years after becoming due, unless the note is witnessed, in
S
CaSe action may be begun at any time within fourteen years.
VIRGINIA—Upon any contract by writing under seal, within ten
vears upon an award, or upon a contract by writing, signed by the
party tifbe charged thereby, or by his agent, but not
®?ali
■ five years; if it be upon any oral contract, express or implied, for arti­
cles charged in a retail store account, although such articles be sold
on a written order, within two years-,' and if it be
an;y .
tract within three years. Real actions must be brought east of the
Allegheny Mountains within fifteen years and west of same within ten
vears. New promises must be in writing.
_
WASHINGTON—Upon foreign judgments a contract in writing, or
liability express or implied, arising out of a written agreement; or for
the rents and profits or for the use and occupation of real estate, must
each be commenced within six years. Actions on a contract, express
or implied not in writing or for relief on the ground of fraud, must
be commenced within three years, for recovery of real estate the action
must be commenced within seven years, where party in possession has
color of title, otherwise ten years. Actions against exe^*or
istrator for mismanagement of estate must be commenced within one
year from time of final settlement. Claims disallowed by executor or
administrator, within three months of notice.
^
i WEST VIRGINIA—Partnership accounts, and accounts concerning NOTES AND BILES OF EXCHANGE—
trade between merchants, five years from last mutual
ALABAMA—Promissory notes payable in money at a bank or a cer­
tracts in writing, whether under seal or not, ten years; other contracts
tain place of payment therein designated, and bills of exchange are
^WISCGNSIN—Within twenty years: actions upon any judgment of
governed by the commercial law. All other instruments payable at a
court of record sitting without this state, and actions upon sealed bank, or other designated place of payment, are governed by the com­
instruments accruing within this state not hereafter mentioned. mercial law as to days of grace, protest and notice. Three days of
WitWn ten years: actions upon sealed instruments accruing without grace allowed on commercial paper, and on sight bills. If last day or
this state, excepting those hereinafter mentioned. Within six years, grace falls on a holiday, paper is due next business day. No accept­
actions upon judgments of courts not of record, upon any contract for ance valid unless in writing. Damages on protest for non-acceptance
or non-payment, 5 per cent. This covers all charges except interest and
payment of money, sealed or unsealed, issued by any
?itv village or school district; upon any other contract obligation or
liability created by statute excepting penalties and forfeitures, where PFARIZONA—All notes in writing' shall be- due and payable as therein
no other limitation is provided by law. No evidences of debt issued expressed, and shall have the same effect and be negotiable In like
manner as inland bills of exchange. The payee and indorsees of every
- ^W VOMING—^or^the*^recovery" olf title, or possession of real estate such note payable to them or their order, and the holders of every such
ten years- upon a specialty, or any agreement, contract or promise ii note payable to bearer, may maintain action for the sums of money writing five years. But on all foreign claims, judgments or contracts therein mentioned against the makers and indorsers of the same respecwnresf’ or implied, contracted or incurred before the debtor becomes tively in like manner as in cases of inland bills of exchange, and not
a resident of this state, within two years from the time the debtor otherwise. To charge a person within the territory as an acceptor on
shall have established his residence within this state. Upon contracts a bill of exchange, his acceptance must be in writing, signed by him­
self or his lawful agent. Three days of grace shall be allowed on all
not in writing, express or implied, within eight years.
bills of exchange or promissory notes assignable or negotiable by law.
Paper maturing on a holiday becomes due the next business day. Dam­
NOTARIES FEES FOR PROTESTages for protested bills, 10 per cent.
'
_...
ALABAMA—Protest $1.50, and 50 cents each endorser.
ARKANSAS_The general rules of commercial law prevail except
ARIZONA—Protest $2.50, and 75 cents each notice.
contracts
for
sale
of
patent
rights
or
patent
territory,
such
notes are
ARKANSAS—Protest $1.65; 50 cents each notice.
.
...
sublect to all defenses. Three days of grace are allowed, except on
CALIFORNIA—Protest $2, serving notice $1, recording protest $1.
demand drafts. Paper due on holidays becomesi payable on the pre­
COLORADO—Protest $1.75, and for notices 50 cents each.
day. Notice given of the dishonor of such paper the day after
CONNECTICUT—Protest $1, and 25 cents for each notice, also post- ceding
a holiday is valid. Protests are in common form and made by hotary
public.
thereof must be in writing. Any person upon
aSD^LAWARE—Protest $1.25. Exemplification 25 cents, and 20 cents whom a Acceptances
bill of exchange is drawn and to- whom the same may be
for acceptance, who shall destroy such bill, or refuse within
^DISTRICT OF COLUMBIA—Protest $1.75, and 10 cents for each delivered
twenty-four houYs such delivery, or within such time as the holder may
notice.
.
,
allow to return the bill accepted or unaccepted to the holder, is
to have accepted the same, t Damages two per cent on domestic
PFORCIA—On0tamounts of $200 or less, 50 cents, $200 and not over deemedand
on foreign, if payable in certain named states, 4 per cent,
$1000, one dollar; $1000 and not Over $3000, two dollars; over $3000, bills
other points in United States 5 per cent. Outside United States 10
per
cent
Bills
of exchange protested for non-payment or non-acceptance
^11)AHO—Protest, $3, recording 50 cents, and $1 for each notice.
bear interest at the rate of 10 per cent per annum.
ILLINOIS—Protest $1.50, with 25 cents per notice additional.
CALIFORNIA—Bills
of exchange and promissory notes, bank notes,
INDIANA—Protest $1.25, and 25 cents for each notice.
checks bonds and certificates of deposit are negotiable instruments.
INDIAN TERRITORY—Notaries Public are appointed by the U. S. Pap«maturing
on
a
holiday
becomes payable the business day there­
Courts in the Indian Territory and hold office for a period of four years. after. Days of grace not allowed.
must be in writing by
He shall exercise the ordinary duties of a notary, and receive fees as the drawee or bv any acceptor forAcceptances
and may be made by the
follows to-wit: For noting a bill of. exchange for promissory note of acceptor writing his name across thehonor,
face
of
the
with or without
protest* 50 cents; for endorsing protest of same, 75 cents; for register- other words. The acceptance of a bill of exchange bill
by a separate^Instru­
ing protest 40 cents; for notice to endorser and other parties, each, 50 ment binds the acceptor to pne who, upon the faith
thereof,
the
celts- for taking each acknowledgment, 50 cents; for each marine bill for value or other good consideration. The protest of u has
notary,
protest, $2; for other protests to secure insurance. $2: ,for
rec‘ under his hand and official seal, is prima facie evidence of the facts
ords and papers in his office, for each one hundred words, 5 cents.

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1143

BANK LAWS.
contained therein. A bill of exchange, if accepted with the consent of
i?dorseï, of such instrument shall be held as a guarantor
the owner by a person other than the drawee, or an acceptor for honor, S er®?£Lev?ry
Puyment unless otherwise expressed in the endorsement. Persona
becomes, in effect, the promissory note of such person, and all prior
liable upon bills of exchange or notes payable in money may
parties thereto are exonerated. If a promissory note, payable on de­ ïseverally
® . “ ! ?/, th®m severally be included in the same suit, and judgment
mand or at sight, without interest, is not duly presented for payment
be without prejudice to the several defendants among themselves*
within six months from its date, the indorsers thereof are exonerated, snail
Whenever any bill of exchange drawn or indorsed within this state,
unless such presentation is excused.
and
payable
without the United States, is duly protested, the drawer
COLORADO—Bills of exchange, notes etc., are' assignable by in­ or indorser thereof
shall pay said bill, with legal interest, from the
dorsement, and the assignee may maintain the same kind of an action P
R
S
”1
uili
ought to have been paid, and 10 per cent damage»
against the maker as could have the payee. A non-negotiable note Fî,. kudjtion; together
with the costs and charges of protest. If any
cannot be made. No maker of any note, bond, etc., shall be allowed Mÿ, °J exchange, drawn
upon any person or body politic or corporate,
to allege payment to the payee made after notice of assignment as a out of this state, but within
States, for the payment of
defense against the assignee. No days of grace allowed. Paper ma­ money, shall be duly presentedtheforUnited
acceptance or payment, and proturing on holiday is payable the day previous. Protest necessary on tested, it shall be payable, with legal
interest
from the time such*
bills of exchange drawn in this state upon non-residents. Damages for
to baXe been paid, until paid together with costs and charge»
non acceptance or non-payment, 10 per cent.
or
protest,
and
in
case
suit
is
brought,
5
per
cent
damages. All daysCONNECTICUT—Promissory notes made payable to bearer or order
grace are abolished. Notes maturing on holidays are payable the day
for the payment of money only, are negotiable. All days of grace are of
following.
abolished. Paper maturing on a holiday becomes due the day following.
Promissory notes payable to order or bearer at a bank ii*
In case a holiday falls on Sunday, when the following Monday is
state, and bills of exchange, are governed by the law-merchant.
deemed such holiday, notes, drafts, bills of exchange, etc., shall be this
Promissory
notes
not payable at a bank are subject to any set off
presentable on the following Tuesday. Banking hours end at 12 o’clock maker may have against
or any subsequent holder, accruing be­
on Saturdays, and for the acceptance and maturity of commercial paper fore notice of assignment.payee,,
On these, maker must be exhausted before
Saturday is treated as a holiday, but this does not apply to checks and endorser can be sued. Protest
is not necessary to hold endorsers- of
demand drafts presented before noon; acceptance bills of exchange such notes, but to hold them maker
must bo sued at first term of court
must be in writing, signed by acceptor or by his lawful agent. A ne­
unless it can be shown that he was insolvent at thegotiable promissory note payable on demand is regarded as dishonored after maturity,
such
maturity.
Three
days
are allowed on all ne­
if unpaid four months after date. Demand and reasonable notice are gotiable promissory notes and all billsofofgrace
payable within the
necessary to bind indorsers. Damages for protested bills, foreign, are state, whether sight or time bills. Paperexchange
maturing on a holiday be­
from 2 to 8 per cent, according to location of state where protested. comes payable on the day preceding. Damages
for
protest
on bills uponProtests of inland bills of exchange and promissory notes, protested
place out of this state, but within the United States
without this state, shall be prima facie evidence of the facts therein any person atonany
bills
drawn
uP°n
any
person
at
any
place
without thé
stated.
United States, 10 'per cent.
DELAWARE—All checks, notes, drafts, or foreign or inland bills of
INDIAN
TERRITORY—Bills
and
notes
are
governed
by
the
exchange, payable without time or at sight, are due and payable on chant. The general rules of commercial law on these subjects law-mer­
prevail.
presentation without grace. Notes due on a holiday must be paid the Notes to be_ negotiable must be expressed to be for value received.
A
business day next preceding. To hold indorser note must be duly stipulation
in
notes
for
attorney’s
fees
does
not
render
the
paper
Void
presented, and notice of dishonor given to indorser.
or non-negotiable; but attorney’s fees are not recoverable. A note
DISTRICT OP COLUMBIA—Promissory notes may be assigned or en­ maturing
on a holiday is payable the day before. Three days of grace
dorsed and actions maintained thereon as on inland bills of exchange, are allowed.
Acceptances must be made in writing. If the drawee
plaintiff or defendant recovering costs. Falling due on Sunday or legal destroy or retain
bill, he is taken as having accepted it. Protested
holiday, mature on the day after. The law merchant is in force with bills bear interestthe
at the legal rate. Protests are in the common form
regard to presentation, acceptance, indorsement and protest. Days of and are made by Notaries
Public.
grace abolished. Where money is payable by two or more persons
10WA—Grace is not allowed on notes or bills of exchange or drafts.
jointly or severally, as by joint covenantors, makers, drawers or in­ Paper
falling
due
on
holidays
is payable the succeeding day. Damages
dorsers, all or any of the parties by whom the money is payable may allowed on protested foreign but
not inland bills 3 to 5 per cent. To
be included in the same declaration, at the option of the plaintiff. hold
indorser,
note
must
be
duly
payment refused and in­
Defendant may move the court to limit plaintiff’s recovery of costs to dorser notified. ;-Open accounts arepresented,
and assignee will have
those of a single action, when he has prosecuted separate actions right of action in his own name, butassignable
subject
to
the same defenses and
against several defendants who might have been joined in one action counter claims as would be available against assignor,
notice of
or process. See Act of Congress relating to negotiable instruments in such assignment is given in writing by the assignee before
to the debtor.
the District of Columbia. Approved January 12, 1899.
Defenses to non-negotiable paper and accounts accrued after notice in
FLORIDA—Notes and bills of exchange are subject to a general writing of assignment to maker invalid as against assignee. Providing
statute passed in 1897 known as “Negotiable Instruments Law.” No that if negotiable paper be obtained by fraud, the holder thereof shall
days of grace are allowed. When the day of maturity falls upon recover no greater sum than he paid with interest and costs.
Sunday or a holiday the instrument is payable on the next succeeding
KANSAS—The Negotiable Instrument Law as approved and recom­
business day. Instruments falling due on Saturday are to be presented mended
by the American Bar Association, and as adopted by a number
for payment on the next succeeding business day, except that instru­ of states, is now the law in Kansas and has been since June 8, 1905.
ments payable on demand may, at the option of the holder, be pre­ Does not apply to negotiable instruments made and delivered prior '
sented for payment before twelve o’clock noon on Saturday, when that thereto. No days of grace allowed. Paper maturing on a Sunday or
entire day is not a holiday. Maker and endorser cannot be sued in holiday becomes payable on the next succeeding secular or business day.
same action.
Action may be brought jointly or severally against a drawer, maker or
GEORGIA—Bills of exchange and promissory notes made for the pur­ endorser.
-*
pose of negotiation, or intended to be negotiated at any chartered bank,
KENTUCKY—All bills of exchange are negotiable, but notes are only
and which are not paid- at maturity, must be protested in order to bind made so when “payable and negotiable at a bank and discounted to *
the indorser. Notice of non-payment and of protest, or non-payment, or bank Incorporated in this State.” Non-negotiable instruments are as­
non-acceptance, must be given to the indorser within a reasonable time, signable so as to vest a right of action in the assignee, but any
either personally or by post. It will not be necessary to protest in defense good against the payee and arising before notice of the assign­
order to bind the indorser, except in the following cases: Where the ment is good against the assignee. Indorsers of non-negotiable notespaper is made payable on its face, at a bank or banker’s office. Where can be held only after suit and return of “no property” against the
it is discounted at a bank or banker’s office. Where it is left at a all other services the same fees as are provided for the Clerk of the
bank or a banker’s office for collection. No days of grace are allowed. grace are allowed by custom. Paper maturing on a holiday becomes due
When paper matures on a holiday it is payable the day before. When­ the day preceding. Protest should be made upon the last day of grace.
ever any such holidays shall fall upon Sunday the Monday next following It is essential to a recovery against indorsers on foreign bills of
shall be deemed a legal holiday and papers due on such Sunday shall negotiable notes placed in their rank, but an inland bill is not requires
be payable on the Tuesday next thereafter. When either ’of the days by law to be protested, nor is a certificate of a notary of such protest
shall fall on Saturday the papers due on Sunday following shall be evidence in itself of dishonor.
payable on Monday next succeeding. When such days fall on Monday
LOUISIANA—Whenever a promissory note is endorsed for the benefit
papers otherwise payable on that day shall be payable the Tuesday next of the maker thereof, if caused by the maker to be discounted in any
succeeding. Accommodation indorsers, sureties and indorsers, may be bank in operation within the state, or if the maker obtain any money
sued in the same county and in the same action with the maker, in consideration of said note from any person, the indorser shall be
drawer or acceptor. Bills of exchange must be accepted in writing to bound to the holders of the note as if it had been discounted or nego­
bind acceptor. In this state a contract to pay attorney’s fees cannot be tiated for his own use or benefit. Bills and notes, of other obligations
collected unless the debtor fails to pay after ten days’ notice of inten­ for the payment of money, to be evidence of a debt, must express the
tion to sue prior to return day of the court to which suit is brought.
whole sum in writing. Bills and notes are entitled to three days’
IDAHO—Commercial paper becomes negotiable by being executed and grace except bill at sight or order for money on demand, which are
delivered, and is made negotiable by indorsement, what is called “in allowed no grace. Paper falling due on holidays is payable the business
blank.” The protest of a notary, under his hand and official day following.
seal, of a bill of exchange or promissory note, for non-acceptance or ! MAINE—Negotiable paper, presumed to be taken in payment of debt
non-payment, stating the presentment for acceptance or payment and or liability for which it is given. On notes payable at fixed place on
the non-acceptance or non-payment thereof, the service of and mode of demand at or after a certain time, no recovery unless demand proved
giving notice to parties, and the reputed residence of the parties, is there before suit; usual demand and notice to charge indorser; notarial
made by our statute prima facie evidence of the facts contained therein. protest proves it; but one Indorsing note at inception before payee does
Damages for protested bills range from 2 to 15 per cent. Days of grace is a maker. Waiver of demand and notice, acceptance of bill, draft
are not allowed on either bills or notes. Paper maturing on a holiday or order must be in writing and signed. Recovery from indorser with­
becomes payable the next business day.
out suing maker. Three days of grace on sight drafts, none on notes
ILLTNOTS—Any note, bond, bill or other instrument in writing made and bills. Paper maturing on a holiday is considered due and payable
payable to any person named as payee therein, shall be assignable by the day preceding, except that if holiday is on Monday and it is the
indorsement thereon, under the band of such person, and of his as­ third day of grace, or is Saturday and the following Sunday is the
signees. in the same manner as the bills of exchanges are, so as to third day of grace, or is Sunday and it is the second day of grace,
absolutely transfer and vest the property thereof in each and every four days are allowed.
assignee successively. It is essential to the negotiability of promissory
MARYLAND—The maker or endorser of a promissory note or the
notes, bills, bonds and other instruments in writing for the payment acceptor or endorser of a bill of exchange will he held liable to an
of money or other articles of personal property by indorsement, that innocent holder who takes the "same before maturity for value and In
they be payable absolutely and unconditionally—not depending on any good faith, even though the note was made or the bill accepted with
contingency, either in regard to the use of the fund out of which pay­ out consideration. . No grace allowed. A protest duly made by a nfoment is to be made, or as to the parties by whom or to whom the pay­ tary public of a note or a bill is prima facie evidence of the facts
ment is to be made. Any note. bond, bill or other instrument in writing pertaining thereto, and as stated therein. Damages recoverable, in
made payable to the bearer, may be transferred by delivery thereof, addition to principal, interest and costs on protested bills, if drawn on.
and an action may be maintained thereon in the name of the holder any other state or territory, 8 per cent; foreign country, 15 per- cent.
73


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1144

BANK LAW S.
Paper maturing on a *holiday Recomes due on the next succeeding
business day, except instruments made and delivered prior to March 29,
1898, which become due next preceding business day.
MASSACHUSETTS—Grace is not allowed on notes or bills of ex­
change. Three »days of grace is allowed upon a draft or bill of ex­
change made payable at sight unless otherwise stipulated. Paper ma­
turing on a holiday becomes due on the secular day next preceding. All
■bills of exchange, drafts and promissory notes except those payable
-on demand which would otherwise be payable on any Saturday not a
-holiday according to law, shall be deemed to be and shall be payable
■on the next succeeding secular or business day. The drawee of a bill
or draft requiring acceptance has till 2 o’clock p. m. on the next
business day after presentment to decide whether he will accept.
Orders and drafts for money payable within this state, in which no
time of payment is expressed, shall be deemed to be payable on de­
mand. All persons becoming panties to promissory notes payable on
time by a signature in blank on the back thereof, shall be entitled
to notice of the non-payment thereof the same as indorsers. Checks
'drawn on a bank may be paid notwithstanding the death of drawer,
if presented within ten days after date, and a savings bank order
if presented within thirty days after date. To charge indorsers of a
promissory ■note payable on demand, a demand made at the ^expiration
of sixty days from date thereof, without grace, or at any time within
that term is necessary to fix the liability of indorser, and shall be
deemed to be made within a reasonable time. No presentment of such
note to the promissor and demand of payment will charge the indorser,
unless made on or before the last day of said term of sixty days. The
“negotiable instruments law” as adopted in New York and several other
states is in force in this state. '
.
,
__
MICHIGAN—Every negotiable instrument is payable at the time
fixed therein without grace. Paper falling due on a holiday is payable
the next business day succeeding, except that demand paper ialling
due on Saturday, when that entire day is not a holiday, may, at the
option of the holder, be presented before twelve o clock noon. Pre­
sentment and the sending of notices of dishonor to the endorser at
his reputed place of business or residence are necessary to bind the
endorser, except that such presentment, etc., is not necessary in the
case of an endorser who became such before endorsement by the payee
or at the inception of the paper where the instrument was made or
accepted for such endorser’s accommodation, and he had no reason to
believe the instrument would be paid if presented. Waiver of protest
includes not only waiver of formal protest, but also of presentment and
notice of dishonor.
■ ,
. . ..
. _
MINNESOTA—On all bills of exchange payable at sight, or at a
future day certain, and all negotiable promissory notes, orders, and
drafts payable at a future day certain, within this state, in which there
is no express stipulation to the contrary, grace is allowed of three days.
Paper falling due on a holiday is payable the preceding business¡day.
Notice of protest must be given immediately after protest is made by
mailing the same to each party protested against at his reputed Place
of residence. The notary certifies to the giving of the notice upon the
instrument of protest, and records the latter in his register. Both
register and certificate are prima facie evidence. Damages 5 per cent
and legal interest on domestic and 10 per cent and legal interest on
foreign paper protested. Notes obtained by fraudulent representation
without negligence on part of maker void.
MISSISSIPPI—Domestic bills of exchange drawn and payable in this
state for less than $20 are not required to be protested, but demand
and notice are necessary to fix liability of parties secondarily liable.
Notes and foreign bills are protestable. All notes, bills, drafts, etc.,
are assignable, and suit may be maintained in the name of the as­
signee; but defendant can make all defenses which he had against payee
before notice of assignment unless payable to “bearer, in which case
the title passes by mere delivery, and the holder may sue in his own
name as bearer, and the statute allowing defenses by the defendant
does not apply. Foreign bills of exchange payable out of the United
States, protested for non-acceptance or non-payment draw 10 per cent
damages and legal interest; bills drawn payable in the United States,
protested for non-acceptance, draw damages at the rate of 5 per cent,
besides legal interest. Notes, bills, etc., and sight drafts ate entitled
to the usual days of grace. Paper maturing on a holiday becomes
payable next day preceding. Domestic bills of exchange drawn on and
payable in this state for $20 or upward must be protested for nonacceptance, or, if accepted for non-payment, they are governed by the
same customs and usages as foreign bills of exchange, but no damage
^MISSOURI—The acceptance of a bill of exchange must be in writ­
ing. signed by the acceptor. A promise in writing to accept a hill
before it is drawn has the effect of an actual acceptance in favor of
every person who on the faith thereof shall pay value for the bill.
Everv person on whom a bill is drawn and to whom the same shall
be delivered for acceptance, who shall destroy it or refuse within
twenty-four hours, to return it, shall be deemed to have accepted it.
Bills drawn or negotiated within this state and protested draw 4 per
■cent damages, if drawn on any person within this state; if on any
¡person out of this state, but within the United States, 10 per cent; if
on any person at a place without the United States, 20 per cent. Such
■damages are only recoverable by the holder of a bill who shall have
acauired the same for a valuable consideration. No damages are al­
lowed if the bill be paid within twenty» days after demand. Promissory
notes are governed by the same rule of damages. Three days of grace
is allowed on all bills and notes except those payable at sight or de­
mand. Paper falling due on a holiday shall be considered Payable on
the next succeeding day unless such succeeding day is a holiday, in
which case they fall due the day previous.
. .• .
MONTANA—A written promise or request of payment of a certain
sum of money to a certain person or order or to bearer is a negotiable
instrument. Bills of exchange, promissory notes, bank notes, checks,
bonds and certificates of deposit are negotiable instruments. The holder
thpreof may collect by suit if necessary and may sue the principal
obligor and the indorsers individually or collectively at his option. May
contain a pledge of collateral security with authority to dispose thereof,
also a provision for a reasonable attorney fee. It may give the payee
the option between payment of the sum specified and the performance
of another act, but as to the latter-is not negotiable. Must be payable
in money without uncertain condition, and payee must be ascertainable
when instrument is made. May be with or without date and with or
without designation of time or place of payment. Any date may be inaeVted bv the maker and the instrument is not invalidated by his death
or Incapacity at the nominal date. When no time nor place of payment


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is specified is payable immediately at the place held at maturity. A
negotiable instrument bearing a general indorsement cannot be after­
wards specially indorsed, but a lawful holder may change a general to
a special indorsement by writing above it any contract consistent with
the character of the indorsement. An indorser “without recourse” is
liable same as transferee without indorsement. All indorsers are
liable to subsequent indorsers as original obligors. An indorsee in due
course acquires good title notwithstanding defects in title of his im­
mediate'indorser.. A party to an instrument intended to be negotiable,
but left blank is liable to indorsee in due course however blanks may
be filled in so long as it remains negotiable. No demand is necessary
to bind principal; if place of payment is specified, ability and willing­
ness to pay at such place at maturity is equivalent to offer of pay­
ment. Paper falling due on a legal holiday is due the next business
day. Days of grace are not allowed. The protest of a notary public
under his hand and official seal is prima facie evidence of the facts
contained therein.
NEBRASKA—Notes and bills of exchange and sight drafts are en­
titled to three days grace. Bank checks and instruments payable on
demand are not entitled to grace. When holiday occurs on Monday,
notes, etc., falling due on that day are payable the day thereafter, all
other business, contracts, etc., remain, unaffected by holidays. Foreign
bills of exchange,' notes and drafts must be protested, and protest fees
can be recovered. Damages on domestic bills, 6 per cent, and on foreign
bills, 12 per cent.
NEVADA—Negotiable instruments include written promises to pay to
the order of the maker or of some other person, or to bearer without
conditions a certain sum at a certain time. The place of payment is
governed by the law merchant. Corporations may make bills and notes
in proper cases. Acceptances must be in writing; if on paper other
than the bill, it binds the acceptor only in favor of the person to whom
such acceptance shall have been shown and who acts thereon to his
detriment. A prior written unconditional acceptance is deemed an ac­
ceptance in favor of a bona fide holder for value. Acceptance may be
constructive, as defined by statute. 15 per cent damages are allowed
where the instrument is drawn on any person in any state east of the
Rocky mountains, and 20 per cent if drawn on any person in any port
of Europe or in any foreign country, in case of default. Three days
grace are allowed on notes and bills of exchange but not on bills at
sight or drafts. Paper maturing on holidays is considered as maturing
on the preceding day. .
NEW HAMPSHIRE—Demand notes must be protested within sixty
days from day of their indorsement to hold indorsers. Days of grace are
not allowed. Paper maturing on a holiday is payable the preceding
business day. Notaries public are the proper protesting officers. Notice
of the non-payment or the non-acceptance upon residents by mail is
sufficient.
NEW JERSEY—Inland bills of exchange are, in general, subect to the
law of foreign bills; they must be protested. No grace allowed except
on notes made prior to July 4, 1895. The action required to hold indorse]1
is the same as under the general mercantile law. (Paper due on a legal
holiday is payable the day after, and notice o f' non-payment may be
given within twenty-four hours later. If the legal holiday should fall
upon a SJunday or Monday, bills are payable on Tuesday, and notice may
be given. In 1902, the Legislature enacted “A general act relating to
negotiable instruments, being an act to establish a law uniform with the
laws of other states on that subject.”
NEW MEXICO—In absence of any designated place of payment the
common law prevails. Three days of grace are allowed ,on promissory
notes. Any promissory note, due and payable on any holiday, shall be
construed to fall due and become payable on the next business day there­
after.
NEW YORK—Foreign bills of exchange, drafts, checks, and promis­
sory notes payable to bearer, the maker or his order, or the order of any
third party, are negotiable. Bills of exchange or drafts drawn payable
at sight at any place within the state, are made due at presentation,
without grace. Checks, bills of exchange, or drafts drawn on banks or
bankers and which are payable on a specified day, or in any number of
days after the date or sight therof, are payable without grace, and it is
not necessary to protest the same for non-acceptance. All bills, checks,
notes, etc., falling due on a holiday are deemed payable the business
day succeeding. If not paid when due they may be protested, and the
certificate of protest is prima facie evidence of presentation and non­
payment. To charge indorser, notice of non-payment must at once be
given to him.
NORTH CAROLINA—All bills and notes bear interest from maturity,
unless otherwise stipulated. An indorser of a note is deemed a surety
and no demand on the maker is necessary before' commencing suit
against surety or indorser; but this does not apply to bills of exchange.
Grace is allowed on all time and sight drafts. Where a bill is drawn
or indorsed in this State upon any person or corporation any other
of the United States or any of the Territories and is protested, it shall
bear damages; viz., three per cent of the principal sum. A bill or
note may be protested by a notary public, justice of the peace or clerk
of a court of record. Bills of exchange and promissory notes are nego­
tiable; and all notes and bonds with more than one obliger are by
statute joint and several. To charge indorser of bill of exchange, notice
of non-payment must be givén him. Paper falling due on a holiday or
Sunday is payable the day before except when a holiday occurs on Mon­
day when it is payable the day after.
NORTH DAKOTA—Bills of exchange, promissory notes, bank notes,
checks, bonds and certificates of deposit are negotiable instruments.
When no place of payment is specified, they are payable at the residence
or place of business, or wherever maker may be found. Bill or note'
maturing on a holiday becomes due on next business day. No days of
grace in this state.
OHIO—Bonds, notes and bills payable at a day certain after date, or
after sight when made payable to order or bearer are negotiable by in­
dorsement thereon, and vest the title thereof in indorsee. They need
not be payable at a bank, or any particular place, to be negotiable. No
maker commenced and prosecuted with due diligence. Three days of
grace is allowed on commercial paper drawn or accepted on or after Sep­
tember 1, 1896. Bill or note maturing on a holiday becomes due the
succeeding business day.
OKLAHOMA TERRITORY—Bills of exchange, promissory notes, bank
notes, checks, bonds and certificates of deposit, if without date, are pay­
able immediately, and if without specified place of payment are payable
where maker may be found. Three days Of grace allowed on all bills of
exchange, or drafts payable at sight. Paper maturing on a holiday

1145

BANK LAWS.
becomes due on the next business day. Protest, presentment, and notice
may be waived. Waiver of protest waives presentment and notice.
OREGON;—-AH negotiable instruments are commercial paper. They
are not required to be paid at any particular place unless a place of
payment is specified in the instrument. No days of grace in this State.
Negotiable instruments falling due on a holiday become due on the next
business day. No person can be charged as an acceptor of a bill of
exchange unless the acceptance be in writing, signed by himself or his
lawful agent. Indorsers, if properly charged by protest, are liable as
long as the maker. Damages allowed on protested bills of exchange;
domestic, five per cent; foreign, ten per cent. Judgment notes not
allowed.
PENNSYLVANIA—Bills,of exchange, checks, promissory notes and
orders drawn or indorsed to order or bearer are negotiable. Days of
grace are not allowed. A clause in the bill of exchange, draft, note,
etc., providing for the payment of attorney’s commissions,, cost, etc.,
is negotiable. All bills of exchange, drafts, checks, promissory notes,
etc., otherwise presentable for acceptance or payment on any holiday
are presentable for acceptance or payment on the secular or business
day next succeeding. Paper cannot be protested on Saturday. This
State has adopted the Crawford Negotiable Law without changes.
RHODE ISLAND—No days of grace are allowed on notes or bills of
exchange dated on or after July 1, 1898, unless expressly provided for
therein. Bills of exchange, notes or drafts falling due on a holiday are
payable on the secular day next following such holiday.
SOUTH CAROLINA—Bills of exchange and promissory notes, drawn
in the usual form, are recognized as ^commercial paper and if drawn
payable at sight are entitled to days of grace. Paper falling due on
legal holiday to be paid the next day thereafter. No protest is needed
on an inland bill for less than $100. On all bills of exchange drawn on
persons resident within the United States, and without this State, and
returned protested, the damages are ten per cent, and any other part of
North America pr in the West India Islands, twelve and one-half per
cent. On all bills drawn on persons in any other part of the world the
damages are 15 per cent.
SOUTH DAKOTA—On all bills of exchange or sight drafts, whether
foreign or domestic, and on all promissory notes, bills of exchange and
drafts, on the face of which time is specified, and notes on demand for
payment of same. Grace is allowed. Acceptances must be in writing by
the drawee or an acceptor^ for honor. Apparent maturity of a non-in­
terest bearing sight or demand note is ten days after date, in addition
to the time required for transmission; on interest-bearing notes, one year
from date. Bills and notes falling due on a holiday are deemed due and
payable on the following day. To hold indorser, the instrument must be
presented on the day of maturity, and notice of dishonor given. Dam­
ages are allowed in favor of holders for value on bills of exchange drawn
or negotiated within the State and protested for non-acceptance or non­
payment. Collection by Banks through regular correspondents considered
due diligence.
TENNESSEE—A verbal acceptance of bill of exchange communicated
to one who takes it on faith of such acceptance is -valid. Bills of
exchange, promissory notes, bank checks, and bonds for payment of
money are negotiable. When negotiable paper is taken' in payment of a
pre-existing debt, equities can be set up against the holder. Notary’s
certificate .that he gave notice on protest of bill or note to drawer or in­
dorser, is prima facie evidence that such notice was given as therein
stated. All warehouse receipts for cotton, tobacco, grain, hemp, whisky,
or any kind of produce, wares, merchandise, or of any description of per­
sonal property, are negotiable in the same manner as bills of exchange,
unless such receipts shall have the words “Not negotiable” plainly writ­
ten or stamped thereon. Damages recoverable on a protested bill of ex­
change drawn or indorsed in Tennessee, are three per cent if it was
drawn on a person or corporation in any part of the United States or
Territories thereof; fifteen per cent if drawn on any person or corpora­
tion of or in-any otheT State or place in North America bordering on
the Gulf of Mexico, or of or in any of the West India Islands; twenty
per cent if drawn on any person or corporation of or in any other part

of Die world. Days of grace are not allowed. Paper maturing on a
h°Rda» becomes due on business day succeeding.
^AS—Unless otherwise provided, commercial paper will be con­
sidered payable at the residence of the maker or acceptor, or other person bound. Days of grace allowed on all negotiable instruments. Bill
of note maturing on a legal holiday becomes due on business day precedmg. Attorney’s fees may be stipulated for in note and recovered in
case of suit. The liability of any drawer or indorser may be fixed by
instituting suit against the acceptor or maker, before first term of district or county court, to which suit can be brought, or before second
term, showiiig good cause why not brought at first term; within jurisdiction of justice, suit must be brought within sixty days. Such liahUity may also be fixed by protest, according to the custom of mer­
chants. . The holder of a protested draft or bill, drawn by a merchant
in this state, upon his agent or factor without the state, may recover
ten per cent damages thereon, besides interest and costs.
UTAH—Exchange, 4promissory notes, bank notes, checks, bonds, and
certificates of deposit are negotiable instruments and are governed by
the statutes of the Territory. Notice of dishonor may be given by the
holder or any party to the instrument who may be called on to pay it,
and must be in writing. Days of grace are not allowed. Paper falling
due on a holiday becomes due the next preceding business day, except
when such preceding day is also a holiday, in which event it becomes
due on the next succeeding business day. This state has adopted the
American Bar Association Code.
VERMONT—Notes and bills of exchange are not entitled to grace.
Negotiable paper need not be made payable at any particular bank or
place. Notes payable on demand are considered overdue after sixty
days from date of demand and notice. Whenever any bill or note shall
fall due on a Sunday or holiday, the same shall be considered as due on
the next following business day, but if holiday comes on Sunday the
preceding Saturday shall be considered like Sunday.
VIRGINIA.—Every negotiable instrument is payable at the time fixed
therein without grace. When the day of maturity falls upon Sunday,
or a holiday, the instrument is payable on the next succeeding business
day. Instruments falling due or becoming payable on Saturday are to
be presented for payment on the next succeeding business day, except
that instruments payable on demand may, at the option of the holder,
be presented for payment before 12 o’clock noon on Saturday when the
entire day is not a holiday. The negotiable Instruments Aet prepared
by Commissioners on Uniform Laws in U. S. is in force in this state.
WASHINGTON—Negotiable instrument act in force in this state.
WEST VIRGINIA—Every promissory note or check for money pay­
able in this state at a particular bank, or at a particular office thereof
for discount or deposit, and every inland bill' of exchange payable in
this state, shall be deemed negotiable. Days of grace are not allowed.
Commercial paper falling due on a holiday is payable on the next week
day. When, a bill of exchange drawn or indorsed within this state is
protested for non-acceptance or non-payment, there shall be paid by the
party liable for the principal of such a bill, in addition to what else
he is liable for, damages upon the principal at the rate of 3 per cent
if payable out of the state and within the United States, and 10 per
cent if payable without the United States.
WISCONSIN-—The common law prevails as to the negotiability, pro­
test, and rights and liabilities of the various parties to them. Ware­
house receipts are negotiable unless expressed not to be. Municipal
bonds are not negotiable, unless expressly authorized to be. Days of
grace have been abolished by statute. Bills of exchange and promissory
notes are protested for non-acceptance or non-payment, and written
notice thereof given to the drawer, maker, and each indorser, imme­
diately on making protest, by personal delivery or by mail, postage
prepaid. Damages on foreign bills, five per cent.' One action may be
brought against all parties liable on a note or bill. Negotiable paper
maturing on Sunday or a holiday becomes due on the next succeeding
secular day.
WYOMING—The “Uniform Negotiable Instrument Law” has been,
enacted and is in force in this state.

CANADA.
divided into shares' of $100 each. The paid-up capital must be at least
ASSIGNMENTS—
$250,000, and this amount is required to' be deposited with the Minister
ONTARIO-—Insolvency is under the control of the Dominion Parlia­ of Finance. The capital of any bank may be increased in the manner
ment, and at present there is no Insolvency Act in force, but there is a provided by the Bank act.
Provincial Act under which a debtor in insolvent circumstances may
make a voluntary assignment for the general benefit of his creditors, to EXEMPTIONS—
the Sheriff, or an assignee, who must be a resident of the Province.
ONTARIO—The debtor’s ordinary bedding and apparel; furniture to
The assets are to be distributed ratably without preference to all $150;
fuel and provisions for 30 days, not exceeding $40; one cow. six
creditors.
sheep, four hogs, twelve hens, not exceeding in all $75, and food for
same
for
30 days; tools and implements used in his business to $100;
ATTACHMENTS—
fifteen hives of bees. All of these exemptions, excepting bedding and
ONTARIO—Any person resident in Ontario and indebted to any one apparel, may be. seized In satisfaction of a debt contracted for the iden­
person above $100, who leaves the Province with intent to defraud his tical article. Lands acquired by settlers under the Free Grants and
creditors, and is possessed of property not exempt from seizure, becomes Homesteads act are exempt for 20 years from the date of the location,
an absconding debtor and his property may be seized under an order of if they are- still owned by the settler, his widow, heirs or devisees.
attachment. The creditor, his agent or servant, must make affidavit
setting out cause of action, that debt exceeds $100, belief that debtor INTEREST—
has left Ontario with intent to defraud him or to avoid process of arrest,
ONTARICM-Interest may be allowed in the discretion of the court
place to which he is believed to have fled, if ascertainable, and that he upon
open accounts where a demand in writing has been made. Any
possessed at time of his departure property not exempt from seizure. rate
of interest may be agreed upon between the parties. The legal rate
Affidavits of two other parties that they are acquainted with the debtor, of interest
is 5 per cent.
that they believe he Ms departed with similar intent, are required in
QUEBEC—Any rate of Interest which the parties may lawfully agree
addition.
upon may be charged. In the absence of an agreement fixing a rate of
interest per annum, the rate is fixed at 6 per cent. Banks cannot charge
BANK LAWS—
more than 7 per cent per annum.
NOVA SCOTIA—Interest may be allowed in the discretion of the
This is a matter which under the British North America act is
within the legislative jurisdiction of the Parliament of the Dominion of court upon open accounts where a demand in writing has been made.
Canada and is governed by the Bank act of 1890. The law with respect Any rate of interest may be agreed upon between the parties, but, in
to banks is, therefore, uniform everywhere in Canada. Every public the absence of agreement, the legal rate is 6 per cnt. Banks cannot
bank must be incorporated by special act of the Parliament of Canada. charge more than 7 per cent per annum.
NEW BRUNSWICK—Any rate of interest may be agreed upon be­
Persons carrying on business as private bankers are prohibited from
advertising or holding themselves out as banks or banking companies. tween the parties except in the case of banks, which cannot charge
The Bank act applies to every bank incorporated after the first day of more than 7 per cent per annum. In the absence of agreement, the
January, 1890. By this act the charters of banks which were in exist­ legal rate is 6 per cent.
MANITOBA—Any rate of interest may be agreed upon between the
ence at that date are continued until the first of July, 1901, when they
may be renewed under a new act. The capital stock of a bank there­ parties. In the ‘absence of agreement, the legal rate is 6 per cent.
BRITISH COLUMBIA—Any rate of interest may be agreed upon beafter incorporated may not be less than $500,000, which amount is to be

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Federal Reserve Bank of St. Louis

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BANK LAW S—C a n a d a
tween the parties. In the absence of agreement, the legal rate is 6 per
cent. Banks cannot recover more than 7 per cent. See the Dominion
Money Lenders’ Act of 1906.
LEGAL HOLIDAYS
ONTARIO, NOVA SCOTIA^ NEW BRUNSWICK, MANITOBA AND
BRITISH COLUMBIA. Sundays, New Years’ Day, Good Friday, Easter
Monday, Queen’s Birthday (May 24th), Dominion Day (July 1st), Labor
Day (first Monday in September), Christmas Day and any other day
appointed by proclamation for a General Fast or Thanksgiving.
QUEBEC—The same holidays as in the other Provinces and, in addi­
tion, the following, viz: Epiphany, Ascension, All Saints and Conception.
LIMITATIONS OF ACTIONS—
ONTARIO^—All actions upon simple contracts and of account must
be brought within six years from the time when the cause of action
first arose. On contracts under seal within twenty years. On a covenant
in a Mortgage within ten years. A written acknowledgement of a debt
signed by the debtor or the duly authorized agent, or a payment made
on account, at any time before the right of action is barred will cause
the Statute to run anew from the date of the acknowledgement or pay­
ment. A judgment may be enforced for twenty years and may be re­
newed. Action upon a judgment of a foreign Court must be brought
within six years.
NOTARIES FEES FOR FROTESTONTARIO—Protest 50 cents, and each notice 25 cents. Postage addi­
tional.
,
...
QUEBEC—Protest $1.00, and each notice 50 cents. Postage addi­
tional.


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Federal Reserve Bank of St. Louis

C o n t in u e d .

NOVA SGOTIA- -Protest 50 cents, and each notice 25 cents. Postage
additional.
NEW BRUNSWICK—Protest and all notices $3.00. Postage additional.
_ ,
'
MANITOBA—Protest $1.00, and each notice 50 cents. Postage ad­
ditional.
BRITISH COLUMBIA—Protest and all notices $2.50.
The law upon this subject is uniform for all the provinces of Canada,
and is regulated by the Parliament of the Dominion of Canada. (Canada
Bills of Exchange Act, 1890.)'
NOTES AND BILES OF EXCHANGE—
Promissory notes and bills of exchange do not require to be stamped;
they are negotiable, and the general law regarding the same is almost
identical with that of England and very similar to the law of most of
the United States of America. «
To charge the endorser or drawer, a bill or note must be presented
the day it falls due, and endorsers and parties secondarily liable are
only held by protest of the note or bill and notice of dishonor given or
mailed within one day.
When a particular place of payment is mentioned, presentment must
be made there. If payable at a bank, presentment may be made either
within or after the usual banking hours. Where no place of payment is
mentioned in the instrument, presentment must be made to the party
primarily liable either personally or at his domicile or office or usual
place of business.
In case a bill or note falls due and is payable on a legal holiday, it
must be presented the following day.
Unpaid bills and notes bear interest from maturity at 5 per cent,
whether so stated or not. Any rate of interest may be fixed by agree­
ment between the parties.
Three days’ grace are allowed on all bills and notes, except when
payable on demand.