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DIGEST OF BANKING AND COMMERCIAL LAWS , <• Compiled Expressly for  THIS EDITION OF  Rand-McNally Bankers’ Directory AND  Bankers’ Register BLUE BOOK  Those Prominent Lawyers Whose Names Appear at the Head of the Laws of Each State  The Following States Have Put in Operation THE NEGOTIABLE INSTRUMENTS LAW State  Alabama.......................................... Arizona............................................ Arkansas ......................................... California........................................ Colorado.......................................... Connecticut.................................... Delaware......................................... Dist. of Columbia......................... Florida............................................. Hawaii............................................. Idaho................................................ Illinois.............................................. Indiana............................................ Iowa.................................................. Kansas ........................ Kentucky........................................  In Effect  State  1. 1908 ............. Jan. ............. Sep. 1, 1901 ............. Apr. 22, 1913 1917 ............. July 19, 1897 ............. Apr. 5, 1897 1, 1912 ............. Jan. ...........Apr. 3, 1899 ............. Aug. 3, 1897 ............. Apr. 20, 1907 ............. Mar. 10, 1903 1, 1907 ............. July 1, 1913 ............. Apr. 4, 1902 ............. July ............. June 8, 1905 June 13, 1904 . Aug. 1, 1904 June 1, 1898 1, 1899 ............. Jan. ............. Sep. 16, 1905 Apr. 24, 1913 7, 1916 ............. July ............. June 16, 1905 ........ Mar. 7, 1903  Nebraska........ Nevada.. .................. New Hampshire. . . New Jersey............. New Mexico........... New York............... North Carolina. . . . North Dakota......... Ohio.......................... Oklahoma................ Oregon..................... Pennsylvania.......... Philippines.............. Rhode Island.......... South Carolina... South Dakota........ Tennessee................ Utah......................... Vermont................... Virginia.................... Washington............. W. Virginia ............ Wisconsin................ Wyoming.................  In Effect  ............. Aug.  1, 1, Jan. I, 4, ............. July ............. Mar. 21, 1, ............. Mar. 8, 1, ............. July ............. Jan. I, July 20, ............. May 19, ............. Sep. 2, 31, 1, ............. July ............. Mar. 25, 1, ............. July ............. May 16, I, ............. July ............. Feb. 13, July 1, June 7, Jan. 1, 15, ............. Feb. 15,  1905 1907 1910 1902 1907 1897 1899 1899 1903 1909 1899 1901 1911 1899 1914 1913 1899 1899 1913 1898 1899 1908 1899 1905  For Tabulated Information concerning Interest Rates, Days of Grace and Statutes of Limitation see Page 15  1805  ___ _ __ _ _______ ilJBi______________ ‘________ snimoyW  115   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  5081  till   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Dates of Regular Meetings of Legislatures Alabama__________ Alaska____________ Arizona___________ Arkansas__________ California_________ Colorado__________ Connecticut_______ Delaware__________ District of Columbia Florida____________ Georgia___________ Hawaii____________ Idaho _____________ Illinois____________ Indiana___________ Iowa_______________ Kansas___ ,________ Kentucky--------------Louisiana_________ Maine_____________ Maryland_________ Massachusetts_____ Michigan_________ Minnesota_________ Mississippi-------------Missouri___________ Montana__________ Nebraska__________ Nevada ____________ New Hampshire___ New Jersey________ New Mexico_______ New York_________ North Carolina_____ North Dakota______ Ohio_______________ Oklahoma_________ Oregon_____________ Pennsylvania______ Rhode Island---------South Carolina____ _ South Dakota______ Tennessee-------------Texas______________ Utah_______________ Vermont__________ Virginia____________ Washington----------West Virginia_____ Wisconsin_________ Wyoming_________  .January, 1915, and every four years. _A Territory. .January________________ Every oddyear. January_________________ Every oddyear. January_________________ Every oddyear. January_________________ Every oddyear. .January_________________ Every oddyear. .January_________________ Every oddyear. .Under U. S. Government. April------------------------------ Every oddyear. .June____________________ Every year. .February________________ Every oddyear. January_________________ Every oddyear. .January_________________ Every oddyear. January_________________ Every odd year. January_________________ Every oddyear. January_________________ Every oddyear. .January_________________ Every evenyear. -May____________________ Every even year. .January________________ Every odd year. .January________________ Every even year. .January________________ Every year. .January________________ Every odd year. .January________________ Every odd year. .January________________ Every even year. .January________________ Every odd year. .January________________ Every odd year. .January_________________Every odd year. .January________________ Every odd year. January_________________Every odd year. .January_________________Every year. .January________________ Every odd year. .January_________________Every year. .January_________________Every odd year. .January________________ Every odd year. January_________________Every odd year. .January_________________Every odd year. .January________________ Every odd year. .January________________ Every odd year. .January________________ Every year. -January________________ Every year. .January________________ Every odd year. .January________________ Every odd year. .January________________ Every odd year. .January________________ Every odd year. .January_________________Every odd year. .January________________ Every even year. .January________________ Every odd year. .January________________ Every odd year. January_________________Every odd year. .January________________ Every odd year.  1806  DIGEST OF BANKING AND COMMERCIAL LAWS COMPILED EXPRESSLY FOR EACH EDITION OF THE RAND-McNALLY BANKERS’ DIRECTORY AND BANKERS REGISTER  by prominent Attorneys in each State of the United States and each province of Canada, the name of the compiler appearing at the head of each State. The Laws are entered alphabetically according to States. Provinces of Canada are listed last.  IMPORTANT:  The states in which the Uniform Negotiable Instruments Law is in effect are listed on the index to Laws. For Tabulated Information, for quick reference in regard to Interest Rates, Days of Grace, and Statutes of Limitations, see page 14.  SYNOPSIS OF  THE LAWS OF ALABAMA RELATING TO  BANKING AND COMMERCIAL USAGES. Prepared and Revised by Ritter & Wynn, Attorneys at Law, Birmingham. (See Card in Attorneys’ List.) Acknowledgments or proof of real estate instruments may be taken before one of the following officers: 1st. Within this State, judges of the supreme and circuit courts and the clerks of such courts, chancellors, registers in chancery, judges of the courts of probate, justices of the peace, and notaries public. The official should certify that the person signing the conveyance is known to him and acknowl­ edges that “being informed of the contents of the conveyance he executed the same voluntarily on the day the same bears date.” 2d. Outside of State—Judges and clerks of any federal court, judges and clerks of any court of record in any state, notaries public, or com­ missioners appointed by the governor of this State; beyond the limits of the United States, by the judges of any court of record, mayor or chief magistrate of any city, town or borough, or county, notaries public, or by any diplomatic, consular, or commercial agent of the United States. Foreign officers must attach official seal. For forms of deeds see “Conveyances.” Actions. All ordinary suits at law are commenced by suing out a summons which must be accompanied by a complaint stating the cause of action. Non-resident plaintiffs are required to give security for costs. When two or more persons are jointly bound by judgment, bond, or agreement, the obligation is several as well as joint. Actions on Account. Suits upon open accounts may be accom­ panied by itemized, verified statement of the account, which when filed with the summons and complaint may be admissible in evidence to prove the account unless its correctness is denied under oath by defendant within the time allowed for pleading. Such statements must be sworn to by a person having knowledge of the correctness of the account and must show that the amount is due and unpaid after allowing all offsets and counter claims. Acceptance. Unconditional promise in writing to accept a bill before or after drawn is good in favor of a'.l who take it upon faith thereof for value. The holder may decline a qualified acceptance and treat the bill as dishonored; if he takes qualified acceptance drawer and i ndorsers are discharged. A Check is a bill of exchange on a bank -payable on demand; must be presented within reasonable time after issue and if dishonored, notice must be given or drawer is discharged to the extent of loss caused by delay; does not operate to assign any part of drawer’s funds m bank, and bank is not liable unless it accepts or certifies. If holder nas check certified the drawer and endorsers are discharged. The making, uttering, drawing, or delivery of a check, draft, or order Upon which payment is refused upon due presentation because of lack of funds shall be deemed prima facie evidence of intent to de­ fraud and party may be convicted of a misdemeanor. The present negotiable instrument law of Alabama, consisting of 196 sections went into force Ausugt 9, 1907. Its provisions do not aPPly to instruments made prior thereto. The act so materially changes the law in this State as to suggest the propriety of special examination in any doubtful case. Administration of estates is had in the probate courts of dece­ dents’ residence. All claims must be presented within twelve months after the same have accrued or within twelve months after the grant of letters testamentary or of administration, or else barred. Infants and Persons of unsound mind have one year to present their claims after disabilities are removed. Administration of intestate is granted, 1st: To the husband or widow; 2d: The next of kin entitled to share in the distribution of the estate; 3d: The largest creditor of the intestate residing within this State; 4th: Such other person as the judge of Probate may appoint. There can be no appointment until after expiration of fifteen days from date of death. Preference must be exercised within forty days or rights relinquished. If several entitled fh administer, men are preferred to women and whole blood to half ‘hood. Non-resident executors and administrators may sue in this State by recording in probate judge’s office copy of letters and giving bond to faithfully administer property. A non-resident may be appointed administrator or executor of a deceased resident s estate. Affidavits may be taken within the State before every judge or clerk of any court, justices of the peace, and notaries public or any ether person invested by law with judicial functions. Outside the State and within the United States may be taken before any judge or clerk of federal court, judge of any court of record in any state, Notaries public and commissioners appointed by the governor. Forei&n officer taking affidavit must attach seal. Aliens. “Foreigners who are, or may hereafter become, bona fide residents of this State, shall enjoy the same rights in respect to the Possession, enjoyment, and inheritance of property as native-born citizens. ”—Sec. 34, Const.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Alterations. When a negotiable instrument is materially altered without the assent of all the parties liable thereon, it is voided except as against a party who has himself made, authorized, or assented to the alteration and subsequent endorsers. But when an instrument has been materially altered and is in the hands of a holder in due course, not a party to the alteration, he may enforce payment thereof according to its original tenor. Material alterations consist of any changes in date; sum payable, interest on principal; time or place of payment; number and relation of parties; medium or currency in which payment is to be made. Arbitration. Courts are compelled by statute to make an order submitting cases for arbitration when moved for by the parties, and to continue this cause for one term for an award, but not longer with­ out consent of parties, or good cause being shown therefor. The award of the arbitrators may be entered up and enforced as the judg­ ment of the proper court whether made in a pending suit or not. Arrest. There can be no arrest on civil process, except for con­ tempt and in cases of alleged lunacy. Assignments and Insolvency. Every general assignment made by a debtor, or conveyance by a debtor of substantially all of his property in payment of a prior debt, by which a perference or priority of payment is given to one or more creditors, shall enure to the benefit of all the creditors equally, but this section shall not apply to mort­ gages, pledges, or pawns given to secure a debt contracted contem­ poraneously with the execution of the mortgage. All assignments by a debtor made with intent to hinder, delay, or defraud creditors are void. All deeds of assignment for the benefit of creditors shall, as soon as executed, be filed and recorded in the office of the judge of probate of the county in which the property is situated. Every judgment confessed, attachment procured by the debtor, or other dis­ position of property by which a debtor conveys all, or substantially all, of his property which is subject to execution in payment or as security for a debt shall be deemed a general assignment. Attachment process will issue upon affidavit by the creditor or his agent of the amount due and that the debtor absconds, or resides, out of the State, or secretes himself so that process cannot be-served upon him, or is about to remove out of the State, or has or is about to fraudulently dispose of his property, or fraudulently withholds money, chattels, or effects which are liable to the satisfaction of his debts; plaintiff must give bond in double the amount claimed. Attachments will issue for the following demands: 1. To enforce the collection of a debt, whether it be due or not, at the time the attachment is taken out. 2. For any moneyed demand, the amount of which can be certainly ascertained. 3. To recover damages for a breach of con­ tract when the damages are not certain or liquidated. 4. When the action sounds in damages merely in falling cases, viz.: 1. Where defendant is a non-resident. 2. When the defendant has absconded. 3. When defendant has secreted himself. ,4. When defendant is about to remove from the State. 5. When defendant is about to remove his property from State. 6. When defendant is about to or has fraudulently disposed of his property or fraudulently withholds same. One non-resident may sue out an attachment against another non-resident by making oath that the defendant has not sufficient property within the State of his residence wherefrom to satisfy the debt. Attachments may be sued out in aid of a pending suit when any of the above grounds exist by making affidavit and executing bond. Garnishment process will issue in aid of attachment in all such cases. Garnishment may be dissolved by giving bond. In all cases of attachments sued out by a resident solely upon the ground that the defendant is a non-resident, the attachment may issue with­ out giving bond, but if defendant appears and pleads, bond must be given or the attachment dismissed. Banks. The national bank system is in force in this State uncon­ trolled in any way by State laws, except that the shares are subject to taxation as other personal property, but the bank is required to pay the tax. There is no provision of law for the establishment of banks of issue in this State. Banks of discount and deposit may be established under the general incorporation laws. Open depositors and savings depositors on equal footing in case of insolvency. Any banker who discounts a bill or note at a greater rate than 8 per cent cannot enforce the collection of same except as to the prin­ cipal, and if any interest has been paid it must be deducted from the principal. Collaterals. Receipt must be given for if demanded. Pledges or collaterals not transferable without transfer of the debt; after two days’ notice in writing collaterals may be sold, by advertising for five days, at public outcry. Conditional Sales are good between the parties, but void where personal property delivered to vendee as against purchasers for a valuable consideration, mortgages and judgments creditor, without notice, unless in writing and recorded in the office of the probate judge. Conditional contracts of sales must be recorded in office of the Judge of Probate of the county in which the property is located, to be valid against subsequent purchasers, judgment creditors, or mortgagees without notice, except in counties having a population of more than 80,000 when contract is for a less-amount than $200.00. Conveyances. All persons of the age of twenty-one years, not laboring under some legal disability, may convey their real estate or any interest therein by instrument in writing signed by the grantor or his agent duly authorized in writing, and attested by one witness, or if the grantor cannot write, by two witnesses who are able to write, and who sign their names as witnesses. If the grantor is not able to sign his name it must be written for him, and the words “his mark” written over or against it. The person writing his name must sign as a witness. A parol lease for less than one year is valid. A married woman over eighteen years of age may convey dower in her husband’s lands, and has generally the same rights as married women over twentyone years of age. The husband must join in any conveyance of the wife's separate estate. Conveyances, to operate as notice, must be  1807   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1808  BANKING AND COMMERCIAL LAWS—ALABAMA  acknowledged and recorded. General acknowledgment must be signed to make instrument self-proving. Married women must acknowledge twice in the event the homestead is conveyed. Form of general acknowledgment is as follows: The State of Alabama...........................County. I............................................................................................ a (style of officer). hereby certify that......................................................... whose name is signed to the foregoing conveyance and who is known to me, acknowledged before me on this day, that, being informed of the contents of the conveyance, he executed the same voluntarily on the day the same bears date. Given under my hand and seal, this.....................day of ...................... A. D.  (Seal) Notary Public. No time is required within which conveyances shall be recorded. They operate as notices from date of delivery to probate judge for record. (See Acknowledgments.) They may be used as evidence without further proof of execution. Leasehold estates may be created to last not exceeding twenty years, but if longer void as to excess. A married woman must make the following acknowledgment to a conveyance of a homestead: State of...................... County of..................... I............................ judge of................. (or other officer) do hereby certify that, on the.....................day of. .................... ., 19... ., came before me the within named......... ................................. , known to me (or made known to me) to be the wife of the within named.................................... who, being examined separate and apart from her husbaid touching her signature to the within....................., acknowledged that she signed the same of her own free will and accord, and without fear, constraint, or threats on the part of her husband. In witness whereof, I hereto set my hand this......................... day of ....................... 19.... (Official Character.) Corporation to make following acknowledgment: ......................................................... that.................................................................. whose name as.........................................of the said corporation, is signed to the foregoing conveyance, and who is known to me, acknowledged before me on this day that, being informed of the contents of the conveyance, he, as such officer, and with full authority, executed the same voluntarily for and as the act of said corporation.  Corporations. Every company, corporation, or association, not organized under the laws of Alabama, engaged in any other business than insurance, shall, before engaging in any business jn this State, file in the office of the secretary of state, at the capitol in Montgomery, an instrument in writing under the seal of such company, corporation, or association, and signed officially by the president and secretary thereof, designating at least one known place of business in this State, and an authorized agent residing thereat. If such corporation is engaged in any business of insurance, the statement must be filed in the office of the insurance commissioner. If the agent is changed, a new paper must be filed. Held not to apply to corporations selling goods by travelling agent or sample. Foreign corporations transacting busi­ ness in this State without complying with above provisions for each offense forfeit to the State $1,000, and any person acting as agent for foreign corporation that has not so complied, forfeits for each offense $500. All foreign corporations doing business in this State are required to pay license fees ranging from $25 upward, according to capital. Foreign corporations can do no business until fees are paid and all contracts before then are void. Every foreign corporation required to procure from secretary of state a permit to do business in the State. This permit costs $10 per annum. Courts. Terms and jurisdiction. The supreme court, except to issue writs of injunction, habeas corpus, quo warranto, and other remedial and original writs necessary to its supervision of inferior courts, and impeachments of judicial officers, has only appellate juris­ diction and cases are tried on the record sent up. Court of appeals has final appellate jurisdiction in the following cases: 1. When the amount involved exclusive of interest and costs does not exceed the sum of $1,000. 2. Of all misdemeanors, including the violation of town and city ordinances, bastardy, habeas corpus, and all felonies, where the punishment has been fixed at twenty years or under. Circuit courts have unlimited common law jurisdiction when the matter or sum in controversy exceeds $50, and exclusive jurisdiction of libel, slander, assault and battery, and ejectment. The courts of chancery have exclusively equity jurisdiction. Regular terms of both twice a year in nearly every county. Chancery courts have full equity powers. Justices of the peace have jurisdiction of all civil causes where the amount in controversy does not exceed $100 in value, except in cases of libel,- slander, assault and battery, and ejectment. Names of all parties, plaintiff and individual names of co-partners, must be set out in writs. Partnership may be sued in courts of law, in firm name, without setting forth names of co-part­ ners, but judgment in such suits bind only partnership’s property, not that of individual partners. The writ may be served upon any one of the partners; the judgment reaches the partnership property alone. Any one partner, or his personal representative, may be sued alone on a partnership obligation. Non-residents must give security for costs when suit is commenced or within such time there­ after as the court may direct. Money may be deposited with the clerk instead of sureties. Days of Grace are abolished. (See Negotiable Instruments.) Depositions. In cases at law, depositions may be taken of wit­ nesses who cannot be present at the trial in the following cases: When the witness is a female; when the witness is too sick to attend court; when the witness .resides more than 100 miles from the place of trial, or is absent from the State; when the witness is about to leave the State, and not return in time for the trial; when the witness is the sole witness of the facts; when the witness is one of the officers desig­ nated in Code No. 4030. Affidavit must be made of one of the above facts, and of the materiality of the witness. May be taken on inter­ rogatories by a commissioner appointed by the court for that purpose. The commissioner may be any suitable person, need not be an officer. In equity suits, where witnesses live within 100 miles of the place of trial, depositions may be taken by oral examination before the regis­ ter, or a special examiner, or commissioner appointed for the purpose. Descent and Distribution. The real estate of persons dying intestate, in this State, descends, subject to the payment of debts and the widow’s dower as follows: First to the children of the intestate or their descendants per stirpes in equal parts. Next, to the parents, if they survive, in equal parts. If only one parent survives, then one-half to such parent and one-half to the brothers and sisters of the deceased or their descendants, and if there be no brothers and sisters and their descendants, then the whole estate shall go to the surviving parent. If there are no children or their descendants, and no father or mother, then to the brothers and sisters of the intestate, or their descendants, in equal patrs. If there are none of the above to take, then the whole to the husband or wife of the intestate, and if there be no husband or wife or none of the foregoing living, then to the next of kin in equal degree in equal parts. If there are no next of kin it escheats to the State. The personal estate is distributed the same as the real estate, except that if there are no children the widow is entitled to all of the personal estate. If but one child she takes onehalf, If not more than four children to a child’s part and if more  than four to one-flfth. Posthumous children take as others. Illegiti­ mate children inherit from their mother. The husband upon the death of the wife is entitled to half of her personal estate absolutely, and to the use of all of her real estate for life, unless he has been divested of all control over her estate by a degree of the chancery court. Damages recovered by personal representative for death of deceased are distributed according to statute of distribution and are exempt from payment of debts. Dower. Unless the wife has relinquished her right of dower in the manner provided by statute she is, upon the death of the husband, entitled to dower in all lands of which the husband was seized in fee during the marriage, or of which another was seized to his use or to which he had a perfect equity, having paid all the purchase money therefor. The dower interest is one-half when the husband leaves no lineal descendants, and one-third when the estate is insolvent or the husband leaves children or their descendants. If the wife has at the death of the husband a separate estate equal in value to her dower interest, she shall not have dower, and if of less value is only entitled to such amounts as with her estate will make the full value of the dower. Executions. Property subject to: 1st: On real property to which the defendant has a legal title or a perfect equity, having paid the purchase money, or in which he has vested interest, in possession, reversion, or remainder, whether he has the entire estate, or is entitled to it in common with others. 2d: On personal property of the defen­ dant (except things in action), whether he has the absolute title there­ to, or the right only to the possession thereof for his own life, the life of another, or a less period. 3d: On an equity of redemption in either land or personal property, when any interest less than the absolute title is sold. The purchaser is subrogated to all the rights of the defendant, and subject to all his disabilities. Writ of fieri facias is a lien only within the county in which it is received by the officer, on lands and personalty of defendant subject to levy and sale, from the time only that the writ is received by such officer and continues as long as writ is regularly delivered to the sheriff without the lapse of an entire term. A statement of a judgment certified by the clerk of the court may be filed in the office of the judge of probate, which makes the judgment a lien within the county in which it is filed for ten years thereafter. Execution may be issued on such judgment at any time. Executions issued by justices are liens on the property of the defen­ dant, on which they are levied, from the time of the levy. An order must be obtained from the circuit court for the sale of lands levied on under execution from a justice’s court. No stay of execution in circuit court except by appeal, and supersedeas bond which delays collection until affirmance by supreme court, and entails 10 per cent damages, ■with legal interest and costs. In justice’s court stay is granted on good security, below $20, thirty days over $20, sixty days. Exemptions. Homestead not exceeding 160 acres or $2,000 in value. . , Personal property to the amount of $1,000. Exemptions of personal property may be waived by instrument in writing except as to certaiin household furniture and provisions and wages to amount ol szo.uo per month. Fraud. Obtaining money or goods on credit under false color or pretense of carrying on business, or under false representation pecuniary condition, with intent to defraud, or bringing into tne stave money or goods so obtained, punished as larceny. Statute of Frauds. In the following cases, every agreement, or note or memo thereof, expressing the consideration, is m writnio a signed by the party to be charged: 1st. Every agreement wmcnoy its terms is not to be performed within one year from the mam g thereof. 2d. Every special promise by an executor or administra to answer damages out of his own estate. 3d. Every special .prom to answer for the debt, default, or miscarriage of another.. 4tn. y agreement, promise, or undertaking, made upon consideratio marriage, except mutual promises to marry. 5th. Every contr for the sale of lands, tenements, or hereditaments, or of any therein, except leases for a term of not longer than one year, un . the purchase money, or a portion thereof, be paid and the purcnas be put in possession by the seller. Garnishment may issue in any case after suit cotmnenced UP°£ affidavit of necessity and bond as in attachment cases, or alter j s ment,-without bond. . Holidays. The following are the legal holidays: Sunday, C ris; mas Day, First day of January, 19th day of January, 22na a y February, Mardi Gras Day, 13th day of April, 26th day of Apri , day before Ash Wednesday, 3rd day of June, 4th day of July, Monday in September, 12th day of October, 2nd I uesday in Jc If and day designated by the Governor for public Ihanksgiying. Christmas Day, or the first day of January, or the 19th day o uary, or the 22nd day of February, or the 13th day of Apru, i 26th day of April, or the 3rd day of June, or the 4th day of July on Sunday, the Monday following is the holiday. If any Paper _ due on a holiday, it must be taken as due on the next succeeding ness day. ' . t et Husband and Wife. The wife has full legal capacity to coil ra as if she were sole, except that she can not alienate or encumo real estate without the husband joining in the conveyance,, un ■ ,g husband be insane or has abandoned her, or is a non-resiuen , imprisoned under a conviction for crime for a period or two . more, in which cases the wife may convey it as if she were so . Husband and wife may contract with each other, but the: w • gs not be surety for the husband. All of the property and the ‘ of of the wife are her separate estate, and are not liable for the the husband. The wife must sue and be sued alone for all relating to her separate estate or contracts, and for all tort person or property. The chancery court has power to relieve or all disabilities of coverture. Interest. Legal rate is 8 per cent, and same is allowed on * o£ntj accounts, judgments, and decrees. Usury forfeits^ all intere • Q any sums paid as interest on an usurious contract shall De creu the principal. . t Judgments of courts of record are proved by a c®^hed transcr by Judgment not a lien, but when a ceritfled statement thereof, ft the clerk of the court is filed in the office of the probate J ® ’ becomes a lien on all property of the defendant therein ini tnetjon which is subject to execution for ten years, to enforcei whicn e by may issue at any time within that period. Execution rec aljas sheriff during life of defendant may be levied after his decease terrB execution issued and levied if there has not been lapse of en do as to destroy lien originally created. Above aPP1'es.t? ® _ iustice from circuit and chancery courts. An execution !^\Uedr>y to of the peace is a lien only from time of its levy. All agree confess judgment, or to authorize another to confess jud*, me , afe before the commencement of the suit in which such judgm so confirmed are void. tors. Mechanics’ Lien. Contractors, including su^®.,?jpsCbuilt mechanics, material men, and laborers have a lien on nou. . and the ground on which they stand upon complying witn Lien for Rent. The landlords of any store house, dwelling or other building, shall have a lien on the goods, furniture a be belonging to the tenant, and sub-tenant for his rent, whicn wn superior to all other liens, except those for taxes, also on croi fc> on rented premises for rent of the current year.  limitations. Notes and stated accounts, six years; open accounts, three years; sealed instruments, real actions, and motions against officers, ten years; judgments, twenty years; actions on the case, one year. Bar created by statute can only be removed by a partial pay­ ment, made on the contract before the bar is complete, or by an uncon­ ditional promise in writing. If anyone entitled to bring an action, or make an entry on land, or defense founded on title to real estate, be at the time such right accrues, within the age of twenty-one years, or insane or imprisoned on a criminal charge for a term less than life, he shall have three years, or the period allowed by law, for bringing such action, if the period allowed by law be less than three years, after the termination of such disability to bring such suit, etc., but no action can be commenced after twenty years. Statutes of limitation apply to married women’s separate estates. Actions founded on a promise in writing not under seal, or for trespass to person or property, must be brought within six years. Statutes of limitation are made appli­ cable to equitable as well as legal demands, but do not run against direct trusts. Any agreement or stipulation to shorten the period prescribed by law for the bringing of any action is void. Actions seeking relief on the ground of fraud where the statute created a bar, the cause of action begins to run upon discovery of the fraud by aggrieved party. No promise or acknowledgment is sufficient to remove the bar to a suit, except a partial payment made upon the contract by the party sought to be charged before the bar is complete, or an unconditional promise in writing, signed by the party to be charged thereby. Married Women,  (See Husband and Wife.)  Mortgages are executed and acknowledged in the same manner as deeds. May be foreclosed by bill in equity, or if there be a provision to that effect, by sale under power, upon such default as authorized a sale. All mortgages are void against creditors or purchasers without notice, unless recorded. Mortgages operate as notice from day of delivery to probate judge for record. There is no fixed time within which they shall be recorded. Homestead realty cannot be mort­ gaged or otherwise aliened without the voluntary signature and assent of wife, evidenced by acknowledgment, upon private examination separate and apart from the husband, and certified. All mortgages must be in writing, signed by the mortgagor. Payment of mortgage debt made before or after maturity of debt, revests in the mortgagor, or his assigns, the title to the real or personal property mortgaged, if made in the lifetime of the mortgagor; if made after his death, such payment revests title to personal property in the personal representa­ tive, and title to realty in the heirs, devises, or legatees of the mortga­ gor. Chattel mortgages must be in writing. When the mortgagor is sued by the mortgagee for possession of the mortgaged property, he may defend by showing payment of the debt, or part payment and a tender of the balance, or may pay it after judgment.  Negotiable Instruments. Must be payable in money and must contain an unconditional promise to pay a sum certain on demand or at a fixed or determinable future time; must be payable to a specified person or bearer; may be in installments and contain provision that on any default the whole shall become due; with exchange fixed or current rate, interest, and attorney’s fees for collection; may authorize sale of collaterals but cannot authorize confession of judgment if it reads, “I promise to pay” all signers are jointly and severally liable; may be payable at fixed time after date or sight, or after specified certain event, but not upon a contingency; can waive exemption from execution; need not specify value given nor place where drawn or Payable; if issued, accepted, or endorsed when overdue it is payable on demand; may be payable to two or more payees jointly, or one or more of several payees, or to the estate of a deceased person; absence or failure of consideration a defense against one not a holder in due course and partial failure a defense pro tanto. One not a party to instrument placing a signature in blank before delivery becomes an endorser. Every endorser engages that on due presentment it shall be honored or that he will pay the amount to holder or any subsequent endorser who may be compelled to pay; no days of grace; when maturity falls on Sunday or holiday payment is due on next business day; if due on Saturday must be presented on next business day, but if payable on demand holder may present same before noon on Satur­ day. Fraud and circumvention in procuring execution of instrument is a defense against any holder. Powers of Attorney. Powers of attorney or other instruments conferring authority to convey property must be proved or acknowl­ edged in the same manner and must be received as evidence to the same extent as conveyances (see Conveyances), and msut be executed as conveyances. A power of attorney to relinquish dower must be executed by husband and wife jointly. Her signature must be acknowledged as required for conveyances of land. Presentment. Is not necessary to charge one primarily liable except in case of bank notes; if payable at special place ability and 'willingness to pay it there at maturity is equivalent to a tender: if hot on demand it must be presented on day it falls due, if on demand then within a reasonable time after its issue, except a bill of exchange must be presented within reasonable time after its last negotiation, t Probate Law. A court of probate, consisting of one judge, is established for each county in the State. This court has jurisdiction of the probate of wills, of granting letters testamentary and oi admin­ istration, and the repeal of revocation of the same; of the settlements of accounts of executors and administrators, of the sale and disposition of the real and personal property belonging to, and the distribution ol, intestates’ estates. Also of the appointment, removal, and settlements of guardians for minors and persons of unsound mind, the binding out of apprentices, the allotment of dower, and the partition of land belong­ ing to joint owners. A court of probate must be held at the court house of each county on the second Monday of each month, and the judge may hold special or adjourned terms whenever necessary, but such court must at all times be considered open, except on Sundays. It also keeps a record of deeds, mortgages, and instruments entitled to record. Promissory Note. Must be unconditional promise in writing to pay on demand or at fixed or determinable time a sum certain in money to order or bearer, and where drawn to maker s own order is not com­ plete until endorsed by him; may be in installments. Protest. (See Negotiable Instruments.) Protest of Foreign Bills. May be made by notary public or by any respectable resident of the place in presence of two or more credible Witnesses; bill of exchange does not operate to assign funds in hands °f drawee and he is not liable unless he accepts. Replevin. Writ of replevin lies to recover property in custody of ,au officer of the law, and is limited to this. 1 he action of detinue **es to recover personal property in all other instances. .Sales in Bulk. Sales of all or substantially all of stock of mer­ chandise except in regular course of trade is prima facie fraudulent a*'d void against creditors unless they are notified in writing prior to lhe sale in manner prescribed by statute. v. Taxes become due on October 1st, and delinquent on the 31st of Pecember of the year for which they were levied, and the lands may Hp sold by certain proceedings in the probate court, commenced m the month of March following. Rate of taxation is sixty-five per cent on each $100.00, for State purposes. County may levy a like ah>ount. Municipalities may levy a tax not to exceed one half of °ho per cent. The purchaser of lands sold for delinquent taxes   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  receives from the collector a certificate of purchase, containingTa description of the property, the date and amount of assessment, taxes, costs, fees, etc., which after the expiration of two years from the date of the sale is exchangeable for a deed from the probate judge—which is prima facie evidence of title. Lands sold for taxes may be redeemed within two years by the owner, mortgagee, or any person having a beneficial interest therein by depositing with the probate judge of the county in which the lands were sold, the amount of purchase money, with interest at 15 per cent per annum, and all taxes which have accrued subsequent to the sale, and interest thereon, at 8 per cent per annum; also all’costs and charges. Whenever land is sold for State or county taxes, and from any cause such sale is in­ valid to pass title to purchaser, sale operates as transfer to purchaser of lien of state or county, or the property for payment of taxes for which sold. All cotton factories or cotton mills which shall be constructed in this State within five years shall be exempt from taxation for a period of ten years, provided such mills represen t_an investment of $50,000. ♦ Wills. All wills of real or personal property must be in’writing signed by the testator and declared his last will and testament in the presence of two witnesses who must sign as witnesses in the presence of testator and each other. Unwritten will of personal property valid only when the property does not exceed $500 in value, and must he made during last sickness by testator at his home. Persons present must be called on to witness that it is testator’s will and must be reduced to writing by one of the wtinesses within six days. Minor over eighteen may make a will of personal property. No will effective until probated. May be contested in probate or chancery^court.ju  SYNOPSIS OF  THE LAWS OF ALASKA RELATING TO  BANKING AND COMMERCIAL USAGES Prepared and Revised by O. D. Cochran, Attorney afLaw,'Nome. (See Card in Attorneys’ List.) Acknowledgments. (See Deeds.) Actions. The distinction between actions at law and suits in equity and all forms of pleading heretofore existing in actions at law and suits in equity are abolished, and there is but one form of action, denominated a civil action, for the enforcement or protection of pri­ vate rights and the redress or prevention of private wrongs. Every action must be prosecuted in the name of the real party in interest, except that an administrator or executor, a trustee of an express trust, or a person expressly authorized by statute may sue without joining with him the person for whose benefit the action is prosecuted; but the assignment of a thing in action not arising out of contract is not authorized. Affidavits. An affidavit or deposition taken out of Alaska, other­ wise than upon commission, must be authenticated as follows: 1. It must be certified by a commissioner appointed by the governor of Alaska to take affidavits and depositions in the state, territory, district or country where taken; or, 2, it must be certified by a judge of a court of record having a clerk and a seal to have been taken and sub­ scribed before him at a time and place therein specified, and the existence of the court, the fact that such judge is a member thereof and the genuineness of his signature must be certified by the clerk of the court, under the seal thereof. In all affidavits or depositions witness should speak in the first person. Aliens. Any alien who is a bona fide resident of the United States, or who has declared his intention to become a citizen, or whose rights are secured by treaty, may acquire and hold lands upon the same terms as a citizen. Any alien may acquire lands by inheritance or in the ordinary course of justice in the collection of debts, and may acquire and enforce liens upon lands, but such lands must be sold within ten years. Any alien may also acquire and hold lots or parcels of land in any incorporated or platted city, town, or village, or in any mine or mining claim, but is not authorized to acquire title from the United States to any of the public lands. Arrest. The defendant may be arrested in the following civil actions: 1. For the recovery of money or damages when the de­ fendant is about to remove from the district with intent to defraud his creditors; for an injury to person; or for willfully injuring or -wrong­ fully taking, detaining, or converting property. 2. For a fine or penalty; or for money or property embezzled or fraudulently mis­ applied or converted to his own use by a public officer, or by an attor­ ney, or by an officer or agent of a corporation in the course of his   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1810  BANKING AND COMMERCIAL LAWS—ALASKA  employment as such, or by any agent, broker, or other person in a fiduciary capacity or for misconduct or neglect in office or in a profes­ sional employment. 3. To recover the possession of personal property unjustly detained, when the property or any part thereof has been concealed, removed, or disposed of, so that it cannot be found or taken by the marshal, and with intent that it should not be so found or taken, or with the intent to deprive the plaintiff of the benefit thereof. 4. When the defendant has been guilty of fraud in contracting a debt, or incurring the obligation for which the action is brought, or in concealing or disposing of the property for the taking, detention, or conversion of which the action is brought. 5. When the defendant has removed or disposed of his property, or is about to do so, with intent to defraud his creditors. Attachment. The plaintiff, at the time of issuing the summons or afterwards, may have the property of defendant attached in an action upon a contract, express or implied, for the direct payment of money, and, 1, which is not secured by mortgage, lien, or pledge upon reaf or personal property, or if so secured, when the security has been rendered nugatory by the act of the defendant; or, 2, against a non­ resident defendant. The writ issues whenever the plaintiff, or any­ one in his behalf, files an affidavit showing that defendant i ? indebted to plaintiff (specifying the amount of indebtedness over and above all legal set-offs or counter-claims) upon a contract, express or implied, for the direct payment of money; that the payment has not been secured by mortgage, lien, or pledge upon real or personal property; and that the sum for which attachment is asked is an actual, bona fide existing debt due and owing from plaintiff to defendant; and that the attachment is not sought nor the action prosecuted to hinder, delay, or defraud any creditor of the defendant. Plaintiff must also file an undertaking, with one or more sureties, in a sum not less than $100, and equal to the amount for which he demands judgment, conditioned that plaintiff will pay all costs adjudged and all damages sustained by reason of the attachment if the same be wrongful or without suffi­ cient cause, not exceeding the amount specified. Chattel Mortgages. Any interest in personal property, capable of being transferred, may be mortgages; but the mortgage is void as against creditors and subsequent purchasers and incumbrancers in good faith and for value, unless possession of the property be delivered to and retained by the mortgager or the mortgage provide that the property may remain in the possession of the mortgagor and be ac­ companied by the affidavit of all the parties thereto that the same is made in good faith to secure the amount named therein, and without design to hinder, delay, or defraud creditors, and be acknowledged and filed. The mortgage must be acknowledged by the mortgagor as a conveyance of real property is and be filed in the office of the recorder of the precinct where the mortgagor resides and of the pre­ cinct where the property is. Within thirty days next preceding the expiration of one year from the filing, a true copy of the mortgage, with a verified statement of the interest of the mortgagee in the prop­ erty at the time the same is renewed, must be filed in the office where the original was filed, and the lien is thereby extended another year. Chattel mortgages are foreclosed in the same manner as mortgages and liens upon real property, but a clause may be inserted in a mortgage authorizing the marshal to execute the power of sale therein granted to the mortgagee.  Corporations. Domestic Corporations. Three or more adult per­ sons, bona fide residents of the district, may form a corporation for the following purposes: To construct, own, and operate railroads, tramways, street railways, wagon roads, flumes, and telegraph and telephone lines in Alaska; to acquire, hold, and operate mines in Alaska; to carry on the fishing industry in Alaska and the waters adjacent and contiguous thereto; to construct and operate smelters, electric and other power and lighting plants, docks, wharves, elevators, warehouses, and hotels in Alaska; and to carry on trade, transporta­ tion, agriculture, lumbering, and manufacturing in Alaska. Foreign Corporations. Every corporation or joint stock company organized under the laws of the United States or any state or territory shall, before doing business within the district, file in the office of the secretary of the district and in the office of the clerk of the district court for the division wherein it intends to carry on business a duly authenticated copy of its charter or articles of incorporation, and also a statement verified by the oath of its president and secretary and attested by a majority of its board of directors. Thereafter such statement must also be so filed within thirty days after July first of each year. Deeds. A conveyance of lands, or of any estate or interest therein, may be made by deed, signed and sealed by the person from whom the estate or interest is intended to pass, and acknowledged or proved, and recorded, without any other act or ceremony. A quit-claim deed passes all the estate which the grantor could convey by deed of bargain and sale. No covenants are implied in any conveyance. The term “heirs,” or other words of inheritance, are not necessary to create or convey an estate in fee simple. Husband and wife may, by their joint deed, convey the real estate of the wife, in like manner as she might do by her separate deed if she were unmarried. A married woman residing in the district, joining her husband in a deed, must acknowledge that she executed such deed freely and voluntarily. When a married woman not residing in the district joins her husband in conveying real estate situate in the district, the conveyance has the same effect as if she were sole, and the acknowledgment or proof of the execution may be made the same as if she were sole. Within the district deeds must be executed in the presence of two witnesses, who shall subscribe their names as such; and the person executing a deed may acknowledge the execution before a judge, clerk of the district court, notary public, or commissioner within the district, and the officer taking the acknowledgment must indorse thereon a certificate of acknowledgment and the true date of making the same under his hand. Depositions. The testimony of a witness, in the district, may be taken by deposition, in an action, at any time after the service of the summons or the appearance of the defendant, and in a special proceeding after a question of fact has arisen, when, 1, the witness is a party to the action or proceeding, by the opposite party; 2, the witness’s residence is more than one hundred miles from the place of trial: 3, the witness is about to go more than one hundred miles beyond the place of trial; 4, the witness is too infirm to attend the trial; or, 5, the testimony is required upon a motion, or in any other case where the oral examination of the witness is not required. The testimony of a witness, out of the district, may be taken by deposition, by commission issued, upon five days’ notice to the other party, by the clerk of the court, or justice of the peace in a cause in his own court, to a person agreed upon by the parties, or, if they do not agree, to a judge, justice of the peace, notary public, or clerk of a court selected by the officer issuing the commission. The amount of the commissioner’s fees should be indorsed upon the deposition. Descent and Distribution. The real property of an intestate descends as follows: 1. In equal shares to his or her children and to the issue of any deceased child by right of representation; and if there be no child of intestate living at the time of his or her death, to all his or her other lineal descendants; and if all such descendants are in the same degree of kindred to the intestate, they take equally; otherwise, by representation. 2. If intestate leave no lineal descend­ ants, to his wife; or if intestate be a married woman, to her husband; and if intestate leave no wife nor husband, to his or her father. 3.  If intestate leave no lineal descendants, neither husband nor wife, nor father, such real property descends in equal shares to his brothers and sisters, and to the issue of any deceased brother or sister by right of representation; but if intestate leave a mother, she takes an equal share with such brothers and sisters. 4. If intestate leave no lineal descendants, neither husband nor wife, nor father, brother nor sister, such real property descends to his mother, to the exclusion of the issue of deceased brothers and sisters. 5. If intestate leave no lineal descendants, neither husband nor wife, nor father, mother, brother, nor sister, such real property descends to his next of kin in equal degree, excepting that when there are two or more collateral kindred in equal degree but claiming through different ancestors, those who claim through the nearest ancestor are preferred. 6. If intestate leave one or more children, and the issue of one or more deceased children, and any of such surviving children die under age without having been married, all such real property that came to such deceased child by inheritance from such intestate descends in equal shares to the other children of such intestate and to the issue of any other children who have died, by right of representation. But if all the other children of intestate be dead, and any of them have left issue, such real property so inherited by such deceased child descends to all the issue of such other children of the intestate in equal shares, if they are in the same degree of kindred to such deceased child; otherwise, they take by right of representation. 7. If intes­ tate leave no lineal descendants or kindred, such real property escheats to the United States. Dower and Curtesy. The widow of every deceased person is entitled to dower, or the use during her natural life of one-third part in value of all the lands whereof her husband died seized of an estate of inheritance. , When any man and his wife are seized in her right of any estate of inheritance in lands, the husband, on the death of his wife, holds the lands for his life as tenant thereof by the curtesy, although sucn husband and wife may not have had issue born alive. Evidence. No person may be excluded as a witness on account oi being a party or interested in the event of an action or proceedings, having been convicted of a crime, or his opinions on matters of religious belief. Persons of unsound mind and children under ten years of age who appear incapable of receiving just impressions of the fact respect­ ing which they are examined or of relating them truly may not ne witnesses. An attorney may not, without his client s consent, oe examined as to communications made by his client to him or his advice thereon. A priest may not, without the consent of the person maxing the confession, be examined as to any confession made to mm in ms professional capacity, in the course of discipline enjoined by tne cnurcn to which he belongs. A physician or surgeon may not, agamst tm objection of his patient, be examined, in a civil action, or proceeding, as to information acquired in attending the patient which was neces­ sary to enable him to prescribe or act. Executions. (See Judgment and Execution.) __mt.ors Executors and Administrators. When a will is proven testamentary are issued to the persons therein named as execu , or to such of them as give notice of their acceptance of the trust are qualified. Administration is granted as follows: 1. To tne wi or next of kin, or both, in the discretion of the court; 2. to on more of the principal creditors; or, 3, to any other person compand qualified whom the court may select. If deceased were a ma woman administration shall in any case be granted to the nu . if qualified, and he apply therefor. Claims are paid in the io s order: 1. Funeral charges. 2. Taxes due the United States Expenses of last sickness. 4. All other taxes. 5. Debts 1• , . by the laws of the United States. 6. nrioritv the deceased were a lien upon his property, in the OTderot th p ,iavs of the liens. 7. Debts due for wages earned Hm’ms immediately preceding death of decedent. 8. All other c Exemptions. 1. Earnings of judgment debtor, persona^ei* vices rendered within sixty days next preceding the levy rtecj or attachment, when necessary for the use of his fami y pp° j aI in whole or in part by his labor. 2. Books, pictures, and musical instruments owned by any person, to the value of $75. • fainily, wearing apparel owned by any person for the use of ^imse .empt. but watches or jewelry exceeding $100 m value are ljbra4. The tools, implements, apparatus, team, veh)^1®,t5m?enc’cunation, ry necessary to enable any person to carry on the trade, !(() the or profession by which such person habitually ®ar°s^H?rt. su,Tj\ team, value of $500; also sufficient quantity of food to support, inciude if any, for six months; the word “team” being ^nstrued to inciu^ not more than one yoke of oxen, or a span of horses or the reindeer, or six dogs. 5. The following property, if o family, head of a family and in actual use or kept for use bj> aI}d a change or when being removed from one habitation to xnothe or c,otn of residence: Ten sheep, with one year s fleece or th. goods, manufactured therefrom; two cows and dve swine, sufficient to furniture, and utensils to the value of $300: also ft> a(.;ually support such animals, if any, for six months and Pf? v . h person provided for family use and necessary for the sl‘PP’U. ’{ uy the head and family for six months. 0. The seat or P^w occupied by ne^ of a family or his family in a place of PuMic w orship. • ?)roceeds of any public or municipal corporation. No article, or the, pro derived from its sale or exchange, is exempt from execution on judgment recovered for its price. Garnishment. (See Attachment.) nroceeds Homestead. The homestead of any fa™''y. t abode of, thereof, is exempt. Such homestead must *je the u exceed and owned by, such family or some member thereof..a J a tQwn $2,500 in value nor exceed 100 acres in extent jf not ioc su“h town or or city laid off into blocks or lots; or if located in a • decrees city, one-fourth of an acre. Thisexemption does not a^ply^^ jf the for the foreclosure of any mortgage propertyexec •. executed owners of such homestead be married, the mortgage mu. by husband and wife. . „ . contract Interest. The legal rate of interest is 8 Per cent.b * agreeinterest at the rate of 12 per cent may be • e(1!or collected ment of the parties. If usurious interest has been'5 j)V action the party paying the same, or his le/al representative , y.fa jU(erest. brought within two years, recover double/the amount o J)autjlorjZed If it is ascertained in any action upon co^^-ract that a rendered rate of interest has been contracted for, Judgment mu interest, and against the defendant for the amount due wffhou ■is g per against the plaintiff for costs. Jf the rate conUap taxes upon the cent or less, the debtor may also agree to pay the tax . p debt, credit, or mortgage. immeJudgment and Execution. A judgment is.. d°f' Pution may diately after entry. At any time thereafter while . the office issue a certified transcript of the docket may be file ofdocketof the recorder of any recording district, and from thi upon ing a judgment or transcript thereof the e ding district all the real property of the defendant withm th® rwards acquire or districts where docketed, or which he may alt^ — awomition time an execution may issue. If Vj\fterwards therein durin the ars the lien expires, but is renewed ifafterwa Qf issues within leave is giventen to years issue execution and a transcript of the do the order docketed with the recorder. ,,„Qrs from the entry Execution may issue at any time within five yeia d on motion of the judgment ,and thereafter on order of the couit maae ui  BANKING AND COMMERCIAL LAWS—ARIZONA  writing, signed by the testator, or under his direction, in his presence, and attested by two or more competent witnesses subscribing their names in the presence of the testator. A will by an unmarried person is revoked by his subsequent marriage. Children or descendants of children not named or provided for in the will take as if testator had died intestate. A mariner at sea or soldier in military service may dispose of his personal property as at common law. Proof of nuncupative will must be made within six months, and the words or their substance reduced to writing within thirty days after they are spoken. A person owning property in, but not an inhabitant of, the district may devise or bequeath the same according to the laws of his domicile. If such will be probated without the district, copies of the will and the probate thereof, certified by the clerk of the court in which it was probated, with the seal of the court affixed thereto, if there be a seal together with a certificate of the chief judge or presiding magistrate, that the certificate is in due form, and made by the clerk or other person having the legal custody of the record, may be recorded, admitted in evidence, or contested and annulled as if executed and proved within the district.  of the party in whose favor the judgment was given. Such motion must be subscribed and verified as a complaint, and summons must be served upon the judgment debtor or his representatives, to which he or they may demur or answer. The order made must be dock­ eted as a judgment. Execution may be against the property of the judgment debtor, his person, or for the delivery of the possession of real or personal property, or such delivery with damages. Execu­ tion from the district court is returnable within sixty days; from the commissioner’s court within thirty days. Until a levy property is not affected by the execution. Licenses. (See Taxes.) Liens. Every mechanic, artisan, machinist, builder, contractor, lumber merchant, laborer, teamster, drayman, and other person performing labor upon or furnishing material of any kind to be used in the construction, development, alteration, or repair, either in whole or in part, of any building, wharf, bridge, flume, ditch, mine, tunnel, fence, machinery, or aqueduct, or any structure or superstructure, has a lien upon the same for the work or labor done or material fur­ nished at the instance of the owner of the building or other improve­ ment or his agent; and every contractor, sub-contractor, architect, builder, or other person having charge of the work, in whole or in part, is, for this purpose, deemed the agent of the owner.  Limitations. Civil actions must be commenced within the following periods after the cause of action accrued: Within ten years—action for the recovery of real property, or the possession thereof; upon a judgment or decree of any court of the United States, or of any state or territory within the United States; upon a sealed instrument. Within six years—action upon a contract or liability, express or implied, except judgment or sealed instrument; upon a liability created by statute, other than a penalty or forfeiture; for waste or trespass upon real property; for taking, detaining, or injuring personal property, including an action for the specific recovery thereof. Within three years—action against a marshal, coroner, or constable, upon a liability incurred by the doing of an act in his official capacity or in virtue of his office, or by the omission of an official duty, including the non-payment of money collected upon execution, but not an action for an escape; action upon a statute for penalty or forfeiture, where the action is given to the party aggrieved, or to such party and the United States, except the statute prescribe a different limita­ tion. Within two years—action for libel, slander, assault, battery, seduction, false imprisonment, or for any injury to the person or rights of another not arising on contract; upon a statute for a for­ feiture of penalty to the United States. Within one year—action against the marshal or other officer for the escape of a person arrested or imprisoned on civil process; upon a statute for the penalty given in whole or in part to the person who will prosecute, but if not com­ menced within one year by private party may be within two years by the United States. Married Women. The property and pecuniary rights of every married woman at the time of marriage, or afterwards acquired by gift, devise, or inheritance, or by her own labor, are not subject to the debts or contracts of her husband, and she may manage, sell, convey, or devise the same by will to the same extent and in the same manner that her husband can property belonging to him. For civil injuries damages may be recovered from a married woman alone, and her husband is not responsible therefor. Contracts may be made by a wife, and liabilities incurred, and the same enforced by or against her to the same extent and in the same manner as if she were unmarried. All laws which impose or recognize civil disa­ bilities upon a wife which do not exist as to the husband are repealed. Wife may record list of her property and such list is prima facie evidence of her separate ownership, and property not so registered is deemed prima facie the property of the husband. Neither husband nor wife is liable for the debts or liabilities of the other incurred before marriage. Husband and wife may make conveyances and transfers and create liens between themselves, and either may con­ stitute the other his or her attorney in fact. A woman becomes of age at twenty-one or upon being married according to law.  Mortgages. Mortgages are executed, acknowledged, and recorded in the same manner as deeds. No covenant is implied for the pay­ ment of the sum intended to be secured. Record of assignment is not notice to the mortgagor, his heirs, or personal representatives. Mortgage may be discharged by entry in margin of record signed by mortgagee or his personal representative or assignee and witnessed by the commissioner or deputy, or by certificate executed and ac­ knowledged as other conveyances. Foreclosure is by action of an equitable nature in which a deficiency judgment may be had. Notes and Bills of Exchange. On all bills of exchange and all negotiable promissory notes, orders, and drafts payable at a future day certain within the district, grace is allowed; but grace is not allowed on bills of exchange, notes, or drafts, payable at sight or on demand. Records. An unrecorded conveyance of real property is void as against any subsequent innocent purchaser in good faith and for a valuable consideration whose conveyance is first duly recorded. A commissioner is ex-officio recorder of a recording district, the boundaries of which are fixed by the court. Conveyances of lands not in any recording district are recorded with the clerk of that divi­ sion of the district court within the limits of which such lands are situated. Replevin. The plaintiff, at any time after the commencement of an action to recover the possession of personal property and before judgment, may claim the immediate delivery of such property upon filing an affidavit showing that he is the owner of the same or entitled to the possession thereof; that the property is unlawfully detained by defendant; the alleged cause of detention; that the same has not been taken for a tax assessment or fine, pursuant to a statute, or seized under an execution or attachment against the property of the plaintiff; or, if so seized, that it is exempt, and the actual value of the property. Service. (See Actions.) Supplementary Proceedings. (See Judgment and Execution.) Taxes. Everv person or corporation prosecuting or attempting to prosecute any of the following lines of business within the district must first apply for and obtain license so to do from the district court or a subdivision thereof, and pay per annum for such license for the respective lines of trade and business as follows: Salmon canneries, 4 cents per case; salmon saltenes, 10 cents per barrel, fish oil works, 10 cents per barrel, fertilizer works, 20 cents per ton; freight and passenger transportation lines, propelled by mechanical power on inland waters and ocean and coastwise vessels doing local business for hire, $1 per ton on net tonnage; railroads, $100 per mile; tramways, $10 per mile; saw-mills, 10 cents per thousand feet on lumber sawed; quartz mills, $3 per stamp; mercantile establish­ ments and manufactories doing a business of undei $4,000 per annum, $10, and in proportion to the amount of business done to $500 for establishments doing a business of 8100,000 per annum; in other lines of trade and business the amount is fixed for each and ranges from $10 to $500. Wills. Every person of twenty-one years of age, of sound mind, may dispose of all his or her property by will, saving a widow s dower and a husband’s rights as tenant by the curtesy. W ill must be in   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1811  SYNOPSIS OF  THE LAWS OF ARIZONA RELATING TO  BANKING AND COMMERCIAL USAGES Revised by C. B. Wilson & Gerard T. Wall, Attorneys at Law. Flagstaff, Arizona.  Accounts. When stated draw interest; when action is upon i itemized account and affidavit of party, his agent or attorney is ! attached, stating that such “account is, within affiant’s knowledge, just and true, that it is due, and that all just and lawful offsets, claimants, and’credits have been allowed,’’ is prima facie evidence, unless one day before trial, defendant files written denial of any item under oath. Acknowledgments. The form of an ordinary certificate of ac­ knowledgment shall be substantially as follows: “State of Arizona, 1 County of.................. ......................... ,.................................... J This instrument was acknowledged before me this................ day j of.....................A. D........................ by (if by a natural person or persons here insert name or names; if by a person acting in a representative i or official capacity, or as attorney in fact, then insert name of person as executor, attorney in fact, or other capacity; if by an officer or officers of a corporation, then insert name or names of such officer or officers as the president or other officer of such corporation, naming it).  | j  . j j i  I ' ! J I ! i i  j i  A........................................... B............................................. Notary Public. (Or other officer) (My commission expires...........................................)” Every instrument affecting real property in this state executed, acknowledged and certified in any other state or territory in accord­ ance with the laws of such state or territory, shall be valid and en­ titled to record as if executed in accordance with the laws of this state. Actions. Distinction in forms between law and equity are abolished. Pleadings are: Complaint and answer, and in some cases a reply. Administration of Estates. Lie in Superior Court. No public administrator. Where person dies intestate letters shall issue. Affidavits. May be taken before any officer authorized to take acknowledgments. Aliens. Unless rights are secured by treaty cannot hold land in the state, may acquire by inheritance, or in ordinary course of justice in the collection of debts; may acquire liens on real estate, may lend money and secure same on real estate, but title so acquired must be sold within five years; may acquire patented mines and hold stock in domestic corporation owning unpatented mines. The laws provide that the laws of the'state pertaining to aliens shall not be construed as to conflict in any manner with any rights existing under and by virtue of any treaty of the United States with any other country. Appeals. Appeals are allowed from justice of peace to superior court in certain cases and from superior court to supreme court where amount involved is $200 or over. Arbitration. There are statutory provisions which are not exclusive of the common law arbitration. Arrest. Abolished in civil cases, debtor fraudulently removing property out of territory or concealing it may be prosecuted criminally.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1812  BANKING AND COMMERCIAL LAWS—ARIZONA  Attachment. Writ will issue on affidavit showing: 1. That defendant is indebted to plaintiff upon a contract, express or implied, for the direct payment of money and that such contract was made or is payable in this Territory, and that the payment of the same has not been fully secured by mortgage, lien, or pledge of personal property, or if originally so secured, that such security has, without any act of plaintiff or the person to whom the security was given, become value­ less, and shall specify the character of the indebtedness, that the same is due to the plaintiff over and above all legal set-offs or counter-claims, and that demand has been made for the payment of amount due: or, 2. That defendant is indebted to plaintiff, stating amount and char­ acter of debt; that same is due and payable over and above all legal set-offs and counter-claims, and that defendant is a non-resident of this Territory or is a foreign corporation doing business in this Terri­ tory; or, 3. That an action is pending between the parties, and that defendant is about to remove his property beyond the jurisdiction of the court to avoid payment of judgment: and, 4. That the attach­ ment is not sought for a wrongful or malicious purpose, and that the action is not prosecuted to hinder or delay any creditor of defendant. 5. No such attachment shall issue until suit has been duly instituted, but it may be issued in a proper case either at the commencement of the suit or at any time during its progress. G. The writ may issue, although plaintiff’s debt or demand be not due under specified facts of intent to defraud; no final judgment shall be rendered until such debt or demand shall become due. Writ may issue at or after action began upon plaintiff or some one in his behalf filing the affidavit, and upon filing a bond with two sureties in an amount equal to amount sued for. Sureties can be compelled to justify upon notice. When more than one attachment is levied on same property writs take priority accord­ ing to time of levy. (See Liens, Garnishment.) Banks—Savings and Loan. ’" May be incorporated to loan and invest property. May hold lot and building In which business is carried on to value of 8100,000; such as may accumulate on good faith loans and such personal property as may be required in trans­ acting its business. To purchase and convey evidence of debt except national, territorial, and municipal bonds must have a capital of 8100,000. Married women and minors may transact business with such banks. Are required to have license and are examined by the bank examiner. Provisions are made for the contents of the charter. Bills and Notes. The negotiable instrument code adopted by the American Bar Association is in force. Joint obligor may be released without releasing others. (See Holdings.) Bonds. Any standard surety company, organized under laws of United States or of any state, may execute bonds in judicial proceed­ ings within the state when they have complied with license laws. (See Guaranty Companies.) Chattel Mortgage. To be valid against others than the parties thereto, chattel mortgage must set out the residence of the mortgagor and the mortgagee, the rate of interest to be paid and time and place of payment of the debt secured, and be accompanied by the affidavit of both mortgagor and mortgagee that the mortgage is bona fide and made without design to defraud or delay creditors. Immediate delivery of the mortgaged property must be made to the mortgagee and the change of possession must be actual and continued, unless the mortgage or a true copy thereof shall be forthwith deposited and filed in the office of the recorder of the county where the property shall then be situated. Removal sale, or other disposition of mortgaged property without consent of mortgagee entitles mortgagee to imme­ diate possession of it, and such removal, transfer, or sale, or subsequent encumbrance is felony. If mortgagee permits mortgaged property to be removed to another county, he shall within one month record his mortgage in such other county. Chattel mortgage may be fore­ closed in justice court if amount of debt does not exceed 8300; other­ wise in superior court. Mortgagee may obtain possession of property on default and sell after notice which must be served on owner. Upon stock of goods, wares, and merchandise with continued possession in mortgagor, void. If copy is filed with recorder, original must be acknowledged, and copy certified to by county recorder. Claim and Delivery. (See Replevin.) Collaterals. No statutory provisions—common law prevails. Community Property.  (See Conveyances.)  Conditional Sales. Where title remains in vendor until purchase price is paid, void as to persons not parties thereto, and persons without notice, unless subscribed, acknowledged, and filed with county recorder. Contracts. (See Bills and Notes.) One or more obligors on a joint or joint and several instrument may be released without releasing the others, and may be sued separately under certain conditions with­ out releasing the others. Married women may contract as if sole. Conveyances. Conveyances of estate in lands for term more than one year shall be by instrument in writing subscribed by party making it, or his agent, duly authorized thereto by writing. A conveyance is not effectual against creditors or bona fide purchasers unless recorded in recorder’s office in county where land is situate. A conveyance purporting to convey a greater estate than the grantor has passes only the estate that he actually has. A general grant or devise passes the fee unless expressly limited to a less estate. All deeds to realty must be signed by both husband and wife except as to unpatented mining claims. Deeds must be signed and must be acknowledged before some officer authorized to take acknowledgment, and properly cer­ tified by him to entitle same to registration. The use of the word ’grant” or “convey” implies the following covenants and none other: 1. That previous to the time of the execution of the con­ veyance the grantor has not conveyed the same estate, or any right, title or interest therein, to any person other than the grantee. 2. That such estate is at the time of the execution of such conveyance free from incumbrances. Married women seventeen years of age and upward may convey their own lands without being joined by their husbands. (See Acknowledgment, Dower, Husband and Wife, Homestead.) Corporation Commission, organized under Chapter 90, First Session, Laws 1912. Has general supervision of corporations. Corporations in General. Any number of persons may become incorporated for the transaction of any lawful business. Before com­ mencing any business, they must adopt articles of incorporation which shall be signed and acknowledged by them as deeds and be filed in the office of the Corporation commission at the State Capital and a certified copy thereof filed in the office of the County Recorder, in each county in the state in which they transact business. The articles of incorporation must contain: 1. The name of corpo­ rators, and its principal place of transacting business. 2. The general nature of the business proposed to be transacted. 3. The amount of capital stock authorized and the times when and conditions upon which it is to be paid in. 4. The time of the commencement and termination of the corporation. 5. By what officers or persons the affairs of the corporation are to be conducted, and the times at which they are to be elected. 6. The highest amount of indebtedness or liability to which the corporation is at any time to subject itself, which must not exceed two-thirds of its capital stock. 7. Whether private property is to be exempt from corporate debts. Unless so exempted stockholders are liable for the debts of the corporation in the pro­ portion which their stock bears to the whole capital stock. Must  be published for six days in some newspaper in the county where the principal business is located. Proof of publication must be filed with the Corporation Commission. Corporations to endure for twenty-five years. Corporation must file in office of Corporation Com­ mission an appointment of agent who is a bona fide resident of this state for three years prior thereto, on whom all notices and process, including summons, may be served and constitutes personal service. Charges for incorporation: Recorder’s fees, 20 cents folio. Recorder’s fees, certified copy, 20 cents folio. Recorder’s fees certificate to copy, 75 cents. Corporation Commission’s fees, filing cost copy, 810. Printers’ fees per inch, publishing articles six days, 80 cents. Corpo­ ration Commission’s fees, filing proof, publishing 83.00. Corporation Commission’s fees, filing appointment of agent, 85.00. Where charter provides assessments may be levied on shares to par value (1907). Corporations, Foreign. Before it can transact business it must file certified copy of Articles with Corporation Commission and county recorder in county of principal place of business, also an appointment of agent upon whom a service personal to the corporation may be made. Corporations, Insurance. May be organized under provision peculiarly applicable to insurance companies. Corporations, Railroad. Are organized under a statute espe­ cially providing for them. Corporations, Savings and Loan. (See Banks and Banking.) Corporation Stock, Transfer of. Transfer of stock shall not be valid, except as between the parties thereto, until the same is regularly entered upon the books of the company, so as to show the names of the person by whom and to whom the transfer is made; the number of their designation of the shares, and the date of the transfer. Costs. Plaintiffs who are non-residents, or those who own no property upon which execution may be levied, are required to give security for, within ten days after order made; bonds for, must authorize judgment to be entered against sureties. Courts. Are the Supreme Court of the State, the U. S. district court for the District of Arizona; one superior court for each County, except in counties having over certain population in which event two superior courts, justices of the peace, police courts, recorders of cities, ine superior court of the several counties is a court of general jurisdiction, both civil and criminal. It has both original and appellate jurisdiction. Its original jurisdiction extends to all civil cases where the amount involved exceeds 8200 exclusive of interest, and in all cases involving the title to or possession of real estate. Justice courts have general jurisdiction when amount in controversy does not exceed Szuo.uu, except when title to real estate is involved. (See Jurisdiction.) Creditors’ Bills. No statutory provisions. Days of Grace. None. Depositions. May now be taken either upon oral examination, and cross-examination or upon written interrogatories and cross interrogatories, as is generally provided. Descent and Distribution. (See Savings Banks.) The law of community property prevails. The separate estate of an intestate, when he or she shall die leaving surviving no husband or wile, snai descend as provided. When an intestate leaves surviving a wile o husband another method is provided. Children of the intestate brothers, sisters, uncles and aunts, take per capita. All property belonging to the community estate of the husband and wife> snail g to the survivor, if the deceased spouse have no child or children, the deceased have a child or children, his or her surviving spouse take one-half, and the other half goes to such child or children, community property always passes charged with the debts aga i it. Intermarriage between man and woman to whom a cm children had before been born, and recognition by the father oi child or children legitimizes the child or children. Bastards inn ■ from the mother and transmit estates as if legitimate. The sta provides for the adoption of heirs. (See Dower, Husband and . Homestead.) Dower. Dower is abolished. Evidence. The common law rules have not been codified. Paries may be examined and the other side not concluded thereby, b < . ' if other states and territories purporting to he printed under au, y may be read. No one is incompetent to testify because of r 7 . belief. Certified copies of all records in territory may be read. . Sed copies of records of all notaries may be read. Court may nspection or copy of documents. Executions. Upon a judgment of superior court executions may be issued to any county. Lien of dates from levy, and it on ’}inty jrty. the description is endorsed on execution and filed with couny •ecorder. A range levy may be made upon all of stock.unde brand in same manner as upon real estate. (See Judgme’ ti flej Proceedings supplemental to execution—when returned “ ’ ing creditor is entitled to an order requiring debtor to answer lis property, but not elsewhere than in the county ofhi. ®rty rhird parties may, upon affidavit, be required to surrender p I yf 3ourt or judge may order suit brought to determine the de iwning or of having property. Exemptions. Every person who is the head of a vhose family resides within this state, may hold property jxempt from attachment, execution and forced~ ■ Jne com0 be selected by him or her, which homestead shal be in one co tact body, not to exceed in value four .thousand dol , P ount v iffidavit designating such homestead in the .h homestead Recorder on county where property.is situated. ‘^4®. Drnnertv jxempt from date of filing said affidavit. Jh® follow 1 VproCess shall be exempt from execution, attachment, and sale on a nroc ssued from any court: 1. The family bible 2. A seat or pew^ my house or place of public worship. 3. A J®t in a J jncjuding viz: I. Necessary household, table and kitchen tnrniture, py to 5. The tools or implements of a mechanic °f. artisan neces^r^^ tarry on his trade, etc. 6. The sewmg machiim a,.^n P One if a seamstress actually used in Pursui.’1? ,Jie,r undone bivatch, one sewing machine, °ne typewTiting machi , df every :ycle. 7a. Five milch cows. 8. The ®®™?tng burros, irospector in this state, including his mining toms, sadd debtor, ). The farming utensils and implements of husbandry of^thed i) u ;tc. 10. Poultry not exceeding 111 value twenty-five dona on; rwo horses and two mules and their harness, one two me dray or truck; one coupe; one hack or carriage drayman, lorses or one automobile by the use of ^hich a ca , ]^borer ruckman, huckster, hackman, teamster, ®hauffeur, harness or labitually earns his living, and one horse with veh clergyman ither equipment used by a surgeon, physician, consta ^c^^orses n the legitimate practice of his profession, with foo • the ir mules for one month. 12. . 1’uel necessary fo The presses, lebtor and his family for the period of six months. L. F, any tones, type, cases and other tools and impleme ’ ’ apef or in lerson or copartnership in printing or publishing a . jPr*,d to use onducting any printing establishment or hy any P together with hem; not exceeding two thousand dollars in value togeine The tock in trade not exceeding four hundied dollars ’ tus belonging ibrary and philosophical and chemical or other app coiiege, o and used for the instruction of youth in any received by or eminary of learning or school. 15. All moneys receiveu  BANKING AND COMMERCIAL LAWS—ARIZONA payable to a surviving wife or child upon the life of a deceased husband or father, not exceeding ten thousand dollars. 16. All moneys arising from fire or other insurance upon any property exempt from sale on execution. 17. All moneys, relief, or other benefits payable to or to be rendered by any police department association. Are department association, beneficiary association, or fraternal benefit association, and any person entitled to assistance therefrom, or to any certificate holder thereof or beneficiary under such certificate. 18. Any claim for damages recoverable by any person by reason of any levy upon or sale under execution of his exempt personal property or by reason of the wrongful taking or detention of such property by any person, and any judgment recovered for such damages. 19. The earnings of the minor child of any debtor or the proceeds thereof by reason of any liability of such debtor not contracted for the special benefit of such minor child. 20. One half of the earnings of the wages or salary of any person for his per­ sonal services rendered at any time within thirty days next pre­ ceding the levy of attachment, garnishment or execution when it appears by the affidavit of the debtor or otherwise that such earnings are necessary for the use of the family residing in this state, supported in whole or in part by him. 21. All arms, uniforms and accoutre­ ments required by law to be kept by any person, and also one gun to be selected by the debtor. 22. All fire engines........... of any fire department. 23. All courthouses, jails, etc. The property de­ clared to be exempt by this chapter shall not be exempt from at­ tachment or sale in any action brought or judgment recovered for the purchase price of such property so long as such property remains in the possession of the original purchaser. (See Homestead, Liens.) Frauds and Fraudulent Conveyances. Agreements must be in writing and signed by the parties to be charged: 1. By an executor or administrator to answer for the debt of his testator or intestate out of his own estate. 2. By a person to answer for the debt, default or miscarriage of another. 3. To charge any person upon an agreement made upon consideration of marriage. 4. For sale of real estate or lease thereof for a term longer than one year. 5. Those which are not to be performed within the space of one year after the making thereof. Every gift, conveyance, or assignment, or transfer, or charge upon any estate, real or personal; any suit commenced on decree, judgment, or executions suffered or obtained, or any bond or other writing given with intent to delay, hinder, or defraud credit­ ors, purchasers or other persons, shall to such persons be void. All bargains, sales, and other conveyances of lands, tenements, and here­ ditaments, deeds of settlement of marriage, deeds of trust, and mort­ gages, are void as to creditors and subsequent purchasers, without notice, unless properly recorded. The creditor must be a judgment creditor, and notice must be prior to date of judgment lien. A judg­ ment creditor may be an innocent purchaser. Every gift, convey­ ance, assignment, transfer or charge made by a debtor, which is not upon consideration deemed valuable in law shall be void as to prior creditors, if debtor had not then other property in the State suffi­ cient to pay all his indebtedness. Not on that account, however, void as to subsequent creditors. No gift of any goods and chattels shall be valid unless duly acknowledged, or proven and recorded, or by will, or unless actual possession shall have come to and remained with the donor or some one claiming under him. Fraudulent intent is a question of fact and not of law. Conveyance shall not be adjudged fraudulent merely because not for valuable consideration. If any person shall do or transact business as a merchant or trader, with the addition of the words agent, factor, company, or & Co., or Words of like significance or import, and shall fail to disclose the name of his principal, or partner, or other person who may be interested in such business by a sign in letters easy to read, placed conspicuously at the place where such business is transacted, or if any person shall transact business in his own name, without any such addition, all the property, stock, money and choses in action used br acquired in such business except such property as may be exempt from execution, shall, as to the creditors of any such person, be liable for his debts, and be, in all respects, treated in favor of his creditors as his property. Criminal prosecution for fraud is provided. (See Conditional Sale.) Garnishment. Writ may issue; 1. Where writ of attachment has issued. 2. Upon affidavit that the debt is just due, and unpaid, and that defendant has not, within affiant’s knowledge, property in his possession subject to execution sufficient to satisfy such debt, and that the writ is not sued out to injure either the defendant or garnishee. 3. Upon judgment, when affiant makes affidavit that the defendant has not, within his knowledge, property in his possession within this Territory sufficient to satisfy said judgment. Proceedings under sub­ division 2 requires a bond in double the amount of the debt, condi­ tioned that plaintiff will prosecute the suit to effect, and pay all damages and costs that may be adjudged against him for wrongfully suing out the garnishment. The proceedings are docketed and judg­ ment rendered as if in an independent proceeding. (See Attachment.) Holidays. Legal holidays are January 1, February 14, February 22, July 4, October 12, Thanksgiving, May 30, December 25, Arbor Day, Labor Day, every Sunday and general state election day, or any special election day that may be called by the governor, and any day appointed by the president or governor. Any promissory note, bank check, bill of exchange, acceptance, or other negotiable in­ strument, made payable at any future period, which falls due on any of these days mentioned, shall be considered due and collectible on the day following, and if January 1, February 14, February 22, July 4, October 12, December 25, of May 30, and Arbor Day, shall fall upon Sunday, then the Monday following shall be considered as a legal holiday. Writs of injunctions, attachments, replevin, and prohibition may be issued and served on. Homestead. Deed to, must be signed by husband and wife. (See exemptions.) Husband and Wife. All property, both real and personal, of he husband or wife, owned or claimed by him or her before mariage, and that acquired afterward by gift, devise, or descent, as also he increase, rents, issues, and profits of the same, shall be his or her eparate property. The earnings and accumulations of the wife and her ninor children in her custody while she has lived or may livescparate ,nd apart from her husband, shall also be the separate property of the rife. All property acquired by either husband or wife during the narriage, except that which is acquired by gift, devise, or descent, or arned by the wife and her minor children while she has lived or may ive separate and apart from her husband, shall be deemed the common iroperty of the husband and wife, and during the coverture may be lisposed of by the husband only. Married women of the age of wenty-one years and upwards shall have the same legal rights as men if the age of twenty-one years and upwards, except the right to make on tracts binding the common property of the husband and wife; and hall be subject to the same legal liabilities. (See Dower, Conveynce.) Injunction. Is issued, where party is entitled to relief and estraint, is required of some prejudicial act; where, pending litigaion, an act is done which tends to render judgment ineffectual, and 'hen applicant is entitled under principles of equity. Under certain onditions may be granted ex parte at chambers or by consent, lond may be fixed by judge and approved by clerk except to restrain ollection of money judgment, when it must be double the amount of uch judgment. Injuries—Personal. Employer’s Liability and Compulsory Comensation laws in force.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1313  Insurance. (See special chapter pertaining to Insurance.) Interest. May contract, in writing, for any rate of, not exceeding 10 per cent per annum. Any rate exceeding this is usurious. When no express contract, on bond, bill, note, or instrument of writing, or judgment, for money lent, or due on settlement of accounts from date of ascertained balance, and money received for use of another, interest is computed at 6 per cent per annum. Judgments. Judgments of superior courts become a lien upon all real estate of judgment debtor in the county as soon as entered and docketed. Upon filing with the clerk of the superior court a transcript of judgment from justice court or of superior court of another county, the same becomes a lien on all real estate of judgment debtor in the county. No execution can be issued on any judgment after the expiration of five years from the date of its rendition and entry, unless such judgment be revived by scire facias or action for debt be brought thereon within such five years.  !  I ! | J I  Judicial Bonds. (See Bonds.) Levy. (See Executions.) . Licenses. For gambling prohibited. Liens. All persons who may labor or furnish materials in the con­ struction or repairing of any building, superstructure, canals, dams, mines, or other improvement, or cuts cordwood, shall have a lien on the same, and in case of buildings and superstructures, on the lot of land whereon the same is situate and connected therewith. To fix and secure the lien, the person performing labor or furnishing material must, within sixty days after the completion of such labor or the fur­ nishing of materials, file his contract in the office of the county recorder where the property is situate; If the contract be verbal, a duplicate copy of the bill of particulars should be made, under oath, and one delivered to the recorder and filed for record and the other furnished the party owing the debt, or his agent. Laborers’ and like liens are preferred to all subsequent liens, mortgages, and incumbrances, and such as lien claimant had no notice. Suit to foreclose such liens must be commenced within six months after filing the same in the recorder’s office. In case of the levy of writ of attachment or execution, clerks, laborers, and employes of debtors have a preference claim for wages for service performed sixty days before levy of writ, not exceeding $200. upon filing notice of claim unpaid with creditor, debtor, and officer executing writ. Proprietors of hotels, boarding houses, and lodging houses have special lien on all property or baggage deposited with them by guests for price of guests’ entertainment. Agister and liveryman have lien by statute. (See Judgment, Mortgage.) Limitations. To recover realty against person in peaceable and adverse possession under color of title, three years; against such posses­ sion where person pays taxes and has deed recorded, five years, other­ wise ten years; to recover lots in city or village against person having recorded deed, and pays taxes, five years; where party in possession claims by right of possession only, two years. Personal Actions— One year: Personal injuries, malicious prosecution, false imprison­ ment, libel, slander, seduction, breach of promise. Actions for relief on the ground of fraud; must be brought within one year from dis­ covery of fraud. Two years: Trespass to property, detention or conversion of personal property to own use, taking and carrying away goods and chattels; and injuries to person where death ensues, to accrue from date of death. Three years: Actions for debt not in writing; on stated or open accounts other than mutual between mer­ chants or their factors and agents; all accounts, except as between merchants and factors and agents, limitations run from date of each item of delivery. Four years: For penalties or damages on any bond to convey real estate; between partners for settlement of partnership accounts; on mutual or current accounts between merchants, their factors or agents, to accrue from cessation of dealings; upon judgment or instrument without the Territory; bonds of executors, adminis­ trators, or guardian, after death, removal, etc.; specific performance; to contest will after discovery of fraud; and where no provision is otherwise made. Five years: On domestic judgment where execution has been issued within one year after rendition. Six years: debt evidenced by writing within the state. Mines unpatented are real estate for the purpose of inheritance and conveyance. Location requires seven monuments, three at each end, and one at discovery, in which notice is to be placed on discovery; title work consisting of a shaft 4x6x8 feet deep, or its equivalent in an open cut so that mineral in place is discovered 8 feet from the surface must be done and notice recorded within three months, and annual assessment work amounting to $100, maintained each year thereafter, until patent is ordered. Minors. (See Savings Banks.) Mortgages. Mortgage may contain power of sale. Whether it does or not, mortgage may be foreclosed by suit in superior court. Failure of mortgagee to lawfully release a satisfied mortgage for seven days after demand for the release, subjects him to liability for $100 and actual damages. Mortgages on real estate are executed, ac­ knowledged, and recorded as conveyances of real estate. (See Con­ veyances, Chattel Mortgage, A cknowledgments, Redemption.) Notary Public. In all certificates and acknowledgments the date of expiration of commission must be stated, as “commission expires—” No certificate of holding office, etc., is required when notary acts in foreign state or country. Notes and Bills of Exchange. (See Bills and Notes.) Partnerships using fictitious name may file certificate showing names of partners with county recorders. Foreign partnerships may do so. Powers of Attorney. No special statutory provisions relative to. To confess judgment must be executed subsequent to maturity of debt confessed, and must be acknowledged. To convey lands or release mortgages should be acknowledged as deeds, and recorded. Probate Law. (See Savings Banks and Administration of Estates.) Protest. Liability of drawer or indorser of bill or note may be fixed by regular protest and notice, etc., according to the usages and custom of merchants. (See Bills and Notes.) Records. The superior courts of each county are courts of record. The recorder’s office in each county relates to titles of real estate and personal property, and probate record instrument therein is notice. The minutes of the Sanitary Live Stock Board are notice of all brands and marks of live stock. Redemptions. From sheriff or judicial sales, six months, by debtors or successors in interest; any lien holder may redeem within three months thereafter by serving and filing statutory notice, by serving notice in five days after end of said six months. The same rule applies to foreclosure of mortgages and trust deeds whether by court or under powers of sale. Replevin. For possession of specific personal property which has not been seized under any process, execution or attachment against the property of the plaintiff. Sales. The "uniform sales law” is in force. Seals. Addition or omission of seals or scrolls to instruments of writing in no way affect the force and validity of the instrument. Instruments executed by corporations must have a corporate seal attached.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  f 814  BANKING AND COMMERCIAL LAWS—ARKANSAS  Service. All summons upon persons shall be personal, or by leaving a copy with copy of complaint at the usual place of residence, of defendant, with a member of his family over the age of sixteen years; against incorporated city, or town, or village; upon major, clerk, secretary, or treasurer; against incorporation or joint stock associa­ tion, upon president, secretary, or treasurer, director or local agent representing company, or by leaving a copy of summons and com­ plaint at the principal office during office hours; upon any railroad, telegraph, or express company, or any agent of such company who resides in or may be found in the county where suit is brought; upon domestic corporation by serving on statutory resident agent, and where there is no officer upon whom service can be made in the State, ser­ vice may be had by delivering duplicate copies of summons and com­ plaint to the secretary of the Corporation Commission, and upon foreign corporation by delivery to statutory agent. Personal service of summons may also be had by serving upon defendant by registered mail, as provided in statutes. Suits. (See Actions.) Taxes. Aside from those levied by legislative enactment for specific purposes, as for the construction and maintenance of public institutions, etc.. State taxes are levied by the State Board if Equal­ ization; county taxes by the boards of supervisors of the several counties, and city taxes by the common councils of the various cities. Railroads are valued for the purpose of taxation by the State Board of Equalization. Other property is valued by county assessors. The assessing of value begins in February of each year. Taxes are levied on the third Monday of August in each year. The lien attaches on the first Monday of February in each year. Taxes become due not later than the third Monday in September, and become delinquent if not paid on the third Monday of December. The penalty for delinquency is 5 per cent. Within 60 days after delinquency action may be commenced in district court to foreclose delinquent real estate tax liens, and property sold as under execution. Personal property tax is collected by distress warrant. Taxes after delinquency draw interest at one per cent per month after action commenced to foreclose tax lien penalty of twenty-five per cent is added. There is doubt about the right to redeem from tax sales. Warehouses. Personal property in, may be sold for unpaid charges. Transfer of Corporation Stocks. (See Corporations.) Wills. Wills must he in writing, signed by the testator, or by some­ one for him, in his presence and by his direction, and must be attested by two or more credible witnesses above the age of fourteen years, in the presence of each other and the testator. When the will is wholly written by the testator, no witnesses are necessary. Nun-cupative wills may be made when property willed does not exceed in value $50, unless it be proved by three credible witnesses that the testator called on some person to take notice and bear testimony that such is his will, and that the testimony, or the substance thereof, was com­ mitted to writing within six days after the making of such will; in such case the amount willed is not limited. Willsare revocable by subsequent will, codicil, or declaration in writing, executed with like formalities as in execution of will, or by testator destroying, canceling, or obliterating the same, or causing it to be done in his presence, or by subsequent marriage, and no provision is made for wife. Foreign wills, the probate whereof is duly authenticated, may be probated here. Contests of wills can not be initiated after one year from date of probating.  SYNOPSIS OF  THE LAWS OF ARKANSAS  Actions. Suits are prosecuted under a reformed code of civil pro­ cedure differing from the New York code chiefly in maintaining the distinction between law and equity. Administration of Estates. Executors and administrators must be residents of the State and must give bond in double the value of the property. Foreign executors and administrators can maintain actions in our courts. Claims are paid in the following order: First, funeral expenses; second, expenses of last illness; third, judgments which are liens on the lands of the deceased; fourth, demands presented within six months; fifth, demands presented within one year. All demands not presented in one year are barred. Demands must be authenticated by an affidavit to the effect that nothing has been paid or delivered toward their satisfaction except what is credited thereon, and that the sum demanded, naming it, is justly due. Demands must first be presented to the executor or administrator, and if disallowed by him may be presented to the probate court, or sued upon in any court of competent jurisdiction. Notes and debts secured by mortgages or deeds of trust must be probated as any other claim, and if not pre­ sented to the executor or administrator within one year after ap­ pointment, are barred by the statute of non-claim of one year. When the note or debt is barred this carries with it a barring of the mortgage or deed of trust given to secure the notes or debts.” Affidavits in this State are made before a judge, justice of the peace, notary public, or clerk of the court; without the State before a judge, mayor, notary public, justice of the peace or commissioner for this State. Aliens may hold and transmit property in all respects as residents. Arbitration. Controversies may be submitted to arbitration, and the award of the arbitrators is filed in court, and is subject to review on equitable principles only, and not for matters of form. When not set aside they are entered of record and become the judgment or decree of the court. Arrest. Defendants may be arrested for debt only when the plaintiff files an affidavit charging that the debt was fraudulently con­ tracted ; that it is just, giving its amount, and that he believes that the defendant is about to depart from the State, and with intent to de­ fraud his creditors, has concealed or removed from the State his property or so much thereof that the process of the court after judg­ ment can not be executed: or that the defendant has money or securi­ ties in the possession of himself or of others for his use, and is about to depart from the State not leaving sufficient property therein to satisfy the plaintiff’s claim. Bond must be given conditioned to pay the defendant all damages that he may sustain if wrongfully arrested. Assignments for the Benefit of Creditors may be general or partial, with or without preferences, and where all the debtor s prop­ erty is conveyed, may exact releases as a condition of preference. 1 he assignee must file an inventory of the property assigned and give a bond conditioned that he will execute the trust confided to him, sen the property to the best advantage and pay the proceeds to the credi­ tors mentioned in the assignment according to its terms, and taithiuuy perform his duties according to law. He must sell within 120 days all property except the choses in action, which he is required to collect, the sale to be at public auction after thirty days' notice. Assignments are vitiated by the fraud of the assignor alone or by any Provision varying from the requirements of the statute. Attacks upon tnein are made by proceedings in equity, and, if they are set aside, tn. proceeds are distributed equally among all the creditors. Assignees close up their accounts under the direction of the chancery courts. Corporations can not prefer creditors. Attachments may be sued out where the defendant is a foreign corporation or non-resident, or has been absent froin tne fctaie ioui months, or has left the State with iutent to defraud his creditors, o has left the county of his residence to avoid the service of summons, or conceals himself so that summons can not be served on nun, or about to remove or has removed a material part of his property ou of the State, not leaving enough to satisfy his creditors, or,llas conveyed or otherwise disposed of his property, or suffered u ro sold with the fraudulent intent to cheat, hinder, or delay his ci edit or is about so to do. It is obtained by fifing an affidavit stating t nature of the plaintiff’s claim, that it is just, its amount and the exi ence of the ground, and by giving bond conditioned to pay all damag the defendant may sustain if the attachment is wrongfully sued The defendant is allowed to traverse the attachment, and the amoa and traverse then stand as pleadings upon which the issue is • If the attachment is dissolved, the defendant may have ana^®.®‘(T of damages upon the bond in the same suit. 1 ersons claiming attached property may 'interplead in the same action. Attacnme maybe sued out before the debt is due where the defendant has . conveyed, or otherwise disposed of his property, or permitted “Li, sold with the fradulent intent to cheat, hinder or delay his crecu , or is so to do, or is about to remove his property, or a material p thereof, out of the State with the intent of cheating, hindering or o ing his creditors. Banks. The banking business is controlled by a state depar ment under the direction of a bank commissioner. Any five o persons, the majority of whom must be residents of this stave, apply to the commissioner to be incorporated and the shares oi . I . stock shall be not less than $25 nor more thanJD00 each, app may also be made by an individual or firm and shall then c- _«,.,n form as the commissioner may prescribe and such individual o shall adopt a name which will show that it is not mcorporat Lproperty owned by such bank shall be held in the name or tne and not in tho name of the individuals composing the mm * assets of any such private bank are exempt from execution by creditor of such individual or firm until all liabilities of tne banx been paid: upon the death of an individual banker his wraoi 1 endowed of any property of the bank except such as remains ait. payment of all depositors and other creditors. , until No corporation, firm or individual may do a baimm- busine. _ a fee of one-fifth of one per cent on the authorized caI,lt,a's;' „ have been paid to the bank commissioner, rees at thei sa . • must be paid on each increase of the capital stock ar,d_for eact {rint,i>ase  RELATING TO  BANKING AND COMMERCIAL USAGES. Revised by Emerson, Donham'& Shepherd, Attorneys at Law, Little Rock. (See Card in Attorneys' List.)  Accounts verified by the pjaintiff as just and correct prove'them­ selves in suits thereon unless denied under oath. Acknowledgments may be taken within the State before the supreme or circuit court, or a judge thereof, or clerk of any court of record, or a justice of the peace or notary public: elsewhere in the United States before any court having a seal, or clerk of such court, notary public, mayor having a seal or commissioner of Arkansas; without the United States before any court having a seal, mayor of a city having a seal, United States consul, or any officer authorized by the laws of such country to probate conveyances of real estate, pro­ vided he has a seal.  nt or ntty cents on eacn si.ouu oi me The fully paid-up capital stock of any bank organized after the p sage of the banking act (March, 1913) cannot beHessin cities  not less man jav.uuu in cities menu,  ....... . •,  The banking act does not apply to trust companies whose m capital stock is $50,000. . ,, , . , „ anard of The affairs of an incorporated bank are controlled bj a direct owi not reserve Stockholders are liable for the aeois or me  such  par value of their.stock in addition to the amount in test stock. (Act No. 113, Acts of 1913, page 402). __ Bills. Exchange and Promissory Notes. The Ne^Otia Instruments Law went into effect on April 22, 1913.  BANKING AND COMMERCIAL LAWS—ARKANSAS  1815  No person can be charged as an acceptor of any bill of exchange J such company be a co-partnership or unincorporated association, it unless his acceptance shall be in writing. If the acceptance is written shall also file a copy of its articles of co-partnership or association and on another paper than the bill, it shall not bind the acceptor except ' all other papers pertaining to its organization; if it be an Arkansas in favor of the person to whom such acceptance shall have been corporation it shall file a copy of its articles of incorporation, con­ shown, and who, on the faith thereof, shall have received the bill stitution and by-laws and all other papers pertaining to its organiza­ for a valuable consideration. Every holder of a bill presenting tion ; if it be organized under the laws of any other state or territory it for acceptance may require an acceptance on the bill; otherwise or government, incorporated or unincorporated, it shall file a copy of the bill can be protested for non-acceptance. Notwithstanding the the laws of such state or government under which it exists or is incor­ above provisions any one promising to accept a bill is liable to any porated, and also a copy of its charter, articles of incorporation, person to whom a promise to accept it may have been made; and constitution and by-laws and other papers pertaining to its organi­ zation. who, on the faith of the promise, has drawn and negotiated the bill. Any person on whom a bill is drawn, and to whom the same may The Bank Commissioner shall examine all such papers and may be delivered for acceptance, who shall destroy it or refuse within admit or reject such company in his discretion; a company rejected, twenty-four hours or such time as the holder may allow to return or whose right to do business is revoked by the Bank Commissioner, the bill accepted or not accepted to the holder, shall be deemed to may, within twenty days, appeal to the chancery court of any county have accepted the same. When the bills become due on any holi­ in the state where its principal office is located or principal agent resides. day, they are payable the next succeeding business day. instru­ If it be found that the refusal or revocation was justified, the cost ments falling due (or becoming payable on) Saturday are to be pre­ shall be paid by the company; otherwise by the state as provided by sented for payment on the next succeeding business day; except statute. that insturments payable on demand may be presented for payment Any individual or persons, co-partfterships, corporation, companies before 12 o’clock on Saturday if it is not a holiday. The following or association, domestic or foreign, which shall sell any building or investment contracts or like securities on which payments are to be damages are allowed where a bill is protested for non-acceptance or non-payment: If the bill is drawn on any place in this State, made from time to time, shall first enter into a bond with the State of 2 per cent; if payable in the states of Alabama, Louisiana, Mississippi, Arkansas in the sum of $20,000 for the faithful performance of its Tennessee, Kentucky, Ohio, Indiana, Illinois, or Missouri, or any point contract. on the Ohio River, 4 per cent; if drawn on any other place in the Foreign Corporations shall, before doing business in the State, by United States, 5 per cent; if beyond the limits of the United States, its president file in the office of the secretary of State a certificate 10 per cent. If the bill be drawn by any person at any place within under the seal of the company naming an agent, who shall be a citizen this State, at the rate of 2 per cent; if drawn by any person at any of this State upon whom service of process can be made. The certi­ place without this State, but within the limits of the United States, ficate shall state the principal place of business of the corporation; 6 per cent; if drawn by any person without the limits of the United and service on the agent shall bind it. The corporation must also file a certified copy of its charter together with a statement of its assets States, 10 per cent. The holder of any bill protested for non-pay­ and liabilities, and the amount of its capital employed in this state ment or non-acceptance is entitled to costs of protest and interest at the rate of 10 per cent per annum on the amount of the bill from in the office of the secretary of State, and in the office of the county where it opens an office, and must pay same fees as are required of date of protest. The term Bill of Exchange includes all drafts or home corporations. It must also file a resolution of its board of orders drawn by one person on another for the payment of a sum of directors consenting that service of process on any of its agents or on money specified therein. Bills and notes given for patented machines, the secretary of State shall be a good service. If it sues in the federal implements, substance, or instruments of any kind, given to any court or removes a suit there without consent of its adversary, its citizen of this State, are not commercial paper, unless executed on right to do business is revoked. Doing business here without compli­ a printed form, and showing for what consideration they were exe­ ance with the law subjects the corporation to a fine of not less then cuted. This applies to patent rights and rights to use any patented thing of any kind. But this provision does not apply to merchants $1,000. These requirements do not apply to railroad or telegraph companies that had built lines in the State prior to Feb. 16, 1899. If and dealers who sell patented things in the usual course of business. any corporation fails to appoint an agent, service of process on the All blank assignments are taken to have been made on such day as auditor of State shall bind it. No foreign corporation can sue on any shall be most to the advantage of the defendant. In other respects contract made in this State until these provisions are complied with. the general rules of commercial law apply. Courts. The supreme court is held at Little Rock and has juris­ Bills of Lading. (See Warehouse Receipts and Bills of Lading.) diction of appeals from the circuit and chancery courts. In all coun­ ties separate courts of chancery have been established. The estates Collaterals are governed by the law merchant. of deceased persons are entrusted exclusively to the probate courts, Contracts touching commercial matters are governed by the law with right of appeal to the circuit and thence to the supreme court. merchant. Claims against counties are heard by the county court, as also matters touching paupers and the like. The justices’ courts have jurisdiction Conveyances may be either witnessed by two witnesses or ac­ of matters of contract not exceeding $300, and matters of tort not knowledged. (See Acknowledgments.) If witnessed they are proved exceeding $100. Two terms of the circuit and chancery court and by the oath of two witnesses, and are then entitled to record as though four of the county and probate courts are held in each county per year. acknowledged. Dower can be relinquished only by the wife joining Deeds. (See Acknowledgments and Conveyances.) the husband. The wife may convey property acquired since October 30, 1874. by deed as a single person without her husband joining her, Depositions may be taken in the State before any judge or clerk of or by joining with him in the form above. The wife may convey by a court of record, justice of the peace, mayor, or notary public; out power of attorney and make executory contracts of sale. Deeds of the State before a commissioner for this State, judge, justice of the which have been recorded and are properly acknowledged prove them­ peace, mayor, notary public, or person commissioned by the court or selves. Any substantial departure from the form of acknowledgments by consent of parties. prescribed by the statute, such as the omission of the words “con­ Descents and Distributions. Property descends to children and sideration” or “purposes,” makes the acknowledgment and record their descendants in equal parts; if no children, then to father, then to void; but statutes have been passed from time to time curing defec­ mother, then to brothers and sisters and their descendants in equal tive acknowledgments previously made. Such a statute was passed parts, and in default of such to the nearest lineal ancestor or his in 1907. A new Curative Act was passed and approved Febru­ descendants in equal parts per stirpes. Illegitimate children inherit ary, 10, 1911. and transmit an inheritance from the mother in the same manner as if legitimate. If the parents of illegitimate children subsequently Corporations are organized only under general incorporation laws. intermarry and the father recognizes them as his, they shall be deemed Business corporations must consist of not less than three persons who legitimate. In default of heirs the whole property goes to husband shall elect a board of directors. The president and secretary are to be or wife, and in their default to the State. If the estate is ancestral it elected by the board and the president must be a member of it. The goes to the blood of the ancestor from whom it was derived. Rela­ secretary and treasurer must reside and keep the books of the com­ tions of the half-blood inherit equally. Heirs take as tenants in pany within the State. The articles of association must be signed by common. the president and a majority of the directors, and must be accom­ Dower. Where there are children the wife takes one-third of the panied by a certificate signed in a like manner and sworn to by the j husband's personal estate absolutely and one-third of the real estate president and a majority of the directors, setting forth the purpose of the corporation, the amount of its capital stock, the amount actually I of which he was seized at any time during the marriage, for life. Where there are no children she takes in a new acquisition one-half of the real paid-in, he names of its stockholders and the number of shares held and personal estate absolutely as against heirs, or one-third absolutely by each respectively, and the articles and certificate must be filed in as against creditors. If it is an ancestral estate, she takes one-half for the office of the clerk of the county in which the corporation is to life against heirs and one-third for life against creditors. transact business and then with the clerk’s endorsement in the office Executions from the circuit court are returnable in sixty days, of the secretary of State. The stock can be transferred only upon the those from justices’ courts within thirty. They may be stayed for company’s books, and a record of the transfer has to be deposited with six months by giving bond. They are. a lien on the property of the the county clerk in order to be valid as against creditors of the trans­ defendant in the county from the time they come to the officers’ feror. The corporation has a lien on its stock for debts due from the hands. The officer before levying on personal property, the title stockholders. The president and secretary are required to file with to which is doubtful, may require the plaintiff to give him an indem­ the county clerk an annual statement of its financial condition, and nifying bond, and then suit must be brought by the claimant upon in case of a failure to do so become liable for its debts. If the direc­ the bond. The defendant and other judgment creditors have one year tors declare a dividend when the corporation is insolvent they become in which to redeem from the sale of real estate. In case the writ is liable for all the corporate debts. Any corporation which is insolvent returned nulla bona the plaintiff may proceed by bill of discovery or has ceased to do business .may be wound up on the suit of any against the defendant and examine him on oath, and enforce a surcreditor or stockholder by a decree of the chancery court. Prefer­ ences by insolvent corporations are forbidden. Shares of stock are in j render of concealed property by imprisonment. denominations of $25 or $100. Before any corporations, foreign or Exemptions. Unmarried persons are entitled to $200 and married domestic, can do any business in this State, an annual franchise tax persons and heads of families to $500 in selected articles of personal must be paid to the State Treasurer, to-wit: One-fifteenth of one property as exempt against debts by contract. Persons who are per cent each year upon the proportion of the outstanding capital married or heads of families are entitled to a homestead as against all stock of the corporation represented by property owned and used m i debts, except the purchase-money, specific liens, laborers’ and mechanbusiness transacted in this State. . i ics' liens, taxes and claims for trust funds converted. The homestead Every corporation doing business for profit and organized as a 1 in the country is not to exceed 160 acres, and in town not to exceed mutual life, fire, accident, surety, health or other insurance company ! one acre, nor to be worth more than $2,500, but the country homenot having a capital stock and not organized for charitable purposes I stead is not to be reduced to less than 80 acres nor the town homestead shall pay an annual tax of $100.00. . to less than one-fourth of an acre, regardless of value. The homestead All foreign or domestic insurance companies, of whatsoever nature, goes to the widow and minor children after the husband’s death. The doing business in this State and having an outstanding capital stock homestead can only be conveyed by deed in which the wife joins and of less than $500,000 shall pay an annual tax of $100; and such com­ which is acknowledged by her, and if the thusband neglects to claim panies having a capital stock of $500,000 or more an annual tax of the homestead the wife may do so. $200, this tax being in lieu of the tax on the capital as provided in Fraud. The English statute of fraudulent conveyances has been other cases. , ' . XT xi re-enacted in this State. Every investment company, foreign or domestic, except National Garnishments may be sued out pending suit upon giving bond in banks and corporation not organized for profit, incorporated or unin­ double the amount garnished, or after judgment without bond. corporated, which shall sell or negotiate the sale of any stocks, con­ Holidays. The following are set apart and designated as legal tracts, bonds or other securities of any kind or character other than holidays: Christmas Day (December 25th); New Year’s Day (Jan­ bonds of the United States, or of some municipality authorized to uary 1st); July Fourth; Thanksgiving Day (last Thursday in Novemissue bonds of the State, and notes secured by mortgages on real estate located in the State, or sell building stock or loa.ii investments, ! her); Washington’s birthday (February 22nd); Labor Day (first shall file in the office of tho Bank Commissioner, together with a tee ' Monday in September); General Robt. E. Lee’s bithrday (January 19th); All general biennial election days; Birthdays, Jefferson Davis, of $5.00, in addition to the fees required of all incorporations, the President of the Confederate States of America (June 3rd); Arbor following documents: A statement showing in de oa.il the plan upon Day (first Saturday in March, a special day). When bills become which it proposes to transact business; a copy of all contracts, bonds due on any of these days, they are payable the next business day. or other instruments which it proposes to make with or sell to its October 12th is Columbus Day (a public holiday, but not affecting contributors; a statement showing name anu location of company and an itemized account of its actual financial condition and any othei } commercial paper, or the execution of written instruments, nor such information which the Bank Commissioner may require, it i interfering with judicial proceedings).   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1316  Husband and Wife.  BANKING AND COMMERCIAL LAWS—ARK ANS AS  (See Married Women.)  Injunctions may be issued by circuit judges, chancellors, or the judge of any court in which suit is brought. The person applying for the injunction must give bond as the court or judge may direct. Insolvency. The Supreme Court has held that the Federal Bank­ ruptcy Act has suspended the State insolvency laws. Interest. The legal rate of interest is 6 per cent, but parties may contract in writing for not exceeding 10 per cent. Interest exacted in excess of 10 per cent forfeits the debt. In computing the interest commissions paid to the agent of the lender are counted as interest. Where usury is charged the borrower may go into equity and have the debt and securities cancelled without tendering the amount lawfully due. Judgments bear the same rate of interest as the obligation sued on. Judgments against counties bear no interest. Judgments (See Interest) are liens upon the real estate of the debtor in the county where rendered for three years only. The lien may be renewed and continued for three years by scire facias. Judg­ ments of the United States and other courts can be made liens on lands in counties other than that where they are rendered by flling'a certified copy in the office of the circuit clerk. A judgment survives for' ten years. Jurisdiction. (See Courts.) Liens. Mechanics, builders, artisans, laborers, and others doing any work upon or furnishing any material for any building or erection under any contract with the owner or his agent, contractor or sub­ contractor, shall have for such work or material furnished a lien on the building or improvement together with the land on which it stands to the extent of one acre if in the country; if in a city the lot or land upon which the erection is situated. Hotel keepers have lien on baggage and personal effects of guests. Liverymen have lien on all stock and property left in their care. Limitations. Suits for the possession of real estate must be brought within seven years, saving to minors and lunatics three years after their disabilities are removed. Actions for recovery of lands sold at judicial sales must be brought within five years, saving to minors and lunatics three years after removal of disabilities. Actions for the recovery of lands held under tax title must be brought in two years. Actions for forcible entry and detainer, on contracts not in writing, for trespass and for libel, within three years. Actions for criminal conversation, assault and battery, false imprisonment, and slander, within one year. Actions on written instruments, within five years; on judgments, within ten years; on bonds of executors and administrators, within eight years. In all cases, except actions for the recovery of lands, minors and lunatics have, after removal of their disability, the statutory period in which to sue. Verbal promises or acknowledgments do not take a claim out of the statute. One year is allowed after dismissal of a suit in which to begin a new action. No person can avail himself of a disability which did not exist at the time the right of action accrued. No endorsement of pay­ ment made by the payee or on his behalf is sufficient proof to take the case out of the statute. Limited Partnerships may consist of one or more general, and one or more special partners. The latter of whom shall constitute in cash a specific amount as his share of the capital, beyond which he is not liable for firm debts. Those forming such partnership must make and file in office of circuit clerk of county, and principal place of busi­ ness, a certificate showing name of firm, names of partners, distin­ guishing between general and special, nature of business, amount of capital contributed by each partner, period of commencement and termination of partnership. Business to be conducted by general partners and suits brought by or against them. Married Women. The property, real and personal, of married women remains their separate estate as long as they choose, and may be devised or conveyed without the husband’s assent, and is not subject to his debts. If she dies without making any disposition of her real estate, he is entitled to curtesy. She may carry on any busi­ ness or perform any services on her own account, and her earnings are hers, and she may sue alone in respect of her separate property. She can bind herself by contract only in reference to her separate estate or business. She can not enter into partnership with her husband. If she does not file a schedule of her personal property, the burden of proof is on her to show that it is hers. Mines and Mining. Under control of commissioner of mines. All documents relating to mines must be recorded in the recorder’s office of the county; and miners of the county may make by-laws regarding the time, manner, and amount of work necessary to hold claims and other rules and regulations not in conflict with law. Extensive provisions are made for the protection of the health and safety of miners. (Acts 1893, p. 213.) Miners have a lien on the output, machinery, and tools used to secure payment for work done. Three years’ possession of a mine, with work required by law, gives possessory right. Mortgages are not liens as against any one, though such person has actual notice of their existence, until they are acknowledged in the form prescribed and filed for record. Mortgages of real estate are recorded in the county where the land lies, and mortgages of personal property in the county of the mortgagor’s residence. If the mortgagor of personality is a non-resident the mortgage is recorded in the county where the property is situated. Sales under mortgages and deeds of trust can be made only after appraisement, and the property must bring two-thirds of the appraised value. In case it is offered and fails to bring the required amount real estate may be offered again after one year and personal property after sixty days, and is then sold for what it will bring. The mortgagor of real estate has one year from the date of sale in which to redeem. In action to foreclose a mortgage, it is sufficient defence that the debt (which it recites), is barred by statute of limitations. Chattel Mortgages may be acknowledged and filed as other mort­ gages, or they may be endorsed “This instrument is to be filed but not recorded,” signed by the mortgagee, and may then he filed in the recorder’s office with the same effect as though recorded. Mortgages of personal property reserving in the mortgagor the power of disposi­ tion are fraudulent. Mortgages and Deeds of Trust may be enforced by foreclosure at any time within the period prescribed by law for foreclosing mort­ gage or deed of trust so far as the property mentioned and described in such mortgage or deed of trust is concerned, but no claim or debt against the estate of a deceased person shall be probated against such estate whether secured by mortgage or deed of trust or not except within the time prescribed by law for probating claims against said estate. Powers of Attorney. Lands may be conveyed by power of attor­ ney, which is acknowledged as deeds and recorded in the county where the lands lie.  Probate Law. (See Administration of Estates.) Protests. (See Bills of Exchange and Promissory Notes.) Records. (See Acknowledgments, Conveyances, Mortgages, Chattel Mortgages, and Powers of Attorney.) Redemption. (See Executions and Mortgages.) Replevin. The plaintiff in replevin may file an affidavit describing the property, stating its value and the amount of damages he expects  ,  j I |  to recover, his title, that the property is wrongfully detained by the defendant, that it has not been taken for a tax or under process against plaintiff, and that his cause of action has accrued within three years, and upon giving bond in double its value, the property shall be taken from the defendant and given to the plaintiff pending the suit, unless the defendant within two days after it is taken gives a cross-bond. Revision. The last revision of the statutes was in 1904. Taxes are a lien between vendor and purchaser from the first Mon­ day in December. They are payable between the first Monday in January and the 10th of April. In case of non-payment a penalty of 25 per cent is added. Lands may be redeemed within two years by paying taxes, penalty, and costs, with 10 per cent interest. Minors, lunatics, and persons in confinement may redeem within two years after their disability is removed. (See also Corporations.) Testimony. (See Evidence.) Transfer of Corporation Stock. (See Corporations.) Trust Companies must have a paid-up capital of $50,000, and in counties with a population exceeding 50,000, they must have a sub­ scribed capital of not less than $100,000. They may exercise all the powers commonly conferred on such companies. Wages. No assignment or order of wages to be earned in the future to secure a loan of less than $200, shall be valid against any employer or the person making such assignment or order, until such assignment or order is accepted in writing by the employer and the said assignment or order and the acceptance of same has been filed with the recorder of the county where the party making the assign­ ment or order resides, if a resident of the state where he is employed. No assignment or order of wages to be earned in the future shall be valid when made by a married man unless the written consent of his wife to making such an assignment or order for wages shall be attached. Warehouse Receipts and Bills of Lading shall not be given except where the commodities mentioned are received on the premises, and are under the control of the warehouseman at the time ol its issuance. No warehouseman shall sell, encumber, ship, or remove any such commodity for which a receipt has been given without the written assent of the holder of the receipt. The same provisions cover owners and agents of boats and vessels. All warehouse receipts ana bills of lading are made negotiable by written endorsement and delivering the same as bills of exchange and promissory notes, and no printed or written conditions, clauses, or provisions inserted in or attached to them shall in any way limit their negotiability or impair the rights and duties of the parties thereto, or persons interested therein, or such conditions shall be void. Warehouse receipts given by any warehouseman or other person for goods and other com­ modities deposited, and all bills of lading given by any carrier, boar, vessel, railroad, transportation, or transfer company may be trans­ ferred by endorsement and delivery; and the transferee shall oe deemed to be the owner of such commodities so far as to give validity to any pledge, lien, or transfer given, made, or created thereby; anu no property so stored or deposited shall be delivered except on sur­ render and cancellation of such receipts and bills of lading, urness such receipts and bills of lading have the words “not negotiame plainly written or stamped on their face. A carrier may howeve deliver to shipper or consignee goods without presentation _oi Din y lading upon receiving from such shipper or consignee bond m couo the value of the goods conditioned for delivery to the carrier tncreafter the original bill of lading (acts 1907). Penalties denounce f against any warehouseman or other person who shall violate any o the provisions of this statute. So much of the act as forbids delivery of property except the surrender and cancellation oi i original receipt or bill of lading shall not apply to property repievine or removed by operation of law. Wills. A will must be subscribed by the testator or by some pci son for him at his request in the presence of two attesting witnesses, anu must acknowledge it to be his will to each of them. He must deci at the time of his subscription or acknowledgment to the witne. . that the instrument is his will and testament. lbe witnesses sign their names at the end of the will as witnesses at the reque. the testator. If, however, the entire will is in the hand-writing o testator, it need not be attested, but may be proved by three vvitn . • familiar with the hand-writing. Such will, however, can no ■ ■ pleaded in bar of an attested will. Wills are revoked by marriage < birth of issue, unless provision for such issue is made by settle • or is provided for in the will. The will of an unmarried h revoked by her marriage. Afterborn children, not mentioned l will, take their regular distributive share. If the testator ■ mention in his will any child, or its legal representatives, living time of executing the will, he shall, as to such child, or its reji• _ atives, be deemed to have died intestate, and such child, or i resentatives, is entitled to its regular share.  BANKING AND COMMERCIAL LAWS—CALIFORNIA  SYNOPSIS OF  THE LAWS OF CALIFORNIA RELATING TO  BANKING AND COMMERCIAL USAGES. Revised by Henry G. W. Dinkelspiel Attorney and Counselor at Law, San Francisco. (See Card in Attorneys’ List.) Accounts. An account is assignable, and the assignee may main­ tain an action thereon, although the account is assigned merely for collection. An action to recover a balance due upon a mutual current and open account or upon an open book account is barred within four years. The cause of action on a mutual account is deemed to have accrued from the date of the last item. In the case of an open book account, each item becomes outlawed four years after its date. (See Actions and Limitations.) Acknowledgments. Before an instrument can be recorded, its execution must be acknowledged by the person executing it, or if executed by a corporation, by its president or secretary, or other person executing the same on behalf of the corporation, or proved by a subscribing witness, or by judgment in an action brought for the purpose. The proof or acknowledgment of an instrument may be made at any place within the State before a justice or clerk of the supreme court, and within the city, county, or township for which the officer was appointed or elected, before either: (I) A clerk of a court of record; (2) a county recorder; (3) a court commissioner; (4) a notary public; (5) a justice of the peace. The acknowledg­ ment of an instrument must not be taken, unless the officer taking it knows or has satisfactory evidence, on the oath or affirmation of a credible witness that tho person making such acknowledgment is the individual who is described in, and who executed the instrument; or if executed by a corporation that the person making such acknowl­ edgment is the president or secretary of such corporation, or other person who executed it on its behalf. Officers taking and certifying acknowledgments or proof of instruments for record, must authenti­ cate their certificates by affixing thereto their signatures, also their seals of office, if by the laws of the State or country where the ac­ knowledgment or proof is taken, or by authority of which they are acting, they are required to have official seals. Acknowledgments taken out of this State to be used within this State may be taken before a notary public, a commissioner appointed by the governor of this State, a judge, or clerk of a court of record, or in foreign coun­ tries a minister, consul, vice-consul, or consular agent of the United States, or a judge of a court of record or a notary public. Actions. All civil actions are commenced by filing a complaint, upon which plaintiff may, at any time within one year thereafter, have a summons issued. There is but one form of action and the only pleadings allowed on the part of the plaintiff are: 1. The complaint. 2. The demurrer to the answer. ‘ 3. The demurrer to the cross-com­ plaint. 4. The answer to the cross-complaint, and on the part of the defendant: 1. The demurrer to the complaint. 2. The answer. 3. The cross-complaint. 4. The demurrer to the answer to the cross-complaint. Administration of Estates. Upon the admission of a will to probate, letters testamentary are granted by the superior court to the executor named in the will, unless he be dead or incapable or unwilling to act, in which case letters testamentary are issued to an adminis­ trator with the will annexed, appointed by said court. In case of intestacy, letters of administration are issued to the bona fide resi­ dent of the state entitled thereto, in the following order: 1. Relatives of whole blood entitled to administer in preference to those of half blood. Surviving husband or wife, or some competent person named by either. 2. Children. 3. Father or mother. 4. Brothers. 5. Sis­ ters. 6. Grandchildren. 7. Next of kin entitled to share in the dis­ tribution of the estate. 8. Public administrator. 9. Creditors. 10. Any person legally competent. Where the person entitled to administration is a minor or incompetent, letters must be granted to his or her guardian, or to any other person entitled to letters of administration in the discretion of the court._ Bonds for faithful Performance of duty are required of an administrator and of an executor unless waived by the will. Notice must be given by the administrator or executor by publication to all the creditors to come in and prove their claims within ten months after its first publication, when the estate exceeds in value the sum of ten thousand dollars, and four months when it does not. 11. Claims arising on contract whether due or not due or contingent, and funeral expenses must be presented within time prescribed by notice to creditors, otherwise they are forever barred, unless it appears by affidavit of the creditors that such creditor was outside of the State and consequently did not receive notice. Unless claim is approved within the time pro­ vided for in the notice it is barred, unless the claimant can prove to the satisfaction of the court that he had no notice by reason of being out of the State, in which case the claim may be presented at any time before a decree of distribution is entered. When a claim is rejected either by the executor or administrator or the judge, the holder must bring suit in the appropriate court thereon within three months after the date of its rejection, if it be then due. or within two months after it becomes due, otherwise the claim is forever barred. No claim can be allowed which is barred by the Statute of Limitations. Claims against the estate are paid in the following order: 1. Funeral expenses. 2. The expenses of the last sickness. 3. Debts having preference by the laws of the United States. 4. Judgment rendered against the decedent in his lifetime, and mort­ gages and other liens in the order of their date; and 5, all other dehtands against the estate. Affidavits. An affidavit to be used before any court, judge, or officer of this State may be taken before any officer authorized to administer oaths. In this State every court, every judge or clerk of any court, every justice and every notary public, and every officer or Person authorized to take testimony in any action or proceeding, or decide upon evidence, has power to administer oaths and affirmations. Au affidavit taken in another State of the United States to be used 1,1 this State, may be taken before a commissioner appointed by the Governor of this State to take affidavits and depositions in such other ffiate, or before any notary public in another State, or before any Judge or clerk of a court of record having a seal. An affidavit taken dt a foreign country to be used in this State, may be taken before an ^Jhbassador, minister, consul, vice-consul, or consular agent of the baited States, or before any judge of a court of record having a seal, th such foreign country. Aliens. 1. All aliens eligible to citizenship may take, hold and ffispose of property, real and personal, within this State. . 2. All aliens not eligible to citizenship may acquire and possess land *h accordance with the terms of any existing treaty with any ioreign   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1817  country of which such alien is a citizen,.and not otherwise, and in addition may lease land for agricultural purposes for three years. 3. Any company, association or corporation composed in the main of aliens may acquire and possess land in accordance with the terms of any existing treaty with any foreign country of which they are citizens, and not otherwise, and in addition may lease land for agri­ cultural purposes for three years. 4. When it appears in any probate proceedings wherein any alien is an heir that he could take real property except for the.provision of this act, the probate court shall order the sale of such real property and distribute the proceeds to such alien. 5. For any violation of this act the attorney-general shall institute forfeiture proceedings and upon final judgment the lands shall escheat to the State. 6. When it appears that any alien or aliens are holding any lease­ hold interests in violation of the above provisions the attorney-general shall likewise institute forfeiture proceedings, and such leasehold interest or its monetary value together with the costs of such forfeiture proceedings shall escheat to the State. No non-resident alien can take by succession unless he appear and claim within 5 years after death of decedent. Arbitration. The submission to arbitration must be in writing, and it may stipulate that it be entered as an order of the superior court, for which purpose it must be filed by the clerk. If the sub­ mission is not made an order of the court, it may be revoked at any time before the award. All the arbitrators must act, but a majority governs. Their award must be in writing, signed by a majority of them, and delivered to the parties, and when the submission is made by an order of the court, must be filed by the clerk who enters the same, after the expiration of five days, in the judgment book, and thereupon it has the effect of a judgment. Title to real property cannot be arbitrated. Upon application a State Board of Arbitra­ tion has jurisdiction over disputes between employer and employee. Arrest. In an action for the recovery of money, upon a contract, express or implied, the defendant may be arrested if about to depart from the State with intent to defraud his creditors, upon order of court based upon affidavit therefor, also in an action for money or other property embezzled or fraudulently misapplied by a public officer, officer of a corporation, or an attorney, factor, broker, agent, or clerk in the course of his employment, or by any person in a fidu­ ciary capacity; also in actions to recover the possession of personal property where it has been concealed or removed or disposed of to prevent its being found; also in cases where the defendant has been guilty of a fraud in contracting the debt or obligation for which action is brought; or in concealing or disposing of property; also when the defendant has removed or disposed of his property or is about to do so with intent to defraud creditors. Bail given upon arrest is liable upon judgment secured. Assignments for the Benefit of Creditors. Assignments for the benefit of creditors must be written and acknowledged by the assignor or his agent authorized thereto in writing and recorded, and must be made to the sheriff of the county where the insolvent resides, or, if a non-resident, where he has property. Assignments for the benefit of creditors are void against any creditor not assenting thereto in a number of instances; for example, where they give one debt -a preference over another, and where they tend to coerce any creditor to release or compromise his demand. Assignments must contain names of creditors and the amounts. Attachments may be issued at the time of or any time after issuing the summons where amount sued for exceeds 810.00. All property not exempt from execution may be attached. An attach­ ment lien upon real property continues for three years and may be extended for two years more. The clerk of the court must issue the writ of attachment upon receiving an affidavit by or on behalf of the plaintiff showing, (1) That the defendant is indebted to the plaintiff, specifying the amount of such indebtedness over and above all legal set-offs or counter-claims, upon a contract, express or implied, for the direct payment of money, and that such contract was made or is payable in this state, and that the payment of the same has not been secured by any mortgage or lien upon real or personal prop­ erty, or any pledge of personal property, or, if originally so secured, that such security has, without any act of plaintiff, or the person to whom the security was given become, valueless; or (2) That the defendant is a non-resident of the State, and is indebted to plaintiff, specifying the amount of such indebtedness over and above all legal set-offs or counter-claims, upon a contract expressed or implied; or (3) That plaintiff’s cause of action against defendant is one to recover a sum of money as damages (specifying the amount thereof) arising from an injury to property in this State in consequence of the negligence, fraud or other wrongful act of the defendant, and that the defendant is a non-resident of the State; and (4) That the attachment is not sought, nor is the action prosecuted, to hinder, delay, or defraud any creditor of defendant. Before issuing the writ, the clerk must require a written undertaking on the part of the plain­ tiff, in a sum not less than $200, or in Justices Court of from $50.00 to $300, and not exceeding the amount claimed by plaintiff, with sufficient sureties, to the effect that, if the defendant recovers judg­ ment, the plaintiff will pay all costs that may be awarded to the defendant, and all damages that he may sustain by reason of the attachment, not exceeding the sum specified in the undertaking, and that if the attachment is discharged on the ground that the plaintiff was not entitled thereto, the facts required in the above not being existent, the plaintiff will pay all damages which the defendant may have sustained by reason of the attachment, not exceeding the sum specified in the undertaking. Banks, Savings. A savings bank may purchase or hold; (1) Real Estate, furniture, fixtures, etc., in which its business may be conducted. (2) Property mortgaged or held in trust on account of any money lent in the course of business. It shall not purchase personal property except (1) bonds or interest bearing obligations of the United States (2) bonds of the State. (3) Bonds of any state which has not defaulted in payment of either principal or interest within five years. (4) Bonds of any county, city or town or school, road, sewer, drainage, reclamation, protective or sanitary district, organized under the laws of the state, to limited amount. (5) Bonds of any county, city or town of any state of a population of more than 200,000 and an entire bonded indebtedness less than fifteen per cent of the taxable property, where interest or principal has not been defaulted within five years. (6) Bonds of railroads organized under the state and operating exclusively therein or of railroads operating at least 500 miles of standard gauge tract, or of any railroad cor­ poration payment of which has been guaranteed, by the preceding clauses of railroads; provided, that in all cases the net earnings are as required by statute. (7) Bonds of Public Utility corporations, incorporated under the laws of the State of California, provided the properties and earnings, etc., are as required by statute. (8) Notes or bonds secured by first lien on real estate to sixty per cent of its market value. (9) Collateral trust bonds or notes secured by de­ posit of authorized bonds fifteen percent in excess of such collateral bonds or the deposit of such bonds and other securities twenty per cent in excess of such collateral bonds, provided the market value of the authorized bonds deposited equal such collateral bonds. (10) Bonds accepted by savings banks under the laws of New York or Massachusetts. (11) Certificates issued by corporations with a paid up capital stock of not less than $100,000, secured upon real estate   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1818  BANKING AND COMMERCIAL LAWS—CALIFORNIA  and guaranteed in the manner required by the Bank Act. No savings bank must loan money except on adequate security on real or personal property and such loan must not be for longer than ten years. It must have a paid up capital stock graduated from $25,000 when located in any place of less than 5,000 population, to $300,000 when the population is in excess of 200,000. Savings banks organized without capital stock must have a reserve fund of $1,000,000. The capital stock and surplus of savings banks, must equal ten per cent to and including $2,000,000 deposit liabilities, must exceed seven and one half per cept of deposit liabilities from $2,000,000 to $5,000,000, five per cent, from $5,000,000 to $15,000,000, two and one-half per cent from $15,000,000 to $40,000,000 and one per cent of deposit liabilities in excess of $40,000,000. A surviving husband or wife or next of kin of any deceased person may, without procuring letters of administration, withdraw any sum deceased may have had on deposit in any savings bank if the sum does not exceed $500.00. Banks. The business of banking may be carried on only by corporations organized for that purpose under the Bank Act. The capital stock and surplus of commercial banks must exceed ten per cent of deposit liabilities. Such corporation are classified as: Com­ mercial, Savings or Trust companies, and, together with building and loan associations, are conducted under the supervision and inspection of a State Superintendent of Banks, to whom such banks must sub­ mit at stated intervals to examination. No person unless organized as a bank under the laws of this state may hold himself out as en­ gaged in the banking business, or use the word bank, ravings or trust company in connection with his business. Every bank may conduct a commercial and savings department, provided its capital stock, if situated in a locality of less than 5,000 population amounts to $25,000, or both or either departments in conjunction with a trust department if the same amounts to $125,000. If the population of a locality is from 5,000 to 25,000 a capital of $50,000 is required for a savings and commercial department and $150,000 for both or either in conjunction with a trust department. If the population is from 25,000 to 100,000 a capital of $200,000 and $400,000 respec­ tively, is required; if the population is over 200,000 a capital of $300,000 and $500,000, respectively, is required. Every bank must des­ ignate the character of its business. A bank organized under the laws of another state must comply with all the requirements of the State Bank Act, set apart to its business conducted here the surplus paid up stock required of California corporations, and constitute the State Superintendent of Banks its agent for service of process. A banker has a general lien dependent upon possession of all property in his hands belonging to a customer for the balance due to him from such customer in the course of business. The same capital stock is required of commercial banks as of savings banks. (See savings banks.) With some exceptions no commercial bank can lend more than ten per cent of its capital stock on unsecured loans or twenty-five per cent upon security worth at least fifteen per cent more than the loan so secured, but a commercial bank may buy or discount bills of lading or exchange drawn against actual value or buy and discount commercial paper, not to exceed twenty-five per cent of its capital and surplus.  mortgagee of the same property, or any part thereof, in good faith and for a valuable consideration, whose conveyance is first duly recorded. Corporations. Private corporations may be formed by the volun­ tary association of any three or more persons, in the manner prescribed by statute not to exceed fifty years. A majority of such persons must be residents of this State. Private corporations may be formed for any purpose for which individuals may lawfully associate themselves. The number of directors of corporations for profit, except those mentioned as excepted, may be increased or diminished, by a major­ ity of the stockholders of the corporation to any number, not less than three, who must be members of the corporation. A copy of the articles of incorporation, certified by the secretary of State, must be filed with the county clerk of every county where the corporation purchases, acquires or locates property, within sixty days after such purchase or location. Upon filing the articles of incorporation in the office of the county clerk of the county in which the principal business of the company is to be transacted, a copy thereof, certi­ fied by the county clerk, with the secretary of State, the secretary of State must issue to the corporation over the great seal of the State a certificate that a copy of the articles containing the required state­ ment of facts has been filed in his office, and thereupon the persons signing the articles, and their associates and successors, shall be a body politic and corporate by the name stated in the certificate, and for a term of fifty years, unless it is in the articles of incorporation otherwise stated, or in the code otherwise specially provided. A copy of any articles of incorporation filed in pursuance of this chapter, and certified by the secretary of State, must be received in all the courts, and other places as prima facie evidence of the facts therein stated. (See Foreign Corporations.) All stocks is assessable for the purpose of paying debts and meeting expenses but no single assess­ ment must exceed 10 per cent. The franchise of all corporations as distinct from its tangible property is subject to taxation. Each stockholder of a corporation is individually and personally liable for such proportion of its debt and liabilities incurred while he was a stockholder as the amount of stock or shares owned by him bears to the whole of the subscribed capital stock or shares oi the corporation, and for- a like proportion only of each debt or claim against the corporation, but such liability is barred within three years after the obligation is incurred. Any creditor of the corporation may institute joint or several actions against any of its stockholders for the proportion of this claim, payable by each, and in such action the court must ascertain the proportion of the claim or debt for whicn each defendant is liable, and a several judgment must be renderea against each in conformity therewith. If any stockholder Pa.vs,1),1* proportion of any debt due from the corporation incurred while he was such stockholder, he is relieved from any further personal liabilities for such debt; and if an action has been brought against him for such debt, it shall be dismissed as to him upon his paying the costs, or such proportion thereof as may be properly chargeame against him. The term “stockholder” extends to every equitarue owner of stock, although the same appears on the books in the name of another, and also to every person who has advanced the msiaiments or purchase money of stock in the name of a minor, so long the latter remains a minor; and also to every guardian or otn trustee who voluntarily invests any trust funds in the stock, sto held as collateral security, if fact of pledge appears, or by a trustee, in any other representative capacity, does not make the holder tneie a stockholder, except in the case above mentioned so as to cnarge him with any proportion of the debts or liabilities of the corporation but the pledgor, or person, or estate represented is to be deenma stockholder as respects such liabilities. In corporationshav mg capital stock, each member is individually and personally ha? his proportion of its debts and liabilities, and similar actions <> brought against him, either alone or jointly with other membe., enforce such liabilities as by this section may be brought a.-,ain. or more stockholders, and similar judgments may be renaereu. Courts. Terms and Jurisdiction. Justices’ 'of jurisdiction: 1. In actions arising on contracts for tfit reco y money, only if the sum claimed, exclusive of interest, does Pot ?j Pases to $309, and the jurisdiction of a justice of the peace m an cas where money judgment is recoverable is limited to g actions for damages for injury to the person, or for ? where or injuring personal property, or for injury to real P^ope Z’voiving no issue is raised by the verified answer of the defendant * the title to or possession of the same, if the damages clai nprsonai amount to $300. 3. In actions to recover the possessioni ot Pers®00 property, if the value of such property does not amount to 4. In actions for a fine, penalty, or forfeiture not amount• S town, given by statute, or the ordinance ol an m®°rPor^®d, of any where no issue is raised by the answer involving ^.he le., upon tax, impost, assessment, toll, or municipal fine. o..in a J jf bonds or undertakings conditioned *he.,Payment 'n'iay the sum claimed does not amount to $300, thou,h the p ,overy exceed that sum. 6. To take and enter judgment foi the recove^ of money on the confession of a defendant when the a t fessed, exclusive of interest, does not amount to> $300. • nect{Ve current jurisdiction with the superior courts, within their re P£enta, townships in actions of forcible entry and .detainer does not value of the property entered upon or unlawfully d£ ' claimed exceed $25 per month, and the whole amount of da o s does not exceed $200. Also in actions to ®nfo*®ePor the on personal property, where neither the amount of the 1 value of the property amounts to $300.  Bills and Notes. The Uniform Negotiable Instruments Law is in force. Statutes of 1917. Chapter 751. Chattel Mortgages may be made on any personal property, including growing crops and fruits, except personal property not cap­ able of manual delivery, articles of wearing apparel and personal adornment, and the stock in trade of a merchant, provided that when said personal property refers to fixtures or equipment of a merchant, seven days’ notice must be given, otherwise the same is void as to creditors of the mortgagor. In the absence of delivery and continued change of possession, the chattel mortage will be void as to creditors of the mortgagor unless acknowledged or proved, certified, and re­ corded, as required in cases of grants of real property and accompanied by affidavits of all the parties that it is made in good faith, and with­ out any design to hinder, delay or defraud creditors. Such mortgages must be recorded in county it is situated in and if removed to another county a copy of mortgage must be recorded in county within 30 days or mortgagor must take possession. Collaterals. Are governed by the law relating to pledges of per­ sonal property. A pledge is a deposit of personal property by way of security for the performance of any act. Delivery of the thing pledged is essential to the validity of the bailment. When the per­ formance of the act for which the pledge is given is due in whole or in part, the pledgee may collect what is due to him by the sale of the property pledged. But before the property can be sold the pledgee must demand performance thereof from the debtor, if he can be found, and must give actual notice to the pledgor of the time and place at which the property pledged will be sold, at such a reasonable time before the sale as will enable the pledgor to attend, but notice of the sale may be waived by the pledgor at any time. The sale must be by public auction and must be for the highest obtainable price. After the sale the pledgee may deduct from the proceeds the amount due and the necessary expenses of sale and collection, and must pay the surplus to the pledgor. The pledgee, or a pledge­ holder, may purchase the property pledged when the same is sold at public auction. A pledgee can not sell any evidence of debt (collateral) pledged to him, except the obligations of governments, states, or corporations; but he may collect the same when due. Contracts. Certain contracts are invalid unless the same or some note or memorandum thereof is in writing. (See Statute of Frauds.) A contract for personal services cannot be enforced for over two years. Conveyances. An estate in real property, other than an estate at Jill iblllLllUli 111 dll 111 vqiiii.il . ci.v.ntlnn ■ in Hll cases dt will, or for a term not exceeding one year, can be transferred only by ject of litigation is not capable of pecuniary e^ima.io ; . or (he operation of law, or by an instrument in writing, subscribed by the law which involve the title or possession of realIpI demand, party disposing of the same, or by his agent thereunto authorized in | legality of any tax. etc., and in all other cases m which the uem writing. Leases of agricultural land for a longer period than ten exclusive of interest or the value or the P_r.?Pe^V detainer of pro­ years and of city property for a longer period than fifty years are amounts to $300; of actions of forcible entry andI detainerQf void, A fee simple title is presumed to beintended to pass by a grant ceedings in insolvency; of actions to Prevent; or a,ba i,f niari.iage; of real property, unless it appears from the face of the grant that a all matters of probate, of divorce and for annuli otherwise lesser estate was intended. A grant of real property may be made and of all such special cases and Proc®®d/°ff of mandamus, in the following form: “I, A. B., grant, to C. D. all that real prop­ provided for. They also have power to isue mifc ol ma erty situated in (insert name of county) county, State of California, certiorari, prohibition, quo warranto, and of habea. > . respective bounded (or described) as follows: (Here insert description, or if by or on behalf of any person in actual custody issued and the land sought to be conveyed has a well-established descriptive counties. Injunctions and writs of prohibition perior courts name, it may be described by such as for instance: ‘The Norris served on legal holidays and non-judicial days. 1. ■ I, and other Ranch.’) Witness my hand this (insert) day of (insert month), 19— have appellate jurisdiction in cases arising n J ■ - appeal be A. B.” The use of the word “grant” implies the following cove­ inferior courts in their respective counties provided t PI nants' 1. That previous to the time of the conveyance the grantor taken within thirty days of the judgment. „ appellate had not conveyed the same estale, or any right, title, or interest District Courts of Appeal. The d*Xidi®d,vith t hree justices, therein to any person other than the grantee. 2. That such estate • ,pJie general is at the time of the execution of the conveyance free from .meum- I districts, each of which has a court of appeals These courts have appellate and original these courts is brances, done, mado, or suffered by the grantor. Subsequently • line of demarcation between the supreme court il)VOived. The acquired title passes by operation of law to the grantee, or his suc­ the amount of money or the value of the prop. . appeal from cessors. Instruments entitled to be recorded must be recorded by district courts of appeal have appellate Btwsdic dc^nand exclusive the county recorder of the county in which the real property affected the superior courts in all cases at law in amounts to thereby is situated. Every conveyance of real property, acknowl­ of interest or the value of the P^opei ty in c-’”1 .. ®asps of forcible edged or proved and certified and recorded as prescribed by law from $300 and does not amount to $2,000; also mall cases^ courts): the time if is filed with the recorder for record, is constructive notice entry and detainer (except such as ajd®®*1 t ,)revent or abate a of the conf ects thereof to subsequent purchasers and mortgagees, and in proceedings in insolvency, and in actions top prohibition, every con, e, ance of real property other than a lease for a term not .exceeding one year is void as against any sebsequent purchaser or | nuisance; in proceedings in mandamus, certiorari and pro  BANKING AND COMMERCIAL LAWS—CALIFORNIA  1819  usurpation of office, contesting elections and eminent domain, and Executions. May issue any time within five years from entry of in such other special proceedings as may be provided by law (except­ judgment and after lapse of five years the judgment may be enforced or carried into execution by leave of court upon motion, or by judg­ ing in cases in which appellate jurisdiction is given to the supreme court); also on questions of law alone in all cases prosecuted by j ment for that purpose, founded upon supplemental proceedings. No right of stay exists except by order of the court in its discretion. indictment or information to a court of record, excepting criminal cases where judgment of death has been rendered. Said courts also Execution may issue against the property of a judgment debtor have appellate jurisdiction in all cases, matters and proceedings after his death, only if the judgment be for recovery or real of per­ sonal property, or the enforcement of liens thereon. Beal property pending before the supreme court which shall be ordered by the may be redeemed within one year, personal property not at all. supreme court to be transferred to a district court of appeal for hearing and decision. Exemptions. The following property is exempt from execution: Supreme Court, lias original and appellate jurisdiction. In the I. Chairs, tables, desks, and books, to the value of $200. 2. Neces­ exercise of original jurisdiction it shall have power to issue writs of sary household, table and kitchen furniture belonging to the judgment mandamus, certiorari, prohibition, and habeas corpus; it shall also debtor, including one sewing machine, stoves, stove-pipes and furni­ have power to issue all other writs necessary and proper for the ture, wearing apparel, beds, bedding and bedstead, hanging pictures, complete exercise of its appellate jurisdiction. The supreme court oil paintings and drawings drawn or painted by any member of the has appellate jurisdiction in all cases in equity, except such as arise family, and family portraits, and their necessary frames, provisions in the justices’ courts; also in all cases at law which involve the title and fuel actually provided for individual or family use sufficient or possession of real estate or the legality of any tax, impost, assess­ for three months, and three cows ar.d their sucking calves, four hogs ment, toll or municipal fine, or in which the demand exclusive of with their sucking pigs, and food for such cows and hogs for one interest or the value of the property in controversy amounts to month, one piano, one shotgun, and one rifle. 3. The farming uten­ $2,000; also in all such probate matters as may be provided by law; sils or implements of husbandry not exceeding in value the sum of also on questions of law alone in all criminal cases where the judgment $1,000; also two oxen or two horses, or two mules, and their harness; of death has been rendered; the said court also has appellate juris­ one cart or buggy and two wagons, and food for such oxen, horses, diction in all cases, matters and proceedings pending before a dis­ or mules for one month; also all seed, grain, or vegetables, actually trict court of appeal which shall be ordered by the supreme court to provided, reserved or on hand for the purpose of planting or sowing be transferred to itself foi\hearing and decision. at any time within the ensuing six months, not exceeding in value Depositions. The deposition of a witness out of this State may the sum of $200, and seventy-five bee hives, and one horse and ve­ be taken upon a commission issued from the court under the seal of hicle belonging to any person who is maimed or crippled, and the the court, upon an order of the court, or a judge or justice thereof, on same is necessary in his business. 4. The tools or implements of the application of either party, upon five days’ previous notice to the mechanic or artisan necessary to carry on his trade; the notarial other. If the court be a justice’s court, the commission shall have seal, records, and office furniture of a notary public; the instruments attached to it a certificate under seal by the clerk of the superior and chest of a surgeon, physician, surveyor, or dentist, necessary to court of the county to the effect that the person issuing the same the exercise of their profession, with their professional libraries and ■was an acting justice of the peace at the date of the commission. If necessary office furniture; the professional libraries of attorneys, issued to any place within the United States, it may be directed to a judges, ministers of the gospel, editors, school teachers and music person agreed upon by the parties, or if they do not agree, to any teachers and their necessary office furniture, including one safe and notary public, judge or justice of the pecae or commissioner selected one typewriter, also the musical instruments of music teachers ac­ by the court, or judge, or justice issuing it. If issued to any country tually used by them in giving instructions; and all the indexes, ab­ out of the United States, it may be directed to a minister, ambassador, stracts, books, papers, maps, and office furniture of a searcher of consul, vice-consul, or consular agent of the United States in such records necessary to be used in his profession; also the typewriters country, or to any person agreed upon by the parties. The com­ or other mechanical contrivances employed for writing in type ac­ mission must authorize the commissioner to administer an oath to tually used by the owner thereof for making his living; also one the witness. The testimony of a witness out of the State may be bicycle when the same is used by its owner for the purpose of carrying taken by deposition in an action, at any time after the service of the on his regular business, or when the same is used for the purpose summons or the appearance of the defendant; in a special proceeding, of transporting the owner to and from his place of business. 5. The at any time after a question of fact has arisen therein. Depositions cabin or dwelling of a miner not exceeding in value the sum of $500: must be taken in the form of question and answer. The words of also his sluices, pipes, hose, windlass, derrick, cars, pumps, tools, the witness must be written down, in the presence of the witness, implements, and appliance necessary for carrying on any mining by the officer taking the deposition or by some indifferent person operations, not exceeding in value the aggregate sum of $500; and appointed by him. It may be taken down in short hand in which two horses, mules, or oxen, with their harness, and food for same case it must be transcribed to long hand by the person who took it for one month, when necessary to be used in any whim, windlass, down. When completed, it must be carefully read to or by the derrick, car, pump, or hoisting gear, and also his mining claim, actu­ witness and corrected by him in any particular, if desired, by writing, ally worked by him, not exceeding in value the sum of $1,000. 6. or causing his corrections to be written at the bottom of the deposition, Two horses, two oxen, or two mules, and their harness, and one cart and must then be subscribed by the witness. Corrections must be or wagon, one dray or truck, one coupe, one hack or carriage for one initialed by officer before whom deposition is taken. If the parties or two horses, by the use of which a cartman, truckman, huckster, agree in writing to any other mode, the mode so agreed upon must peddler, hackman, teamster, or other laborer habitually earns -his be followed. living, and one horse with vehicle and harness, or other equipments used by a physician, surgeon, constable or minister of the gospel in Depositions in this State. The testimony of the witness in this the legitimate practice of his profession or business, with food for State may be taken by depositions in an action at any time after the same for one month. 7. One fishing boat and net, not exceeding service of summons or the appearance of defendant, and in a special the total value $500, the property of any fisherman by the lawful proceeding after a question of fact has arisen therein, in certain use of which he earns a livelihood. 8. Poultry, not exceeding in enumerated cases. value $75. 9. Seamen’s and seagoing fishermen’s wages and earn­ Depositions for Use out of the State. Any party to an action or ings not exceeding $300. 10. The earnings of the judgment debtor special proceeding in a court or before a judge of a sister state, may for his personal services rendered at any time within thirty days obtain the testimony of a witness residing in this State, to be used in next preceding the levy of execution or attachment, where it appears such action or proceeding, in the cases mentioned following: If a by the debtor’s affidavit or otherwise, that such earnings are neces­ commission to take such testimony has been issued from the court, sary for the use of his family, residing in this State supported in whole or a judge hereof, before which such action or proceeding is pend­ or in part by his labor; but where debts are incurred by any such ing. on producing the commission to a judge of the superior court person, or his wife or family for the common necessaries of life, or with an affidavit satisfactory to him of the materiality of the testi­ have been incurred at a time when the debtor had no family residing mony, he may issue a subpoena to the witness, requiring him to in this State, supported in whole or in part by his labor, the oneappear and testify before the commissioner named in the commis­ half of such earnings above mentioned are nevertheless subject to sion. at a specified time and place. If a commission has not been execution, garnishment, or attachment to satisfy debts so incurred. issued and it appear to a judge of the superior court, or a justice of II. The shares held by a member of a homestead association duly the peace, by affidavit satisfactory to him; 1. That the testimony incorporated, not exceeding in value $1,000, if the person holding of the witness is material to either party. 2. That a commission to the share is not the owner of a homestead under the laws of this take testimony of such witness has not been issued. 3. That State. 12. All the nautical instruments and wearing apparel of according to the law of the State where the action of special proceeding any master, officer, or seaman of any steamer or other vessel. 13. All is pending, the deposition of a witness taken under such circum­ fire engines, hook and ladders, with carts, trucks, carriages, hose, stances, and before such judge or justice, will be received m the action buckets, implements, and apparatus thereunto appertaining; and or proceeding, he must issue a subpoena requiring the witness to all furniture and uniforms of any fire company or department or­ appear and testify before him at a specified time and place, l.pon ganized under any law of this State. 14. All arms, uniforms and the appearance of the witness, the judge or justice must cause his accoutrements required by law to be kept by any person, and also testimony to be taken in writing, and must certify and transmit the one gun to be selected by the debtor. 15. All court houses, jails, same to the court or judge before whom the action or proceeding is and town, county, and State buildings; all public buildings, grounds, pending, in such manner as the law of that State requires. places, etc'. 16. All material purchased for use in the construction, alteration, etc., of any building, mining claim, etc., not exceeding the Descent and Distribution of Property. Property, both real value of $1,000. 17. All machinery, tools, and implements necfesand personal, of an intestate passes to his heirs. A surviving wife sary in and for boring, sinking, putting down, and constructing sur­ succeeds to one-half of the community property, l. e., all property face or artesian wells; also the engines necessary for operating such acquired by husband or wife during the marriage, which does not. machinery, implements, tools, etc.; also all trucks necessary for the include property acquired by either husband or wife by gift, bequest, transportation of such machinery, tools, implements, engines, etc., to devise or descent, which is separate property. Dower interest does the value of $1,000. 18. All moneys, benefits, privileges, or im­ not exist. The separate estate is distributed as follows: It the munities accruing, or in any manner growing out of any life insurance decedent leaves a surviving husband or wife and only one child, or on the life of the debtor, if the annual premiums paid do not exceed the lawful issue of one child, in equal shares to the surviving husband $500. 19. Shares of stock in any building and loan association to or wife and child or issue of such child. If a surviving husband or the value of $1,000. 20. Pensions from the United States Govern­ wife and more than one child living, or one child living and the lawful ment. No article, however, or species, of property mentioned in issue of one or more deceased children, one-third to the surviving this section, is exempt from execution issued upon a judgment re­ husband or wife, and the remainder in equal shares to the children covered for its price or upon, a judgment of foreclosure of a mortgage and to the lawful issue of any deceased child by right of representation. or other lien thereon. (For Homestead Exemptions, see Homestead.) But if there be no child living, the remainder goes to all the lineal descendants, and if they are in the same degree of kindred to the Fraud. (For Fraudulent Debtors, see Arrest.) Any contract obtained through fraud is voidable. Consent is deemed to have decedent they share equally, otherwise by right or repi esentation. If the decedent leaves no surviving husband or wife, the whole estate been obtained through fraud only when it would not have been given goes to the issue—the issue of children taking by right of represen­ had such cause not existed. Actual fraud consists in the suggestion tation. If there is no issue the estate goes one-half to the surviving as a fact of that which is not true, the positive assertion of that which is not true in a manner not warranted by the information of the person making it though he believes it to be true, the suppression of that which is true by one having knowledge of it, and promises made with­ sisters or to their representatives. If there is no issue, or husband or out any intention of performing, or any other act fitted to deceive. Constructive fraud, consists of any breach of duty, which without an wife, the estate goes to the father and mother, or the survivor, or, if both be dead, then in equal shares to the brothers and sisters and actual fradulent intent, gains an advantage of the person in fault by misleading another to his prejudice. Actual fraud is always a to the children of any deceased brother or. question of fact. sentation. If the decedent leaves a surviving husband or wife, and  must go to the next of kin in equal degree. Illegitimate children inherit from mother, also from father if recognized in writing but can only inherit directly and not by representation, rhese are the principal provisions of the law of succession, tenancy by the cour­ tesy is not known to our law. If the person dies testate, all property passes as directed by the will.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Garnishment. Upon receiving instruction in writing from the plaintiff or his attorney that any person has in his possession, or under his control, any credits or other personal property belonging to the defendant or is owing any debt to the defendant, the sheriff must serve upon such person a copy of the writ and a notice that such credits, or other property or debts, as the case may be, are attached in pursuance of such writ. All persons having any such property at the time of serving of such writ, unless it is delivered up or trans-   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1820  BANKING AND COMMERCIAL LAWS—CALIFORNIA  ferred or paid to the sheriff, shall he liable to the amount of such credits, property, or debts, until the attachment be discharged, or any judgment by him recovered be satisfied. Homestead. The homestead consists in the interest of the claim­ ant, divided or undivided, in the dwelling house in which the claimant resides, and in the land on which the same is situated, selected, if the claimant be married, from community property, or the separate property of the husband, or, with the consent of the wife from her separate property. When the claimant is not married, but is the head of a family, the homestead may be selected from any of his or her Separate property. The homestead can not be selected from the separate property of the wife without her consent, shown by her making or joining the declaration of homestead. The homestead is exempt from execution or forced sale, except in satisfaction of judg­ ments obtained: 1. Before the declaration of homestead was filed for record, and which constitutes liens upon the premises. 2. On debts secured by mechanics’ contractors’, sub-contractors’, artisans’, archi­ tects’, builders’, laborers’ of every class, materialmen’s or vendors’ liens upon the premises. 3. On debts secured by mortgages on the premises, executed and acknowledged by the husband and wife of an unmarried claimant. 4. On debts secured by mortgages on the premises, executed and recorded before the declaration of homestead was filed for record. In cases not enumerated above, in which, after a judgment has been docketed against the homestead claimant, and an execution for its enforcement levied on the homestead, it may be shown by an appraisement applied for to, and ordered by, th • court, after proper proceedings, that the homestead exceeds in value the amount of homestead exemption. Then steps may be taken, if it can be done without material injury to the land, to divide the prop­ erty and reach the excess. The homestead of a married person can not be conveyed or encumbered unless the instrument by which it is conveyed or encumbered is executed and acknowledged by both husband and wife. Homesteads may be selected and claimed: 1. If not exceeding $5,000 in value, by any head of a family. 2. If not exceeding $1,000 in value, by another person upon death of either spouse, if homestead is selected from community property or from separate property of spouse joining therein, title thereto vests in sur­ vivor otherwise to the heirs or devises of the person whose property was selected. Husband and Wife. The husband is the head of the family. He may choose any reasonable place or mode of living, and the wife must conform thereto. In other respects their interests are separate. Neither husband nor wife has any interest in the separate property of the other, and either may enter into any engagement with the other, Qr with any other person, respecting property, which either might if unmarried. All property of either, owned by him or her before marriage, and that acquired afterward by gift, bequest, devise or descent, is the separate property of such person. All other prop­ erty acquired after marriage by either husband or wife or both, is community property, but whenever any property is conveyed to a njarried woman by an instrument in writing, the presumption is that the title is thereby vested in her as her separate property. The husband has the management and control of the community prop­ erty, with absolute power of disposal other than testamentary, pro­ vided that he cannot make a gift of the same or convey the same without valuable consideration, unless the wife consents in writing The community property is not liable for the contracts of the wife made after marriage, unless secured by a pledge or mortgage thereof executed by the husband. The husband is not liable for damages or torts committed by wife except in a case where he would be jointly liable with her if the marriage did not exist. The separate property of the husband is not liable for the debts of the wife contracted before marriage, and the separate property of the wife is not liable for the debts of her husband, but is liable for her own debts contracted before or after marriage. A husband and wife may hold property as joint tenants, tenants by entreaties, tenants in common, or as a community property upon death of wife entire community property goes to hus­ band. whereas on death of husband wife gets one half of community. Interest. The legal rate of interest is 7 per cent and is due upon judgments after rendition and upon other obligations unless there is an express contract in writing fixing a different rate. The parties may agree on a higher rate of interest and on the compounding of same, but personal property brokers may charge not to exceed 2 (two) per cent per month. Judgments. (See Actions.) Upon filing the judgment roll, which is: a record of the proceedings in the case, it must be docketed by the clerk, whereupon it becomes a lien upon any real property of a judg­ ment debtor not exempt from execution in the county which the said judgment debtor owns at that time, or which he may thereafter acquire. This lien continues for five years, unless the enforcement of the judgment be stayed on appeal. A judgment is barred by the act of limitation within five years, unless revived by leave of court upon motion or by an action upon the judgment. Judgment must first be satisfied out of property of the judgment debtor which has been attached and in the custody of the sheriff. Liens. Mechanics, material-men, contractors, sub-contractors, artisans, architects, machinists, builders, miners, teamsters, dray­ men and all persons and laborers of every class performing labor upon or furnishing material to be used in or furnishing appliances, teams and power contributing to the construction, alteration, or repair of any building, wharf, bridge, ditch, flume, aqueduct, well, tunnel, fence, machinery, railroad, wagon road, or other structure, have liens upon the property upon which they have worked or fur­ nished material, and any person performing labor in a mining claim has a lien upon the same, and the works owned and used by the owners for reducing the ores from such mining claim, for the work or labor done. The common carrier has a lien upon the luggage of a passenger for the payment of his fare. One who sells real property has a ven­ dor’s lien thereon. Improvers of personal property, depositaries for hire, veterinary surgeons, livery stable keepers and persons pasturing horses br stock, have a special lien, dependent upon possession. Factors, banks, and laundry proprietors have a general lien, de­ pendent on possession, on any personal property in their hands. Seaman have general liens independent of possession. Owners of animals used for propagating purposes have a lien for the agreed price upon the offspring. Loggers rendering services upon logs, bolts and other timber have a lien thereon for the amount due for their personal services. Every person performing work or labor in, with, about, or upon any threshing machine or engine, horse-power, wagon, or other appliance thereof, while engaged in threshing, has a lien thereon to the extent of the value of his services, for ten days after ceasing work or labor, provided, within that time, an action is brought to recover the amount of the claim, persons repairing or altering any personal property have a hen for the reasonable value of such service. Limitations. If real estate is held adversely for five years, such adverse possession ripens into title if claimant pays taxes for five years, except against infants and persons under disability. The periods pre­ scribed for the commencement of actions other than for the recovery of real property, are as follows: Within five years; (1) An action upon a judgment or decree of any court of the United States, or of any State within the United States. (2) An action for mesne profits of real property. Within four years: (1) An action upon any con­ tract, obligation or liability founded upon an instrument in writing,  executed in this State. (2) An action to recover a balance due upon a mutual open and current count or upon an open book account. Within three years: (I) An action upon a liability created by statute, other than a penalty or forfeiture. (2) An action for trespass upon real property. (3) An action for taking, detaining or injuring any goods or chattels, including actions for the specific recovery of personal property. (4) An action for relief on the ground of fraud or mis­ take, the cause of action in such case not to be deemed to have accrued until the discovery by the aggrieved party of the facts constituting fraud or mistake: Within two years: (1) An action upon a contract, obligation or liability not founded upon an instrument of writing, or founded upon an instrument of writing executed out of the State. (2) An action on a debt, liability or obligation evidenced by an abstract, guarantee or certificate of title; and such action shall not be deemed to have accrued until the discovery of the loss or damage. (3) An action against a sheriff, coroner, or constable, upon a liability incurred by the doing of an act in his official capacity, and in virtue of his office, or by the omission of an official duty, including the non-pay­ ment of money collected upon an execution; but this subdivision does not apply to an action for an escape. Within one year: (1) An action upon a statute for a penalty or forfeiture, when the action is given to an individual or to an individual and the State, except when the statute imposing it prescribes a different limitation. (2) An action upon a statute, or upon an undertaking in a criminal action, for a forfeiture or penalty to the people of this State. (3) An action for libel, slander, assault, battery, false imprisonment, or seduction, or for injury to or for the death of one caused by the wrongful act or neglect of another, or by a depositor against a bank for the payment of a forged or raised check. (4) An action against a sheriff, or other officer, for the escape of a prisoner arrested or imprisoned on civil process. (5) An action against a municipal corporation for damages or injuries to property caused by a mob or riot. Within six months: (1) An action to recover property seized by tax collector. (2) To recover corporation stock sold for delinquent assessment. To actions brought to recover money or other property deposited with any bank, banker, trust company, or savings and loan society, there is no limi­ tation. If when the cause of action accrues against a person, he is out of the State, the action may be commenced within the term herein limited, after his return to the State, and if, after the cause of action accrues, he departs from the State, the time of his absence is not part of the time limited for the commencement of the action. And if the person entitled to bring the action be, at the time the action accrued, either a minor, insane, imprisoned for a term less than life, or a married woman, and her husband is a necessary party with her in commencing such action, the time of such disability is not a part of the time limited for the commencement of the action. No acknowl­ edgment or promise is sufficient to take a case out of the operation of the statute of limitations, unless the same is in writing, signed by the party to be charged. Part payment will not take the case out ot the statute of limitations. Where a cause of action has arisen in another State, and would be barred by the statute of limitations or that State, an action cannot be maintained here. There is no limita­ tion upon actions to recover money or property with banks or trust companies. (See Accounts.) Married Women. When a married woman is a party to an action her husband must be joined except: (1) When the action concerns her separate property including torts for personal injuries, homestead property and actions between herself and husband or when she is living separate and apart from her husband by reason of his desertion or by an agreement in writing. A married woman may become a sole trader by the judgment of the superior court or the county in which she has resided for six months next preceding the application. The husband of the sole trader is not liable tor any debts contracted by her in the course of her sole trader s business unless contracted upon his written consent. A married woman may convey without consent of her husband, and is not liable tor tne debts of her husband, but is liable for her own debts contracted before or after her marriage. She may contract as a lemme soie so as to bind her separate property. The wife may make a wi.i or her separate property. The earnings of the wife are not name ioi the debts of her husband. Mechanics’ Liens. (See Liens.) Mortgages. Any interest in real property which is capable of being transferred may be mortgaged. A mortgage can be createu, renewed, or extended only by WTiting executed with the formalin . required in the case of a grant of real property. Every transrer■oi a interest in real property, other than in trust, made only as the security for the performance of any act, is to be deemed a mortgage, and tne fact that the transfer was made subject to defeasance on a conditio may, for the purpose of showing such transfer to be a mortgage, proved (except as against the subsequent purchaser or encumbranc for value and without notice) although the fact does not appear oy the terms of the instrument. A mortgage is a lien upon everyth g that passes by a grant of the property. A mortgage does not entit the mortgagee to the possession of the property. I he assignment a debt secured by a mortgage carries with it the security, VV hen mortgage is satisfied or the mortgage indebtedness paid, the mo gagee must satisfy the mortgage of record under penalty. mortgagee may foreclose the right of redemption of the mortgag . unless expressly stipulated the mortgage is not a personal obhga on part of mortgagor. Notes and Bills of Exchange. (See Bills and Notes.) Pledge. (See Collaterals.) Powers of Attorney. An attorney in fact may be appointed for any purpose for which an agency can lawfully be created. Fowe . attorney qan only be conferred by an instrument in writing subscri by the principal which must particularly specify the powers con ferred. If the instrument contains a power to convey or• exc ■ instruments affecting real property, it must be duly acknowie g and must be recorded in the county within which the real prop y to be conveyed or affected is situated. No such tnstrument whicn been so recorded is revoked by any act of the party by whom it executed, unless the instrument containing such ,royocation is acknowledged or proved, certified, and recorded in the same in which the instrument containing the power was recorded. f an attorney in fact executes an instrument transferring an • in real property, he must subscribe the name of his principal t . and his own name as attorney in fact. Probate Law. (See Administration of Estates, Claims against Estates of deceased persons. Descent and Distribution.) fi he sui court has jurisdiction of proceedings in probate, and such procee» must be instituted (1) In the county in which the decedent . resident; (2) in the county in which he may have died, Ifavinze jn therein, he not being a resident of the State; (3) in the cou . which any part of the estate may be, if the decedent died out State and was not a resident. (4) In any county m which a y P of the estate may be. or the decedent not being a resident State nor leaving an estate in the county of death. (5) In otne • where application is first made, any person interested.may p for probate of a will or may contest such probate within o y • An inventory and appraisement is required of the executor or istrator within three months. Upon the return of the - ()tcourt may set apart for use of the surviving husband or wiie, the minor children, all the property exempt from execution i  BANKING AND COMMERCIAL LAWS—COLORADO any homestead selected, providing the same was selected from the common property or from the separate property of the person select­ ing or joining in the selection of the same. If none has been selected, the court must select, designate and set apart and cause to be recorded a homestead for the use of the surviving husband or wife, or of the minor children, or if there be no surviving husband or wife, then for the use of the minor children out of the common property, or if there be no common property, then out of the real estate belonging to the decedent. Property so set apart is not subject to further adminis­ tration. If upon the return of the inventory it appears that the value of the whole estate does not exceed $1,500, the court may set apart the whole of the estate for the use and support of the family of the deceased. Protest. (See Bills and Notes.) Replevin. There is no action of replevin in this State, but the action of claim and delivery substantially takes its place. The plaintiff in an action to recover the possession of personal property may at the time of issuing the summons, or at any time before answer, claim the delivery of such property. An affidavit must be made by the plaintiff or by some one in his behalf showing that the plaintiff is the owner of the property, or entitled to its possession, that the property is wrongfully detained by the defendant, the alleged cause of detention thereof, and that it has not been taken for a tax, assess­ ment or fine, or seized under an execution or attachment, or if so seized that it is exempt; also the actual value of the property. Plain­ tiff must also give a bond in double the value of the property. The defendant may give to the sheriff a written undertaking in double the value of the property, and retain the same, but in case he fails so to do the property is delivered to the plaintiff. Third parties may upon affidavit of ownership, claim such property and secure its release under bonds. The judgment in such action is in the alternative for a return of the property or for its value in case a de­ livery can not be had. Sale of Stock Shares. Permit must be obtained from State Cor­ poration Commissioner. Statute of Frauds. A will must be in writing, except a nun­ cupative will. (See Wills.) An agreement not to be performed within a year from making it must be in writing; also a special prom­ ise to answer for the debt, defraud, or miscarriage of another; also agreements made in consideration of marriage other than a mutual promise to marry. An agreement for the sale of goods and chattels or things in action at a price not less than $200, unless the buyer accept and receive part of the same or any part of the purchase money. No estate in land will pass other than leases not to exceed one year, unless in writing. An agreement authorizing or employing an agent or broker to purchase or sell real estate for compensation or for a commission. An agreement by its terms not to be performed in the lifetime of the promise or to make, devise or bequeath by will. No evidence is admissable to charge a person upon representations as to the credit of another, unless the representations be in writing. However where promisor has received property to apply pursuant to promise or a discharge of an obligation in consideration of the promise, or where a creditor parts with value or where the new prom­ ise is substituted for the old debt, or where levy or execution is re­ leased or there is benefit moving to promise from any party or where a factor undertakes for a commission to guarantee a sale, contracts to answer for the default of another need not be in writing. Transfer of personal property capable of manual delivery, except Wine in cellars and tanks, when not accompanied by delivery and change of posses­ sion are deemed fraudulent as to third parties unless notice of inten­ tion of sale is recorded five days before transfer is made in accordance with law. Supplementary Proceedings. When an execution is returned unsatisfied, the judgment creditor can obtain an order requiring the judgment debtor to appear and answer concerning his property before the judge or referee appointed by him, also, in case after the issuing of an execution, upon proof by affidavit that the judgment debtor has property which he unjustly refuses to apply toward the satisfaction of the judgment, the judge may make the order, and instead thereof, if it appear that the debtor is about to abscond, he may, by order of the judge, be arrested and required by him to give security for the judgment, or that he will attend from time to time during the pen­ dency of the proceedings, and that he will not in the meantime dis­ pose of any portion of his property, and in default of security he may be committed to prison. Taxes. On the first Monday of December of each year taxes become delinquent, except the last installment of the real property taxes, and thereafter 15 per cent is added for delinquency; provided, that if they be not paid before the last Monday in April next succeed­ ing, 5 per cent is added for delinquency. On the last Monday in April, of each year, all the unpaid portion of the remaining one-half of the taxes on all real property is delinquent, and thereafter 5 per cent is added for delinquency; and provided further, that the entire tax on any real property may be paid at the time the first installment as above provided is due and payable; and provided further, that the taxes on all personal property, unsecured by real property, shall be due and payable immediately after the assessment of said personal property is made. Public Utility corporations are taxed for the support of the State other property is taxed for county and city purposes. Mills. Every person over the age of eighteen years, of sound mind, may, by last will, dispose of all his estate, real and personal. A married woman may dispose of all her separate estate by will with­ out the consent of her husband, and may alter or revoke the will in like manner as if she were single. Her will must be executed and proved in like manner as other wills. Every will other than a nuncupative will must be in writing, and every will other than an holographic will and a nuncupative will, must be executed and attested as follows; 1. It must be subscribed at the end thereof by the testator himself, or some person in his presence, and by his direction must subscribe his name thereto. 2. The subscription must be made in the presence of the attesting witnesses, or acknowledged by the testator to them to have been made by him or by his aut hority. 3. I he testator must, at the time of subscribing or acknowledging the same, declare to the attesting witnesses that the instrument is his will, and 4. There must be two attesting witnesses, each of whom must sign his name as a witness at the end of the will, at the testator s request, and in his presence and in the presence of each other. An holo­ graphic will is one that is entirely written, dated, and signed bj the hand of the testator himself. It is subject to no other form, and may be made in or out of this State, and need not be witnessed. A witness to a will should always write his name and residence. All devises or gifts to a subscribing witness are void unless there are two other competent subscribing witnesses. No will m^de out ot this State is valid as a will in this State, unless executed actordin^ to the provisions of the code, except that a wi11 made ma State or country in which the testator is domiciled at the time ot his death and valid as a will under the laws of such State or country is valid in this State as to personal property. Wills proven out of state may be recorded in county where testator has left over estate. /io-™ Bequests for charity are void unless made more than thirty days before death and must in no case exceed more than one thud of the estate unless there are no legal heirs. 1RS unless provision for the same or an intention not to provide clearly appears.  I 16   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1821  SYNOPSIS OF  THE LAWS OF COLORADO RELATING TO  BANKING AND COMMERCIAL USAGES Revised by Messrs. Garwood and Garwood, Attorneys at Law, Denver. (See Card in Attorneys’ List.)  Acknowledgments. Of deeds and instruments concerning real estate, may be taken as follows; — 1. Within this State, before any judge, clerk, or the deputy clerk of any court of record, clerk, and recorder of any county, or his deputy, or notary public, or before any justice of the peace within his county. 2. Out of this State and within the United States before the secretary of any such State or Territory, the clerk of any court of record, any notary public, or any commissioner of deeds for any such foreign State or Territory appointed under the laws of this State; before any other officer authorized by the laws of any such State or Territory to take and certify such acknowledgment; provided, there shall be affixed to the certificate of such officer, other than those above enumerated, a certificate by the clerk of some court of record of the county, city or district wherein such officer resides, under the seal of such court, as to the official capacity, true signature and authority of the person certifying such acknowledgment. 3. Out of the United States, before any judge, clerk, or deputy clerk, of any court of record of any foreign kingdom, empire, republic state, principality, province, colony, island possession or bailiwick, before the chief magistrate or other chief executive officer of any province, colony, island possession or bailiwick, before the mayor or chief executive officer of any city, town, borough, county or mu­ nicipal corporation, having a seal, or before any ambassador, min­ ister, consul, consular agent, charge d’affaires, commercial agent, or any vice consul, etc., or any diplomatic consular or commercial agent or representative, or deputy of any thereof, of the United States or any other government or country appointed to reside in the foreign country or place where the acknowledgment is made, each and all certifying same unler his official seal. 4. Out of the State, and within any colony, island possession or bailiwick of the United States, before any such officer as above enumerated in relation to acknowledgments in foreign countries (except ambassadors, etc.) or before any notary public, having a seal. Actions. The distinction between the forms of actions at law and suits in equity is abolished. All actions must be prosecuted by the party in interest, and are governed by a code of civil procedure. Administration of Estates. All demands not exhibited in six months are barred, unless such creditor can find other estate of the deceased not inventoried, saving, however, to femmes covert, persons of unsound minds, imprisoned or beyond the seas, the term of one year after their disability has been removed to exhibit their claims. Creditors having liens on the property of the decedent can not fore­ close for one year unless permitted by the court and in no event until the claim has been allowed. Administration is granted to surviving husband or widow, or next of kin of an intestate, if they will accept or are not disqualified; if no such relative appears within twenty days after death of intestate, administration may be granted to a creditor; if no creditor appears in ten days after twenty days from death of intestate, or if next of kin files written relinquishment county judge may select administrator. In counties having a popu­ lation of more than 50,000 on default of relatives administration is made by public administrator. An abbreviated form of adminis­ tration is provided for estates not exceeding $500. (See Wills; Hus­ band and Wife; Descents and Distributions.) Agent. (See Partnerships.) Aliens. No restrictions as to aliens. Arbitration. Differences may be submitted to arbitration by consent of the parties in the form prescribed by statute, and a judg­ ment may be entered by the clerk of the District Court upon the finding of the arbitrators. Arrest. Inprisonment for debt, except in cases where one refuses to deliver up his estate for the benefit of his creditors, or in cases of tort or where there is a strong presumption of fraud, is abolished. In civil actions founded upon tort, where the finding is in favor of the plaintiff and the verdict states that defendant was guilty of fraud; malice, or willful deceit, execution may issue against the body of the defendant, but not where the defendant shall have been con­ victed in a criminal proceeding for the same wrong. Imprison-   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1822  BANKING AND COMMERCIAL LAWS-COLORADO  ment shall not exceed one year, and the prisoner is released upon payment of the debt. The writ of ne exeat is granted under proper circumstances. (See Fraudulent Purchasers.) Assignment. Assignments for the benefit of creditors may be made in accordance with provisions of the Assignment Act. Assign­ ments of wages not covered at the time of the assignment, or of other sums to become due to the assignor, are invalid unless recorded with the recorder of the county where the wages are to be earned, or the sums are to become due, within five days from date thereof. If the assignor is a married man or woman, residing with the wife or husband, he or she must join in the assignment. There are also provisions regulating assignments to wage-brokers and others. Attachments. In actions on contracts, express or implied, the plaintiff may have the defendant’s property attached, upon filing a bond in double the amount sued for, with affidavit of plaintiff, his agent or attorney, setting forth the amount and nature of the debt claimed, and one or more of the following grounds of attachment: 1. That defendant is a non-resident. 2. A foreign corporation. 3. A corporation whose chief office or business is out of this State. 4. Is evading service, or has been absent from State for four months, while debt has been overdue. 5. Is about to remove his propertv out of State. 6. Has fraudulently conveyed, or (7) fradulently concealed or removed or disposed of his property, or (8) and (9) is about to do either, or has departed or is about to depart from this State, with the intention of having his effects removed from this State. 10. Has failed or refused to pay the price or value of any article delivered to him to be paid for upon delivery, or (II) of any work or labor per­ formed, or for any service rendered by plaintiff, for defendant, to be paid for upon completion. 12. That the defendant fraudulently contracted the debt, or procured the money or property of the plain­ tiff. In justice courts, the fact that the debt is for farm products, house rent, household furniture and furnishing, fuel, groceries and provisions, clothing and wearing apparel for the debtor or his family, is additional ground for attachment. Garnishee process will issue in aid of attachment when money or property of the debtor is found in possession of third persons, property of non-residents and absconding debtors can be attached as in most other States.  Banks, State. Any number of persons, not less than three, may engage in the business of banking: the capital stock must not be less than from $10,000 to $50,000 dependent upon population, all of which must be paid in cash before commencing banking business, and cer­ tificate thereof filed. Generally no bank may take as security a lien on any part of its capital stock; nor take as security a lien on any part of the capital stock of other banks; nor take as security a lien for any person on more than 25 per cent of the total shares of any other bank; nor may it hold or purchase any portion of its own stock, or of the capital stock of any other corporation, unless such purchase is necessary to prevent loss upon a debt previously con­ tracted in good faith, or in other peculiar circumstances. Stock so purchased must be sold within three years, and sooner if this can be done without impairing the bank’s investment. Shareholders in banks, savings banks, trust deposit and security associations shall be held individually responsible for debts, contracts, and engagements of said association in double the amount of the par value of the stock owned by them respectively. Any banker, bank officer or employee who receives money or property after he shall have had knowledge of the insolvency of said bank, shall be deemed guilty of a felony, and, on conviction, punished by imprisonment in the penitentiary for not more then twenty years, or by a fine of not more than $2,000, or both, and in addition shall be individually responsible for the property received. Failure of the bank or banker within thirty days after receipt of such money or property is prima facie evidence of knowledge of the insolvency at the time of such receipt. Loans to any one individual or corporation are limited to 20 per cent of the paid in stock and surplus of the bank. Loans secured on real estate limited to 25 per cent of total interest bearing securities and to a period of three years, but further loans allowed secured by first mortgage on real estate worth double amount of loan limited to 50 per cent of saving deposits and to a period of five years. No bank may engage in trade or commerce; or acquire realty, except such as is necessary for its business or such as is necessarily acquired in the protection or satis­ faction of previously existing loans made in good faith. Any realty so acquired must be sold in five years, or sooner if possible. No director may borrow money in excess of 10 per cent of the capital and surplus, without the consent of a majority of the directors other than the borrower. No bank shall loan to any officer or employe thereof. All banks except National Banks, are under the supervision of the State Bank Commissioner who examines each institution at least twice yearly^ If he finds capital impaired, he requires the bank to make up deficiency, or takes possession for purposes of liquidation, as circumstances may require. Insolvent banks may be placed in con­ trol of the State Bank Commissioner. Usually no receiver can be appointed, nor can a bank make an assignment for creditors. Every . bank makes reports of its condition to the commissioner five times yearly. No bank can do business without a certificate of authority from the commissioner. Savings banks are subject to the state banking law under a number of special provisions and restrictions. Bills of Exchange. (See Commercial Paper.) BiUs of Lading and Promissory Notes. (See Commercial Paper.) Chattel Mortgages when recorded are good for two years where sum secured does not exceed $2,500; for five years, when sum does not exceed $20,000, and not exceeding ten years where sum secured exceeds $20,000; but if the sum secured be greater than $2,500 mort­ gagee must annually record statement stating that the mortgage secures a bona fide indebtedness, the portion which has been paid, and the amount still due. Chattel mortgages may be extended after maturity, but not more than thirty days after maturity, by filing an executed instrument of extension of mortgage with the county recorder. As between the parties thereto, all chattel mort­ gages are good until the indebtedness is paid or is barred by the statute of limitations. Mortgages of stocks of goods which reserve possession and power of sale to mortgagor, are void as against cred­ itors and bona fide purchasers. Disposing of mortgaged property is larceny. Chattel mortgagee, his agent or attorney, now allowed thirty days after maturity of debt in which to take possession of mortgaged chattels, and during said thirty days, or until possession is taken by mortgagee, his agent or attorney, the mortgagor shall have the right to pay said debt and have mortgage discharged as if debt had been paid at maturity. Chattel mortgages, securing the purchase price of any article may, at any time within thirty days after the maturity of the indebtedness, be extended by the mortgagee for a period not exceeding two years, and for like periods thereafter. Chattel mortgages upon household goods used by the family, when made by husband or wife residing with the other, must be made by husband and wife jointly. Collaterals. Persons holding stocks n corporations as collateral security not personally liable as stockholders for corporate debts. A pledgee of stock may nevertheless represent same at corporate meetings. Transfer of stock either in pledge or otherwise, must be noted on the books of the company within sixty days or the transfer is void for some purposes. Commercial Paper. To be negotiable, an instrument must con­ tain an unconditional order or promise to pay to order, or to bearer, ;  a certain sum of money or demand, on at a fixed or determinable time or times. The instrument may authorize that upon default of payment of any installment, or of interest, the whole shall become due, and in case of non-payment, the sale of collateral securities or confession of judgment, or waive benefit of any law intended for the advantage of the obligor. An instrument payable on con­ tingency is not negotiable. The date expressed is prima facie the true date. One in possession of an incomplete instrument has prima facie authority to fill in the blanks, but authority must be strictly pursued. Consideration is prima facie presumed. A pre-existing debt is a valuable consideration. An accommodation party is liable to a holder lor value with notice. Two or more payees, unless part­ ners, must all indorse unless one has authority for all. An instrument payable to a person as cashier or other fiscal officer of a bank or corpo­ ration is deemed prima facie payable to the bank or corporation, and may be indorsed by the corporation or by the officer. For one to be a holder in due course the instrument must be complete and regular, and taken in good faith for value before overdue, and without notice of any infirmity in the instrument or defect in title. Holder is deemed prima facie holder in due course; but when the title of a person who has negotiated it is shown to be defective, the burden is upon the holder to prove himself a holder in due course. A qualified indorser warrants the genuineness of the instrument; that he has a good title, and that he has no knowledge of any invalidity. An unqualified indorser warrants the instrument valid and subsisting. One indorsing an instrument negotiable by delivery is liable as indorser. Except when excused, presentment for payment, or acceptance, on the day when due is necessary to charge drawer or indorser of an instrument. Presentment must be made on due day, and notice of non-acceptance non-payment given on next business day to all parties primarily liable unless one has authority for all. Every negotiable instrument is payable at the time fixed without grace. Waiver of protest is deemed a waiver of formal protest, presentment, and notice of dis­ honor. Protest is required only in case of dishonored bills appear­ ing on their face to be foreign. It is optional in case of other nego­ tiable instruments. Bills drawn and payable within this State are inland; others are foreign. Parties secondarily liable are discharged by extension of time of payment. Payment by a party secondarily liable, unless an accommodation party, does not discharge the instru­ ment, but he may agin negotiate it. A qualified acceptance dis­ charges drawer and indorser unless they assent. Assent is presumed after notice, unless they dissent. Holder can refuse to receive a qualified acceptance. No presentment for payment is necessary after non-acceptance. A note drawn to maker’s order is not com­ plete unless indorsed by him. A check must be presented within a reasonable time or drawer will be discharged to the extent of the loss caused by the delay. The bank is not liable to the holder until it accepts or certifies the check. When not otherwise provided by this act, the law merchant prevails. This act applies only to instruI ments executed on or after July 20, 1897. All instruments falling due on Sunday or holiday are payable the next business day. In Denver, during June, July and August, Saturday from twelve o’clock noon until twelve midnight is a holiday, but negotiable instruments falling due on Saturday are payable and protestable on Saturday or next business day at the option of the holder. The provisions con­ cerning commercial paper in this state are practically the same as in all states where the Negotiable Instruments Act has been adopted. Conveyances. No joint tenancy in real property unless expressly declared in the deed, except in certain particular cases. Unless so declared grantees shall be deemed tenants in common, Lands not in possession may be conveyed. Not necessary for wife to join in deed except in a conveyance of or a mortgage of a homestead, entered as such of record. Witnesses are unnecessary. Seals are not necessary but a printed or ink seal is advisable. Unacknowl­ edged deeds are deemed notice from the date of filing but they can not be read in evidence unless subsequently acknowledged or proved, unless they are on record for over thirty years. (See Acknowledg­ ments; Husband and Wife.) Corporations. Three or more persons may form a corpora­ tion by filing a certificate in the proper offices, stating the name, objects for which organized, amount of capital stock, number ot shares (not less than $1.00 or more than $100.00 per share), term of existence (not to exceed twenty years, except in particular cases), number of directors (not less than three or more than thirteen), and names of those to manage the corporation for the first year, the place where principal office is to be kept, and counties in which its business is to be carried on. If part of the company’s business is to be carried on beyond the limits of the State, that fact shall also be stated in the certificate. The certificate shall also state whether or not cumula­ tive voting shall be permitted. Fee for filing Articles of Incorporation of domestic companies is $20, and 20 cents on each thousand dollars in excess of $50,000. Foreign corporations $30, and 30 cents on each thousand dollars in excess of $50,000 represented by capital, property and assets employed and located in Colorado. Directors of a mining or manufacturing corporation cannot encumber the mines or plant of such corporation until the question has been submitted to the stockholders and a majority vote of all the shares of stock has beeu made in fav.or of such proposition; and such mortgage or encumbrance without such consent is absolutely void. Cumulative method ot balloting for directors is permitted. Stockholders are liable tor corporate debts to the amount unpaid upon the stock, except that stockholders in banks, savings banks, trust, deposit, and security associations are individually responsible in double the amount ot the par valye of their stock. When the stock becomes fully paid up, a certificate to that effect should be filed. The directors are required annually, and within sixty days from January 1st, to fhe a report stating the amount of the capital stock the proportion actually paid in, and the amount of existing debts, together with many other particulars. A failure to file such report makes all the directors ana officers of the company jointly and severally liable for all the debts of the company contracted during the year next preceding the time when such report should have been filed, and until such report shall be made and filed, and subjects president and secretary to a line or not less than $1,000. No meetings of the board of directors can be held outside the State unless so provided by the Articles of incoiporation. Corporations may be dissolved by a two-thirds vote oi the entire stock. A corporation under the laws of Colorado, mao extend its charter by special meeting of the stockholders, called by 10 per cent of the entire capital stock. Corporate lue shall be renewed for entire term, not exceeding twenty years, foreign corporations doing business in this State are not allowed a longer term of corporate existence than domestic corporations of like char­ acter, but must file renewal certificates and pay fees therefor in the same manner as domestic corporations, provided that such renewal must not extend the life of the foreign corporation beyond the term fixed by the State where it was organized. Generally no foreign corporation shall have or exercise any corporate powers or hold or acquire any real or personal property, franchises, rights, or privileges, or be permitted to do any business or prosecute or defend any suit in this State, until it has filed in the proper offices copy of its charter ana incorporation act, and designated an agent upon whom service oi process can be made, and until all prescribed fees including license tax, shall have been paid, and until issuance of a certificate setting forth such full payment. _ In addition to all other fees and taxes, every domestic corporation shall pay on or before the first day of May of each year, an annual  BANKING AND COMMERCIAL LAWS—COLORADO  1823  State corporation license tax to the secretary of the State of Colorado, Saturday is a legal half holiday during June, July and August in all of ten dollars on a capitalization of one hundred thousand dollars or cities of Colorado having a population of 100,000 and over. Not all less and ten cents on each one thousand dollars or fractional part the above are legal holidays for every purpose. thereof, when the capitalization is more than one hundred thousand Husband and Wife retain their separate property, real, personal dollars, and every foreign corporation shall pay at the same rate and mixed owned at marriage, and any such property which shall upon that proportion of its capital, property and assets located and come to either of them by descent, devise, or bequest, or the gift employed in Colorado. of any person, for their own separate use. Such property of the Other provisions of the Revenue bill, approved August 4, 1917, wife is not liable for the husband’s debts. Wife may carry on trade and this act regarding annual reports, assessment of tangible and or business, sue and be used, contract debts, and execute promissory intangible property, etc., too voluminous to be quoted, make it notes, bonds, bills of exchange, and other instruments precisely as advisable that care should be exercised by both domestic and for­ if sole and may convey real estate without the husband joining in eign corporations operating in the State to acquaint themselves fully the deed. Any'chattel" mortgage upon, or sale of, the household with its requirements. (See Guaranty Companies; Trust Companies; goods used by the family, and any conveyance of, or mortgage upon, Transfer of Corporation Stock.) a homestead, and any assignment of future wages, or sums to become Courts. Justices of the peace have jurisdiction in matters involv­ due in the future, when made by husband or wife residing with the ing less than $300, county courts in matters involving less than other, must be joined in by that other. A married woman may $2,000, except in the administration of estates, where jurisdiction make a will, but neither husband nor wife shall devise or bequeath is unlimited. The district court is the court of general jurisdiction. more than half of his or her property away from the other without The supreme court is the court of final appeal, and also has some the consent in writing of the other, executed after death of the testator original jurisdiction, as in cases of habeas corpus, mandamus and or of testatrix. Marriage revokes a will previously made. The, other remedial writs. husband is liable for the debts and liabilities of the wife contracted before marriage to the extent of the real and personal property he Days of Grace. Are abolished. (See Commercial Paper.) may receive with or through her, or derive from the sale or rent of Depositions. The deposition of a witness out of the State shall her lands, and no further. The expenses of the family and the edu­ be taken upon commission issued by the clerk of the court where cation of the children are chargeable upon the property of both the suit is pending on the application of either party on five days’ husband and wife, and in relation thereto they may be sued jointly previous notice to the other, which notice shall be accompanied or severally. Either husband or wife living together can separately by a copy of the interrogatories to be attached to the commission. declare property of record in the name of the other “A Homestead,” It may be issued to a person agreed upon by the parties or to any by an entry of record over his or her signature. Neither can mortgage judge or justice of the peace, or to a commissioner appointed by the nor convey homestead without the signature of the other. governor of the State to take affidavits and depositions in other States Interest. The legal rate is 8 per cent, but any other rate not and Territories, or to a notary public. The adverse party may file exceeding 12 per cent may be fixed by agreement. Eight per cent is and have attached to the commission such cross-interrogatories as allowed on overdue bonds, bills, promissory notes, and judgments. he may desire. Parties may agree by written stipulation to take County, town, and city warrants and other like evidences or certif­ the deposition orally, or, upon proper cause shown, may obtain an icates of municipal indebtedness bear 6 per cent interest from presenta­ order of court directing it to be so taken. Depositions can be taken tion. Twelve per cent is the maximum interest rate fixed by the usury at any time after starting suit. law, of this state. Descents and Distributions. The estate of an intestate descends one-half to the surviving husband or wife, and the residue to the Judgments. A transcript of judgment may be filed in the office surviving children and descendants of children, if any; if none, of the county clerk and recorder of any county in the State, and then the whole descends to such surviving husband or wife. Except thereupon such judgment becomes a lien upon all real property as enumerated the estate of every intestate descends: 1. To his owned by the judgment debtor in that county. The lien holds for children surviving, and the descendants of his children who are dead, six years from the date upon which filed (and successive transcripts the descendants collectively taking the share which their parents may be filed.) An unsatisfied judgment should be revived every would have taken if living. 2. If no children nor their descendants, twenty years. (See Executions.) then to his father and mother, share and share alike, and if one dead, Limitations. Actions for the recovery of land must be brought then to the other; if no father or mother, then to his brothers and within twenty years after accrual of right. Actions for the recovery sisters, and to descendants of borthers and sisters who are dead, of lands actually occupied by another under a connected title deducthe descendants collectively, taking the share of their immediate ible of record or under tax or execution or other sale ordered by ancestors in equal parts. 3. If none of the foregoing living, then to court must be brought within seven years after possession taken. the grandfather, grandmother, uncles, aunts and their descendants, If title is acquired after taking possession, statute runs from date the descendants taking collectively the share of their immediate of acquiring title. Actual possession of land for seven years under ancestors in equal parts. 4. If none of the relatives above enu­ claim and color of title with payment of all taxes for said period, merated be living, then to the nearest lineal ancestor and their descend­ constitutes the possessor owner according to the purport of his paper ants, the descendants collectively taking the share of their immediate title. The same is true of vacant and unoccupied lands, unless some­ ancestors in equal parts. All posthumous children or descendants one with a better paper title pays the taxes for one or more years of the intestate, inherit as if born in the lifetime of the intestate, during such term of seven years. Actions of debt founded upon and all children of the half blood and all legally adopted children contract express or implied; upon judgments of courts not courts of shall inherit as children of the whole blood. Illegitimate children record; for arrears of rent; of assumpsit—or case founded on any inherit if parents subsequently intermarry. contract; for waste and trespass on land and for replevin, must be Dower. Common Law Dower and curtesy are abolished, as such, begun within six years after the cause of action accrues. Actions but statutory half of husband and wife in each others estate is given against sheriffs and coroners, for liability incurred by them in their in lieu of old common law dower and surtesy. (See Statutes.) official capacity, shall be brought within one year after the cause of action accrues, also actions for assault and battery, false imprison­ Executions. Executions may be issued where no appeal is taken, ment. slander and libel; also actions for penalties or forfeitures of and when placed in the hands of an officer become a lien upon all penal statutes. Bills of relief for fraud must be filed within three personal property of the debtor not exempt, in the county to which years after discovery, in case of a trust not cognizable by the courts it is issued, and it may be directed to the sheriff of any county in of common law within five years. In actions accruing out of the the State. Executions may issue upon judgments at any time after State upon contract, express or implied, or Upon any sealed instru­ five days from judgment and within twenty years from the date of ( ment in writing, or judgment or decree of any court, more than six entry but from and after twenty years from the entry of judgment, it is years before the commencement of the action the statute of limita­ considered satisfied unless revived as provided by law. Debtor or tions may be pleaded in bar of recovery. If a judgment has been legal representative has six months to redeem land from sale under rendered without this State more than three months before suit in execution. Judgment creditor has three months after expiration of this State, and is based on a cause of action more than six years old, said six months. Judgments can be made a six year lien on real such cause of action can be pleaded in bar of the judgment. The estate of debtor by filing transcript with recorder of the county where . constitutionality of this latter provision has, however, been attacked, the real eate is situated. and is very doubtful. (See 117 Fed. 400.) Exemptions. Homestead, consisting of town house and lot or Married Women. (See Husband and Wife.) lots, or of any farm to the value of not to exceed $2,000, is exempt, when such homestead has been entered of record as such, and is Mechanics’ Liens. Mechanics, material-men, contractors, sub­ occupied bv a householder, the head of a family. Personal property contractors, builders, miners, and all persons of every class performing labor upon, or furnishing materials used in the construction or repair exempt includes all wearing apparel of the debtor and his family of any building, or any other structure or improvement upon land, pictures, school books and library, beds and bedding, stoves, cook­ ing utensils, and household furniture, not exceeding $100; provisions also all who have rendered their professional, skilled service upon such structure, have a lien upon the property, also those who work or and fuel for six months; tools, implements, or stock in trade, up to furnish materials or machinery for the working of a mining claim $200; one cow and calf, ten sheep and necessary food for six months; or mineral deposit shall have a similar lien. Liens rank in the follow­ working animals up to $200; the library and implements ot a pro­ ing order: 1. Laborers or mechanics working by the day or piece, fessional man up to $300; one bicycle and one sewing machine. without furnishing material. 2. Sub-contractors and material-men, Persons not the heads of families are entitled to tools, working animals, whose claims are either entirely or principally for materials, machinery and stock in trade, not exceeding $300 in value. \\ hen debtor is or other fixtures. 3. All principal contractors. Laborers are allowed head of family, or wife of head of family, 60 per cent of wages due one month, material men two months, and the original contractor at time of levy, under execution, attachment, or garnishment, is three months after the completion of the structure, within which to exempt, when such family resides in the State and is dependent, file claim of lien. Action to enforce such lien must be commenced wholly or partially upon such earnings for support. If such wages within six months after completion of the building upon which it is do not exceed $5.00 per week at the time of levy, they are entirely claimed. exempt. Mortgages. Ordinary mortgages on realty are in common use a Fraud. Parties to any fraudulent sale of any lands, goods or also deeds of trust to a public trustee and to private trustees. A chattels, or who conceal, secrete, remove or dispose, of any goods trust deed to private trustee is foreclosed as to a mortgage. In case, or chattels or are parties to any bond, suit, judgment, or execution, the public trustee is named, the property is sold by him as provided contract or conveyance had made, or contrived with intent to deceive in the deed, after advertisement in a newspaper designated in the and defraud, or defeat, hinder, or delay creditors, are criminally trust deed, and such advertisement shall not be less than four weeks. liable. One who purchases goods on credit under an assumed or Upon a sale by the public trustee, a certificate of sale is issued. A fictitious name with intent to defraud the seller; or having purchased subsequent incumbrancer may redeem by paying the amount bid, goods on credit shall, with intent to defraud the seller, sell, hypothe­ and the sum so paid shall be added to the amount of the subsequent cate or otherwise dispose of them out of the usual course of business, encumbrance. The grantor in the trust deed, or his assigns may or secrete himself, or abscond, shall be guilty of a misdemeanor. redeem from sale within six months. After six months, and within Frauds, Statute of. The following must be in writing: Con­ nine months, a judgment creditor may redeem. After the expiration tracts for leasing of land for period longer than one year or for the of the period of redemption the public trustee executes a deed to sale of lands or any interest in lands; every agreement which by the property to the holder of the certificate of .sale, which is assignable. its terms is not to be performed within one year: every special Redemption from sales of mortgaged property the same as sales under promise to answer for the debt, detail t or miscarriage ot another; executions. every agreement, promise, or undertaking made upon consideration Notes and Bills of Exchange. (See Commercial Paper.) of marriage, except mutual promises to marry, and every contract for the sale of any goods, chattels, or things in ac mm for the price Partnerships, Limited and Special. A limited partnership of $50 or more, unless the buyer accepts anti receives part.of such may consist of one or more general partners, jointly and severally eoodsi or the evidence of some of them, or the buyer at the tune liable, and one or more special partners contributing a specified pays paH of the purchase money. (See Sales of Personal Property.) amount of cash or property, who are not liable for the debts of the partnership beyond the amount so contributed. Only the general Garnishment. (See Attachments.) partners can bind the firm. A certificate must be signed, acknowl­ Holidays. The following are legal holidays in Colorado: First edged, published, and filed of record giving details of partnership dav Of Tanuarv 12th day of February. 22nd day of February. All persons doing business under any name other than their per­ Sffih davof Mav' 4th day of Julv. 25th day of December. Thttnkssonal names, must file an affidavit showing the real persons repre­ ghdng Dfy Arbor Day being 3rd Friday in April. Colorado Day, sented, or they may not bring suits upon debts due, and may be behv-g August 1st Labor Day, being first Monday in September. convicted and fined. Columbus Day, being 12th day’of October, In addition to the above,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1824  BANKING AND COMMERCIAL LAWS—CONNECTICUT  Powers of Attorney. Powers of attorney for the conveyance of lands must be acknowledged in the same manner as deeds, and must be recorded in the same county wherein the real property to be conveyed is situate. Protest. (See Commercial Paper.) Replevin. A writ of replevin may issue in any suit to recover possession of personal property upon filing a bond in double the value of the property, with affidavit of ownership or right to pos­ session, wrongful detention and value of property, etc. Redelivery bond in similar amount may be given by defendant in forty-eight hours after levy. Sales of Personal Property. Every sale or assignment of goods and chattels in the possession or under the control of the vendor is void, as against creditors or subsequent purchasers in good faith, unless accompanied by immediate delivery and followed by actual and continued change of possession. Sales of any portion of a stock of merchandise otherwise than in the ordinary course of trade are prima facie fradulent and void against creditors, unless seller and purchaser together, before sale, make inventory, showing quantity, and cost price of the various articles; and unless purchaser makes full inquiry of the seller as to names and addresses of all creditors of seller, and the amount due to each, and obtains an answer; and notifies each creditor of the proposed sale, the cost price, and the proposed selling price; and unless the purchaser retains the inventory and written answer at least six months after the sale. This act does not apply to sales by legal representatives of public officers conducting sales in their official capacity and there are some other exceptions to this law. (See Husband and Wife.) Suits. (See Actions.) Taxes are generally a lien on real estate until paid, as also upon stocks of goods including new goods added thereto, Taxes may be paid in two semi-annual installments; the first on or before the last day of February, and the residue on or before the last day of July of the year following the one in which they are assessed. Tax sales are held in November when tax certificates are given to pur­ chasers on which treasurer’s deed may issue after three years. Real estate sold for taxes redeemed any time until treasurer’s deed issues. All mines and mining property of the class heretofore exempted by the constitution of the State shall be assessed and taxed and the taxes levied and enforced by sale of the property taxed in default of payment, as is provided by law in the case of other classes of taxable real properties. Delinquent taxes carry interest at the rate of 12 to 18 per cent per annum. Household goods to the value of 8200 belong­ ing to a head of a family are exempt. Wills. Males of the age of twenty-one years, and females of the age of twenty-one years, may dispose of their real and personal property by will but personal property may be disposed of by will by any person of the age of seventeen years. For restrictions as to married persons, see “Husband and Wife.” All wills, whether of realty or personalty shall be in writing signed by the testator or some one for him in his presence and at his direction, and attested in his presence by two or more credible witnesses. Unless otherwise expressed in the will an after-born child will share in the property. Devises and bequests to witnesses are null and void, unless the will be attested by a sufficient number of witnesses exclusive of such persons. No will can be revoked otherwise than by the subsequent marriage of the testator, or by burning, tearing, or obliterating the same by the testator, or in his presence and by his direction and consent, or by another will or credit, declaring the same, duly signed and witnessed, or by a formal annulment thereof. The property devised by will must be administered by the county court, and all property of non-residents must generally be administered to clear title to real property situated in this State. (See Husband and Wife; Descents and Distributions. Administration of Estates.)  SYNOPSIS OF  THE LAWS OF CONNECTICUT RELATING TO  BANKING AND COMMERCIAL USAGES Revised by Louis M. Rosenbluth, Attorney at Law, New Haven.  Accounts. In all actions for a book debt, the entries of the parties in their respective books shall be admissible in evidence. (For limitation of actions on accounts, see Limitations to Suits.) Acknowledgments.  (See Conveyances.)  Actions. There is but one form of civil action. Mesne process in civil actions consists of a writ of summons or attachment, describ­ ing the parties, the court to which it is returnable, and the time and place of appearance, and embodies the plaintiff’s complaint. All such writs shall be signed by a justice of the peace, commissioner of the superior court, or judge or clerk of the court to which it is returnable. The complaint should contain a concise statement of the facts con­ stituting the cause of action and a demand for relief, and legal and equitable relief may be demanded in the same action, except in actions before justices of the peace, who have no equity jurisdiction. Administration of Estates. The probate court has jurisdic­ tion of deceased estates. Administration on intestate estates is granted to the husband or wife, or next of kin or to both. On their refusal or incapacity, or upon objection by any creditor or heir to such appointment found reasonable by the court, then to any other person wbom the court deems proper. Bonds, which must be fur­ nished by the administrators or executors, are usually made double the estimated value of the personal property. Bonds of surety com­ panies authorized to do business in the State may be accepted. Where the will waives the bond a nominal bond is required, usually in double the amount of the debts of the testator. Deceased estates may be settled as solvent or insolvent. Not less than six months are limited for the presentation of claims against deceased estates, whether solvent or insolvent. Such claims are presented to the adminis­ trator or executor if the estate is solvent, or to commissioners appointed by the probate court if the estate is insolvent. Creditors not inhabitants of this State may exhibit their claims against any estate which has not been represented insolvent, at any time within one year after order of notice, and if presented more than six months after order of notice, shall be entitled to payment only out of the clear estate remaining after payment of claims exhibited within time limited. Suit must be brought within four months from the time of receiving written notice from the administrator or executor of a solvent estate of the disallowance of a claim. Twelve months is the usual time allowed for the settlement of deceased estates. Admin­ istrators and executors may mortgage real estate if shown to be for benefit of the estate, after due application to and hearing in probate court. Affidavits. Civil actions do not ordinarily have to be supported by affidavits. Affidavits have little weight as evidence, and are rarely admitted as such. Aliens. Any alien resident of any of the United States, ahd any citizen of France, so long as France shall accord the same rignt to citizens of the United States, may purchase, hold, inherit, or transfer real estate in this State in as full a manner as native-born citizens. Arbitration. Parties to any controversy desiring to submit the same to arbitration under a rule of court, and having signed and sworn to an agreement to that effect, may, upon filing this agree­ ment in the court having jurisdiction of the subject matter, have this agreement entered of record and obtain a rule of court that the said parties shall submit to and be finally concluded by such arbitration; or the said parties may personally appear in court and acknowledge that they have mutually decided to submit their controversy to the arbitration of certain named persons and may obtain a rule of court of similar purport; or in case of an action pending in court, if the parties thereto desire to refer it to arbitra­ tion, each may choose one arbitrator and the court appoint a third; and in either of these three cases, the award of the arbitrators being returned and accepted by the court, judgment shall be rendered" pursuant thereto, and execution granted thereon, with costs. Arrest. The body is exempt in ordinary actions for debts, except for money received by one acting in a fiduciary capacity, or where there is fraud in contracting the debt or in concealing attachable property so that it may not be reached by civil process. In actions generally, no attachment shall be granted against the body except for fraud. A debtor committed to jail on civil process can be released on taking poor debtors’ oath. The debtor will not be released if his oath is overcome by rebutting evidence. Assignments in Insolvency. Operation of this section sus­ pended during continuance of U. S. Bankruptcy Act. Attachments. Attachment may be made upon the original process, and is served by attaching the goods or lands of the defend­ ant, or, if sufficient goods be not found, the person in actions where there is fraud in contracting the debt or concealing property or refus­ ing to pay an admitted debt. Attachments may be granted upon all complaints containing a money demand. Supplemental attachment may be ordered by the court upon application at any time during the pendency of the action. If the plaintiff be a non-resident, he is required to furnish a bond for prosecution from twenty dollars to one hundred and forty dollars, according to amount attached. An attach­ ment lion expires unless execution is levied within sixty days alter final judgment upon the attached personal property, or within tour months upon the attached real estate. (See Exemptions.) Banks. (See State Banks and Trust Cos.) Bills of Exchange. (See Notes and Bills.) Bills of Lading. Uniform Bills of Lading Act passed in 1911. Chattel Mortgages. (See Mortgages, Conditional Sales, ana Interest.) Collateral Inheritance or Succession Tax. (See Taxes.) Conditional Sales. All contracts for the sale of personal property, except household furniture, musical instruments, bicycles, phonographs and phonograph supplies and such property as is oy law exempt from attachment and execution, conditioned that tne title thereto shall remain in the vendor after delivery, must be m writing, describing the property and all conditions of sale, ana ac­ knowledged before proper authority, and recorded in town where vendee resides. If not made as required, they are held to be absolute sales, except as between the vendor and vendee or their Pers“°a‘ representatives. A crime to conceal or convey personal property held on such conditional sale. „ . __ Contracts. Ordinary provisions of Statute of Frauds apply. Courts of probate having jurisdiction of the settlement of the estate of any deceased person may, concurrently with the courts of equity, authorize the executor or administrator to convey the title oi cue deceased in any real estate to any person entitled to it, by virtue of any contract of such deceased person, and the court of probate in which the guardian of any minor has been appointed may, m like manner, order such guardian to convey the interest of bis waru in any real estate which ought in equity to be conveyed to anotner person. Contracts for the conveyance of lands or of any interest therein, may be recorded in the records of the town in whicn sutn lands are; and such record shall be notice to all the world of tne equitable interest thus created. Gaming or wagering contracts are void. Contract of incapable person pending appointment o conservator or of spendthrift pending appointment of overseer, voi when select men have filed in town clerk’s office certified copy a vaiuaoie consiaeration ior a contract, express w  on Sunday, shall defend any action upon such contract on the grounu that it was so made until he restores such consideration, ine uni­ form Sales Act passed in 1907 covers contracts to sell. (see »aies by Retail Dealers.)  BANKING AND COMMERCIAL LAWS—CONNECTICUT Conveyances. All conveyances of land must be in writing, signed, sealed, and acknowledged by the grantor, and attested by two subscribing witnesses. The word “seal” or the letters (L. S.) may be used for a seal. The acknowledgment is made by the grantor before a judge of a court of record of this State or of the United States, a clerk of the superior court, court of common pleas, or dis­ trict court, justice of the pease, commissioner of the school fund, commissioner of the superior court, notary public, town clerk, or assistant town clerk, if in this State, and if in any other State or Territory of the United States, then before a commissioner appointed by the governor of this State, or any officer authorized to take the acknowledgment of deeds in such State or Territory, and if in a foreign country, before any consul of the United States, or notary public, or justice of the peace in such foreign country. Conveyances of real estate situated in this State, executed and acknowledged in any other State or Territory, in conformity with the laws of such State or Territory, are valid, If the land conveyed belongs to the wife, the husband should join in the conveyance, if married before April 20, 1877. If the land conveyed belongs to the husband, the wife need not join in the conveyance. No separate examination of a married woman is required in taking her acknowledgment. Con­ veyances, including leases for more than one year, to be effectual against any other person than the grantor and his heirs must be recorded on the town records of the town in which the land lies. Corporations. Corporations may be formed under the general laws by three or more persons for the transaction of any lawful busi­ ness except that of bank, savings bank, trust company, building and loan association, insurance company, surety and indemnity company, steam railroad or street railway company, telegraph com­ pany, and gas and electric lighting, water company, or any company which shall need to have the right of eminent domain. A certificate of incorporation must be filed, signed, and sworn to by all the incorporators, giving the name and location of the corpora­ tion, the nature of the business, the amount of authorized capital stock, which must not be less than $2,000, number of shares and par value of each, which shall not be less than $25, amount of capital stock with which it will commence business, which shall not be less than $1,000. A certified copy must be filed in the town clerk’s office. The organization fee must be paid to the State, of fifty cents on every thousand of its authorized capital stock up to five million, no payment to be less than $25. Stock may be paid for either in cash or property, but if in prop­ erty, a majority of the directors must make and sign upon a record book a statement of the amount for which the property is received and its actual value. In case of fraud in such valuation, directors personally liable. Certificate of organization must be signed and sworn to by a majority of the directors and filed in the office of the secretary of state, setting forth the amount of stock subscribed for, amount paid in cash and in property, names and addresses of subscribers with number of shares subscribed for, statement that the directors are officers have been duly elected and by-laws adopted, names and addresses of directors, the location of the principal office in the State with the name of the agent in charge. There must be at least three directors; vacancies in directors may be filled by remaining directors. No stock can be issued until it has been paid for in full. Receipts for partial payments of stock may be issued by the treasurer. Cer­ tificates for fractional shares cannot be issued. The corporation has a lien on capital stock owned by any person for debts due to it from the stockholder. The corporation may acquire its own capital stock with the approval of three-fourths of the stockholders, given at a meeting called for that purpose. Stockholders’ meetings must be held in this State. Similar corporations may consolidate. A corporation may be wound up by voluntary agreement of all stockholders, signed and acknowledged, directors acting as trustees to wind up the business. Receiver may be appointed on application of stockholders own­ ing one-tenth of the stock, in case of fraud, mismanagement, or if assets are in danger of waste by attachment, or when corporation has abandoned its business. Annual statements must be filed in the office of the secretary of state and a certified copy thereof in the town clerk’s office, either in January or July, giving the names and addresses of the officers and directors, amount of outstanding stock not paid for in full with the amount due thereon, the location of the principal office in this State with the name of the agent in charge on whom process may be served. For failure to file annual statement the corporation may forfeit $25 to the State. Costs. For case before justice of the peace, actual cash costs not less than $5; before city court from $5 to $25, according to amount involved; before court of common pleas or superior court, not less than $25;. before supreme court of errors, not less than $50. Attorney’s fees not included. Attorney justified in asking deposit of $15 for case in justice’s court and $50 in any other court before bringing suit. (See Insurance Companies, Injunctions, etc.) Courts. Terms and Jurisdiction. Superior court holds one term per year in each county for the trial of civil causes, and has juris­ diction in all law and equity cases exceeding $500, and exceeding $100 in those counties where there are no courts of common pleas. Court of common pleas in Hartford, Fairfield, New London, and New Haven counties has exclusive law and equity jurisdiction above $100 and below $500, and concurrent jurisdiction with the superior court above $500 and up to $1,000, and in Litchfield County has exclusive jurisdiction up to $1,000. Not less than four terms each year are held in each of the counties named, and there are city courts in many of the cities, and a district court at Waterbury, with limited civil jurisdiction, also town courts in many of the towns. I robate courts have jurisdiction of the settlement of the estates of deceased, insolvent, and incompetent persons, and are established in a large number of probate districts—-one for each district. Justices of the peace have civil jurisdiction up to $100. In New Haven and Hert­ ford jurisdiction of justice of the peace has been transferred to city court, except in cases of summary process and bastardy. nays of Grace. (See Notes and Bills of Lxchange.) Deeds. (See Conveyances.) Depositions. May be taken in a civil action by a judge or clerk of any court, justice of the peace, notary public or commissioner of the superior court, when witness lives out of the State, or more than twenty miles from place of trial, is over sixty years of age and unable to attend the trial, is going to sea, or out of the State or by age and infirmity is unable to travel to court, or is confined in jail. Reasonable notice must be given to adverse party.' be cautioned to speak tho whole truth and ta.refully examined. They must subscribe their depositions and make oath before the that^he^adverse Srty^his'age^wat present"(if so), or that he wa^noUfffidyTnd^halT a°lso c-ertJfy the reason takmg such depc> sition, seal it up, direct it to the court where it is to be used and deliever it, if desired, to tho party at whose teruestrt was taken. Depositions may be taken in any other State or-country ano y public, commissioner appointed by the governor of this State, o by   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1825  any magistrate having power to administer oaths, and they may also be taken before a foreign minister, secretary of legation, consul, or vice-consul appointed by the United States, if taken out of the United States. A judge of the superior, common pleas, or district court can issuo a “commission” to take the deposition of a person residing out of this State, to be used in a cause pending before such court. The superior court, upon petition, may allow depositions to be taken to perpetuate testimony concerning that which may there­ after be the subject of a suit. The person taking depositions may compel attendance of witnesses by subpeena and capias. Descent and Distribution of Property in Intestate Estates. (As to the share of a surviving husband or wife, see the title Husband and Wife.) After the share of the surviving husband or wife, the residue of the real or personal estate is distributed in equal propor­ tions among the children and the legal representatives of any of them who may be dead (children who have received estate by advance­ ment of the intestate in his lifetime being charged with the same in the distribution). If there be no children or legal representatives thereof, such residue shall be distributed to the parent or parents, then equally to the brothers and sisters of the intestate of the whole blood, and those who legally represent them; and if there be no such kindred, then equally to the brothers and sisters of the half blood and those who legally represent them; and if none, then equally to the next of kin in equal degree, kindred of the whole blood to take in preference to kindred of the half blood, in equal degree, and no representatives to be admitted among collaterals after the repre­ sentatives of brothers and sisters. Dower. (See Husband and Wife.) Evidence. (See Courts, Insurance Company, Corporations.) Executions. Issue on final judgment, and are returnable within sixty days. No execution issued in an action founded on contract merely can be levied on the body of the debtor except for breach of promise of marriage, misconduct or neglect in office or profes­ sional employment, or breach of trust and cases where the original attachment is against the body. Any judgment debtor, an execution against whom shall have been returned unsatiflsed in whole or in part, may be examined on oath touching his property and means of paying such judgment, and may be committed for contempt. (See Exemptions.) Exemptions. Homestead, to the value of $1,000, if declaration 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; any pension moneys received from the United States while in the hands of the pensioner (which has been construed to cover also such pension money when deposited in a savings bank); implements of the debtor’s trade, his library not exceeding $500 in value; sundry domestic animals not exceeding $150 in value; so much of any debt which has accrued by reason of the personal services of the debtor as shall not exceed $15, including wages due for the personal services of any minor child (but there shall be no exemp­ tion of any debt accrued by reason of the personal services of the defendant against the claim for the defendant’s personal board, or for the rental of any house or tenement occupied by the defendant as a place of residence when such rental shall not exceed $25); of the property of any one person having wife or family, two tons of coal, specified amounts of food-stuffs; the horse of any physician or surgeon not exceeding $200 in value, and his saddle, bridle; har­ ness, and buggy, also his bicycle; one boat owned by one person, with rigging, tackle, etc., not exceeding $200 in value, used for plant­ ing or taking oysters or clams or taking shad; one sewing machine being property of any one person using it, or having a family; one pew being property of any person having family who ordinarily occupy it, and lots in any burying ground; and all benefits allowed by any association of persons in this State toward the support of its members, incapacitated by sickness or infirmity, shall be exempted from foreign attachment or execution. Foreign Attachments. Goods concealed in the hands of agents or debts due the defendant are reached by foreign attachment which takes the place of garnishment. No assignment of future earnings will prevent their attachment when earned unless made to secure a bona fide debt, due at the date of such assignment, the amount of which shall be stated therein as nearly as possible, nor unless the term for which they are assigned shall be definitely limited in the assignment, nor unless recorded before such attachment in the town clerk’s office in the town where the assignor resides, or if he resides without the State, in the town where the employer resides, and a copy left with the employer. (See also Exemptions.) Foreign Corporations. Every foreign corporation, except insur­ ance and surety companies and building and loan associations and investment companies (a corporation which has power to or does sell or negotiate its own choses in action or sell, guarantee, or negotiate the choses in action of other persons or corporations as investments), shall, before transacting business in this State, file in the office of the secretary of the State a certified copy of its charter or certificate of incorporation, together with a statement, signed and sworn to by its president, treasurer, and a majority of its directors, show­ ing the amount of its authorized capital stock and the amount thereof which has been paid in, and, if any part of such payment has been made otherwise than in cash, such statement shall set forth the particulars thereof. Sec. 83.—Every foreign corporation with an office or place of business in this State, except insurance companies, surety companies, and building and loan associations, shall, before doing business in this State, appoint in writing the secterary of the State and his successors in office to be its attorney, upon whom all process in any action or proceeding against it may be served; and in such writing such corporation shall agree that any process against it which is served on such secretary shall be of the same legal force and validity as if served on the corporation, and that such appointment shall continue in force as long as any liability remains outstanding against the corporation in this State. Such written appointment shall be acknowledged before some officer authorized to take acknowledgments of deeds and shall be filed in the office of said secretary, and copies certified by him shall be suffi­ cient evidence of such appointment and agreement. Service upon said attorney shall be sufficient service upon the principal, and may be made by leaving a duly attested copy of the process with the secretary of the State or at his office. Every foreign corporation doing business in this State shall, within thirty days after an increase or reduction of its capital stock file in the office of the secretary of the State a certificate substantially like that required of domestic corporations organized under the like conditions. The president and treasurer of every foreign corporation doing business in this State which is not required by law to make other annual returns in this State, shall, annually, on or before the fifteenth day of February or August, make, sign, and swear to and file in the office of the secretary of the State a certificate similar to the certificate required of domes­ tic corporations (See Corporations), except that such certificate need not give the name of the agent or person in charge of its principal office upon whom process against the corporation may be served. The secretary shall thereupon record such certificate in a book kept by him for that purpose and shall furnish a certified copy to be re­ corded in the office of the town clerk of the town in this State in which such corporation has its principal office or place of business, and said town clerk shall record the same in a book kept by him for that purpose. On the fifteenth day of March and September   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1826  BANKING AND COMMERCIAL LAWS—CONNECTICUT  the town clerks of the several towns shall report to the secretary of the State the names of all corporations whose annual reports have been filed for record during the preceding six months, in accordance with the provisions of this section, and the secretary shall report to the attorney-general every six months the names of all corporations which have failed to comply with the provisions of this section, and the attorney-general shall collect all forfeitures due under this sec­ tion. Every corporation whose officers shall fail to comply with the requirements of this section shall forfeit to the State $100 for each failure. The attorney-general may remit this fine. Foreign Judgments. Not conclusive on question of jurisdiction. A foreign judgment when used by way of defence, is as conclusive to every intent, as those of our own courts. In an action on a judgment rendered in another State, evidence on the part of the defend­ ant that he had no legal notice of the suit and did not appear, is admissible, although the record of the judgment stated that the defendant appeared by his attorney. Where the foreign court has a peculiar and exclusive jurisdiction, its decree is binding upon the judgment of any other court, into which the same subject comes immediately into controversy. A judgment rendered by a court in one State has no efficacy when it is sought to be enforced in Con­ necticut, unless such court had jurisdiction of the person against whom it is rendered, acquired either by service upon him of the process in the suit, or actual notice to him of the suit, or at least by his having appeared in it, and thus submitting to the jurisdiction of the court. Jurisdiction presumed to have been properly exercised, if court once had jurisdiction. Notice presumed of resumption of jurisdiction if required by practice of foreign court. A judgment recovered in a sister State is a bar to the further prosecution of an action pending at the time in this State between the same parties on the same cause of action. It makes no difference that the judg­ ment of the sister State has been appealed from, and that the appeal is still pending, where by the laws of that State, such appeal operates only as a proceeding in error, and does not supersede the judgment. Only such pleas are pleadable to a foreign judgment, as are pleadable when rendered. Fraud. All fraudulent conveyances, suits, judgments, executions, or contracts, made or contrived with intent to avoid any debt or duty belonging to others, shall, notwithstanding any pretended con­ sideration therefor, be void against those persons only, their heirs, executors, administrators, or assigns, to whom such debt or duty belongs. Garnishment. (See Foreign Attachments.) Guaranty Companies. (See Surety Companies.) Holidays. (See Notes and Bills of Exchange.) Husband and Wife. In all marriages contracted after April 19, 1877, neither husband nor wife acquires by force of the marriage any right to or interest in any property held by the other before the marriage or acquired after the marriage, except as to the share of the survivor in the property of the other as hereinafter stated. Wife married subsequent to April 19, 1877, may hold and convey real estate separate from her husband. Separate earnings of the wife are her sole property. On the death of the husband or wife the survivor shall be entitled to the use for life of one-third in value • of all the property, real or personal, owned by the other at the time of his or her decease, after the payment of all debts and charges allowed against the estate. The right to such third can not be defeated by will. Where there is no will the survivor shall take such third absolutely, and if there are no children, shall take all of the estate of the decedent absolutely to the extent of $2,000, and one-third absolutely of the remainder of said estate. Injunctions. Any judge of any court of equitable jurisdiction may, on motion, grant and enforce writs of injunction, which shall be of force until the sitting of such court and its further order therein, unless sooner dissolved. Superior court judge may dissolve tem­ porary injunction granted by other court. All facts stated in appli­ cation for injunction must be verified by oath. Plaintiff must give bond with satisfactory surety, to answer all damages in case of failure to prosecute to effect, before temporary injunction can be issued, unless the court shall be of opinion that temporary injunction ought to issue without bond. Injunctions may be granted forthwith, if the circumstances of the case demand it; or the court or judge may cause immediate notice of the application to be given to the adverse party, that he may show cause why such injunction should not be granted; and it shall be sufficient, on such application for a tempo­ rary injunction, to present to the court or judge the original com­ plaint containing the demand for an injunction, duly verified, with­ out further complaint, application or motion in writing. Whenever a temporary injunction is granted in any cause before the return day thereof, it may be dissolved or modified by the court or judge who issued it, by any7 judge of the court to which the action is return­ able, or by any judge of the superior court;- provided a written motion for such dissolution shall be prepared before the return day. Any person who may be directly or indirectly interested in, or affected j by the granting of any temporary or permanent injunction, may appear and be heard with regard to granting or dissolving the same. I When in any action a temporary injunction has been granted, and I upon final hearing judgment shall be rendered adverse to the contin- | uance of such injunction, either party may apply to the court rendering | such judgment, representing that he is desirous of taking the case to the supreme court of errors, and praying that said temporary j injunction may be continued until the final decision therein: and i unless said court shall be of opinion that great irreparable injury [ will be done by the further continuance of said injunction, or that [ said application is made for delay and not in good faith, it shall be the duty of the court to continue said injunction until a final decision be rendered in the supreme court of errors. When in any action judgment shall be rendered for a permanent injunction order-. ing either party to perform any act, upon similar application to that above mentioned, a stay of operation of such injunction, pending final decision of supreme court of errors, may be granted for similar | reasons. The court in which such case is pending may. however, if in its opinion the cause of justice shall so require, dissolve said temporary injunction or remove the stay of said permanent injunc­ tion while said cause is so pending in the supreme court of errors. Insolvency. Suspended, owing to United States Bankruptcy Act. Interest. Legal rate, in absence of express agreement, 6 per cent; no more than 6 per cent can be recovered in either case after debt becomes payable. Express agreements in which 12 per cent is charged are valid and any person making a greater charge is liable to fine and imprisonment. There is no limit to the interest charge which can be made by any National Bank or any Bank or Trust Company, incorporated under the laws of this State nor is there any limit to the interest charge on a bona fide mortgage of real property exceeding the sum of five hundred dollars. Special law for pawn­ brokers. Judgments carry 6 per cent interest, but are not liens, and execu­ tion may be had at any time during the life of both parties. Judg­ ment by default may bo obtained if the defendant makes no appearance on or before the second day of the session. Certificate of judgment may be recorded by judgment creditor or his assignee in town clerk’s office, and such judgment from the time of filing such certificate shall constitute a lien upon the real estate described in such cert ificate, and  ; [ j I  if such lien be placed upon real estate attached in the suit upon which such judgment was predicated and within four months after such judgment was rendered, it shall hold from the date of such attachment. Such lien may be foreclosed or redeemed in the same manner as mortgages upon the same estate, and may also be foreclosed by decree of sale. Jurisdiction. (See Courts.) Liens. (Mechanics’ Liens.) Mechanics’ liens for labor or mate­ rials furnished in the construction or repair of any building may be filed by original contractor within sixty days after completion of work; but sub-contractor must serve owner of building with notice of his intention to claim a lien within sixty days after he shall have ceased furnishing materials or render services and also file his lien within said time. Payment made by the owner of the building to the original contractor in accordance with contract shall be considered as made in good faith unless the sub-contractor has duly notified said owner to withhold payment. Mechanics’ liens are foreclosed same as real estate mortgages. Unless foreclosure is instituted, liens expire two years after filing. (For judgment Liens, see Judgments.) Limitations to Suits. Open accounts and contracts not under seal, six years; contracts under seal and promissory notes not negoti­ able, seventeen years. Usual exceptions in favor of married women minors, lunatics, and those imprisoned. The time during which the party against whom there may be such cause of action shall be without the State shall be excluded from the computation. Title to real estate by adverse possession may be gained in fifteen years There is no limitation against judgments but the common law pre­ sumption of payment after twenty years exists. Limited Partnerships. Such partnerships (except banking and insurance) shall consist of one or more partners, jointly and severally responsible, as in ordinary cases, to be called general partners; and one or more partners, furnishing capital to the partnership stock, whose liability shall not extend beyond the capital so furnished by them, to be called special partners. Such partnerships shall be conducted under a company name, in which the name of one or more of the general partners shall appear; and if any special partner’s name shall be used in said company name, he shall be held liable as a general partner. No such partnership shall be deemed to be formed until the persons forming it shall make, and severally sign and acknowledge before any officer authorized to take the acknowl­ edgment of deeds, a certificate stating the company name and names and residences of all the partners designating which are general and which are special partners, and which of the general partners are authorized to transact the partnership business and sign the firm name, and also the amount of capital furnished by each special partner and the time at which the partnership is to commence and terminate: nor until such certificate, and also a certificate of the amount actually paid in by each special partner, signed and sworn to by such of the general partners as are authorized to transact the partnership business, shall be filed and recorded in the office of the town clerk of the town where the principal business of the part­ nership is to be carried on; and a copy of such certificate shall he prima facie evidence of the matters therein contained: and the Par“" nership shall be responsible only for the acts of the general partners designated as specially authorized as aforesaid; and copies of said certificates shall, in like manner, be filed in every town where sucn partnership may have a place of business. Terms of such part nership must be published for six weeks in newspaper publisnea in county where business is to be carried on. Any such partner­ ship may be renewed by filing at any time before its expiration, with the town clerk, a sworn certificate of the general partners, setting forth the time for which said renewal is made, whether the specia capital has been reduced or impaired since the last certificate niea by said partnership, and if so, to what amount, and by pubiisnmg not less than once a week for two weeks in a newspaper publisnc _ in county, the time at which the said renewed partnership is to com­ mence and terminate, signed by the partners thereto, and spenty ink which are general and which are special partners. If the reclJ?', ' ments concerning original certificate are not complied with, or tais certificate be made, all special partners shall be liable as genera partners. All advancements to the capital stock by the specia partners shall be in cash and no part of the capital furnished.oy them shall be withdrawn, either in the shape of dividends, pronor otherwise, at any time while such partnership continues; e^ceP~ that any special partner may lawfully be paid from the assets such partnership, each year during the continuance thereof, a su not exceeding 10 per centum upon the cash contributed bynu to the capital stock: provided that such payment shall only be maac out of the net profits actually earned by such partnerships during the year for which such payment is made. No special partner su under any circumstances be considered a creditor, or allowcu claim as a creditor. No special partner shall be joined as a paiiy in any action by or against such partnership unless liable as a genera partner. Married Women. (See Husband and Wife.) Mortgages of real estate are executed, acknowledged, and recorded in the same manner as deeds, and are foreclosed by strict foreclosure or by a decree of sale. Chattel mortgages to be good against third parties, where the mortgagor retains possession, must be executed, acknowledged, and recorded as mortgages of land, and can only oe made of the following described personal property—with or w ltnout the real estate in which the same is situated or used—namely: ma­ chinery, engines, or implements situated and used in any manu­ facturing or mechanical establishment; machinery, engines, imple­ ments, cases, types, cuts, or plates situated and used in any print­ ing, publishing, or engraving establishment; household furniture m a. dwelling house used by the owner therein in housekeeping; hay and tobacco in the leaf in any building. Piano, organ, melodeon, and any musical instrument used by an orchestra or band. Brick burned or unburned, in any kiln or brickyard. Hotel keepers may mort­ gage the furniture, fixtures, and other personal chattels contained and used in the hotels occupied by them or employed in connection therewith. Chattel mortgages are foreclosed by sale under orde of court. In all chattel mortgages there must be a particular descrip­ tion of each article of personal property. Judgment for deficiency after sale, permitted. No'aries Public hold office for two years from first day of Feb­ ruary of year in which commissioned, unless commission is sooner revoked bv governor. May exercise their function at any place in State. May take acknowledgments, administer oath, take deposition, subpoena witnesses to give deposition. The authority and offlcia acts of any notary may be certified to by the clerk ot the superior court of the county in which he resides, except in New London County, where the certification is made by the clerk of the court of common pleas. Notes and Bills of Exchange. Negotiable Instruments Act now in force. Powers of Attorney. Where a deed is executed by a power of attorney it is recorded with the deed. Powers of attorney to convey real estate must be executed and acknowledged in the manner required for the execution and acknowledgment of the conveyance itself. Private Banks. (See end of State Banks and Trust Companies.)  BANKING AND COMMERCIAL LAWS—DELAWARE Probate Law. (See Administration of Estates, Appeals, Assign­ I ments and Insolvency, Collateral Inheritance Tax, Courts, Descent | and Distribution of Property, Husband and Wife, and Wills.) I I Protest. (See Notes and Bills of Exchange.) Records. Warranty, mortgage, quitclaim deeds must be recorded in office of town clerk in town where land lies, also assignments of mortgage, conditional bills of sale, chattel mortgages, assignments of future earnings. Certificate of trade-mark to be filed for record in office of secretary of State. Certificate of unsatisfied judgment to be filed for record in town clerk’s office. (See Conveyances, Insur­ ance Companies, Limited Partnerships, Judgments, etc.) Redemption. (See Mortgages.) Replevy. Replevin lies for goods wrongfully detained, in which the plaintiff has a general or special property with right to immediate possession. A writ of replevin can not issue except upon an affidavit in which the affiant states the true value of the goods to be replevied, and that he believes that the plaintiff is entitled to the immediate possession of the same, nor until the plaintiff furnishes a bond with sufficient surety in a sum double the value of the property. This bond or recognizance must be signed by the obligors in presence of at least one witness other than the authority taking the recog­ nizance. Sale of Retail Business. Any person (including a person having an interest in a barber shop, dental parlor, restaurant, shoe shining, or hat cleaning business), who makes it his business to buy commod­ ities and sell the same in small quantities for the purpose of making a profit and desiring to sell the whole or a large part of his stock in trade, must file a notice of such intention in the town clerk’s office not less than fourteen, nor more than thirty days prior to such sale. Sales. Uniform Sales Act passed in 1907. Service. Service of a writ of summons in case of a resident is made by reading it and the complaint accompanying it in the defend­ ant’s hearing, or by leaving an attested copy in the defendant’s hands or at his usual place of abode; in case of a non-resident, the several courts, other than courts of probate, and the judges, clerks, and assistant clerks thereof, or any county commissioner, in term time or in vacation, may, except where it is otherwise specially provided by law, make such orders as may be deemed reasonable, in regard to the notice which shall be given of the institution or pendency of all complaints, writs of error and appeal from probate, which may be brought to or pending in any court, when the adverse party, or any person so interested therein, that they ought to be made parties thereto, reside out of the State, or when the names or resi­ dences of any such persons in interest are unknown to the party instituting the proceeding; and such notice having been given and proved shall be deemed sufficient service and notice. State Banks and Trust Companies. A reserve fund of 12 per­ cent of its demand deposits and 5 per cent of its time deposits must be held and maintained in the banking office, of which 4-12 must be gold and silver coin, demand obligations of the United States or national bank currency, or federal reserve notes and federal reserve bank notes. The remainder of said reserve fund may consist of balances subject to demand draft with reserve agents, which are members of the clearing house associations of New York, Boston, Philadelphia, Chicago, or Albany, or Buffalo, or a federal reserve bank, or national banks, state banks, or trust companies, located in Bridgeport, New Haven, or Hartford, or Waterbury, and of bonds which are legal investments for savings banks which bonds shall at no time exceed at par value one-sixth of the total reserve fund. No new loans or discounts may be made when the reserve is below 12 per cent. Bank commissioners may apply for appointment of a receiver when the reserve falls below 12 per cent after thirty days’ notice. “Demand deposits” shall mean all deposits payable within thirty days and “time deposits” shall mean all deposits payable after thirty days. No one person, corporation or firm may borrow more than 10 per cent of the amount of the capital stock paid in and surplus undi­ vided profits combined, of any state bank or trust company. This does not apply to collateral loans. Penalty of $3,000 for violation of this law. Paper of executive officers or clerks may not be dis­ counted. Loans to parties outside the State can only be made when the loans and discounts in the aggregate amount to one-half of the capital stock. Books of a bank may be examined by stockholders under certain conditions. Three-fourths of the directors must be residents of the State. No director may be obligated to a bank or trust company in an amount exceeding o per cent of the capital actually paid in and surplus undi­ vided profits combined. This does not apply to loans secured by collateral. Cashier’s bond of $10,000. At least five reports, verified by oath, must be made each year to the bank commissioners, exhibiting in detail the resources and liabilities of the bank or trust company ten days after receipt of request therefor from the bank commissioners-, which shall be published in a newspaper in the county where the bank or the trust company is located. Penalty of $10 for each day of delay in transmitting 16 Words “bank,” “trust.” or “savings” may only be used by banks, trust companies and building and loan associations incorporated by the United States or by the general assembly, but this snail not apply to firms or individuals doing business as private bankers or brokers under their own names, who deposit with the State treasurer a bond of $10,000, or acceptable securities of that amount for the protection of customers from styling themselves bankers in the conduct of their business. Banks and trust companies maintaining sayings depart­ ments must invest deposits according to the laws of the State con­ cerning investments of savings banks, and must make sworn state­ ments to the bank commissioners on October 1st in each year and oftener if required by the commissioners, of the amount of such deposits and the securities in which they are invested. A State Bank or Trust Company may be incorporated under General Laws as pro­ vided in Chapter 194, Public Acts of 1913.  1827  premiums received on business in force. No such company can incur on behalf of any one person or corporation a liability for an amount larger than one-tenth of its paid-up capital stock and surplus without giving collateral security. Taxes. Land may be sold for delinquent taxes after due adver­ tising, only so much being sold as is necessary to pay taxes and costs. Owner has one year in which to redeem, by paying the purchase money, with 12 per cent interest. Bonds, notes, or other choses in action, except bonds and notes secured by mortgage on real estate situated in this State, may be exempted from all local taxation by paying to the State a tax of 2 per cent on the face amount thereof for five years, or at the option of the holder thereof for a greater or less number of years at a proportionate rate. Inheritance taxes are levied on all property within Connecticut possessed by any resident of Connecticut at the time of his decease, and all tangible property within Connecticut possessed by a non-resident at the time of his death which passed by gift, to takeoffect at death or by will to any person, corporation, voluntary association or society, with exemp­ tions in favor of charities and on certain particular kinds of property. Rates of the taxes are 1 per cent of the value of all property in excess of $10,000 passing to any parent, grandparent, husband, wife, lineal descendant, adopted child, adoptive parent and lineal descendant of any adopted child, up to $50,000 with graded increases; 3 per cent on property passing to the husband or wife of any child of such decedant to any stepchild, brother or sister of the full or half blood and to any descendant of such brother or sister in excess of $3,000 up to and including $25,000, with graded increases; 5 per cent of the value of all property in excess of $500 passing to any persons other than those above mentioned up to and including $50,000 with graded increases. Only one exemption is allowed for each class. Transfer of Corporation Stocks. (See Corporations ) Trust Companies. (See State Banks and Trust Companies.) Warehouse Receipts. Uniform Warehouse Receipts Act passed in 1907. Wills. All persons of the age of eighteen years, and of sound mind, may dispose of their estate (real or personal) by will. No devise, except for public and charitable uses, or for the care of ceme­ teries or graves, shall be made to any persons but such as are at the time of the death of the testator in being, or to their immediate issue or descendants. Wills must be in writing, subscribed by the testator, and attested by three witnesses, each of them subscribing in his presence, but they will be effectual here if executed according to the laws of the State or country where executed. If, after the making of a will, the testator shall marry, or if a child is born to the testator, and no provision is made in the will for such contingency, such mar­ riage or birth shall operate as a revocation of such will. A will or codicil is otherwise revoked by burning, canceling, tearing, or oblit­ erating it by the testator, or some person in his presence by his direc­ tion. or by a later will or codicil. A devise of bequest to a subscrib­ ing witness or to the husband or wife of a subscribing witness, is void unless the will is otherwise legally attested, or unless the devisee or legatee be an heir to the testator. Wills are proved and estates settled in the probate court in the district where the deceased resided. Wills of non-residents owning property in this State may be proved by filing exemplified copies thereof in district where property is located. Such course should always be taken in order to pass good title to real estate. Workmen’s Compensation Act. Passed in 1913.  SYNOPSIS OF  THE LAWS OF DELAWARE RELATING TO  BANKING AND COMMERCIAL USAGES Revised by Townsend & Barsky, Attorneys at Law, Wilmington. (See Card in Attorneys’ List.)  Acknowledgment. (See Conveyances.) Actions. Suit may be commenced by capias, summons, and (where defendant is non-resident) by attachment of property. Sum­ Suits. (See Actions.) mons in justice’s court may be issued returnable in four days from date of service, or may be made returnable forthwith, upon plain­ Surety Companies. Any corporation with a paid-up capital of tiff filing an affidavit that there is danger of his losing the benefit not less than $250,090, incorporated and organized for the purpose of of his process by delay. In superior court the summons must be transacting business as surety on obligations tor persons or corporaserved personally on debtor before court sits, or by leaving a copy tions, on complying with certain requirements oi law may he accepted of the summons at his usual place of abode, in presence of some as surety upon the bond of any person or corporation required by white adult person, six days before court sits. Service by publi­ the laws of this State to execute a bond. Every foreign corporation cation allowed in the court of chancery only. before transacting any business in this State amust deposit with the insurance commissioner a copy of its charter or articles of association, Affidavits may be administered in the State by the chancellor, and sworn statement of the condition of its business. I he insurance any judge, justice of the peace, or notary public; And out of the commissioner may thereafter issue to such company a license to do State by any official duly authorized to take acknowledgments of business in this State. Such company must appoint the insurance deeds, etc.; but before a notary public is preferable. The affiant commissioner its agent on whom process may be served. Such com­ j must sign the affidavit. pany must file annually on or before March 1st, with the insurance Assignments and insolvency. There is a domestic insolvent commissioner a statement of the capital of such company and its investments and risks. An annual license is granted if annual state­ j law providing for a full surrender and equal distribution of all property, but it is very seldom used, and there is no provision in the act for ment be satisfactory. Local agents must procure certificates of the discharge of the debtor upon his making an assignment. The authority to act as agent from the insurance commissioner. I he assignee must file a schedule of property assigned within thirty days, insurance commissioner may also at any time examine the affairs and two appraisers are then appointed by the chancellor. Assign­ of any suret y company doing business m the A re.m ments must be for the benefit of all creditors alike. must be maintained equal to 50 per cent of the gross amount of   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1828  BANKING AND COMMERCIAL LAWS-DELAWARE  Attachments. Domestic attachment may be issued against an inhabitant of this State, after a return to a summons or capias issued ten days before the return thereof, of non est inventus, and proof of cause of action; or upon the filing of an affidavit ‘ ‘ that the defend­ ant is justly indebted to the plaintiff in a sum exceeding $50, and has absconded from the place of his usual abode, or gone out of the State with intent to defraud his creditors, or to elude process, as is believed.” The writ directs the attachment of property and sum­ mons of garnishees. Attachment may be dissolved on entering security to satisfy any judgment to the extent of the property attached that may be recovered against the defendant. On return of attach­ ment the court appoints three persons as auditors of the claims of creditors; the creditor attaching is allowed a double share for his diligence, not to exceed full amount of debt. Any creditor not duly presenting his claim receives no share in the distribution. Plaintiff is not required to give security. Wages are exempt from attach­ ment in New Castle County except for board or lodging. Foreign attachment may be issued against any person not an inhabitant of the State after a return of non est as in domestic attachment, or upon affidavit being made “that the defendant resides out of the State, and is justly indebted to the plaintiff in a sum exceeding $50.” Foreign attachment may also issue against a foreign corporation, but in this case the amount of the real debt must be particularly speci­ fied in the affidavit, and must exceed $50. Unlike domestic attach­ ments the plaintiff in foreign attachments has the benefit of his own discovery and does not share with other creditors. It is similar to domestic attachment in all respects except as to appointment of auditors and distribution among creditors. The court or any judge upon petition may investigate any allegation in affidavit, except as to the amount of the debt, and dissolve the attachment if sufficient ground be not shown. Foreign attachment is otherwise dissolved by entering special bail. By recent amendment in cases of foreign attachment it is no longer necessary to enter security to discharge the attachment, before an appearance can be entered. An appearance may be entered without security to discharge the attachment, and the goods attached remain as security pro tanto. Banks. There is no general banking act and but one State bank, which was chartered by the legislature in 1807. Banking companies can not be formed at present, except by special act of the Legislature. The holders of stock are taxed at the rate of one-fourth of one per centum on the cash value of each share of capital stock. There have been recently several trust companies formed in the State, either by special act before the 1897 constitution, and by general corporation act since, which have been granted banking powers by special statute. Banks and trust companies are now subject to examination and inspection by insurance commissioner. By recent amendment, National Bank may act as Trustee, Executor, Adminis­ trator, or Registrar of stocks and bonds. Bank by recent amend­ ment, prevented from loaning more than ten per cent of capital stock and surplus to any one person. Bills and Notes. Acceptance should be in writing on the bill. All checks, notes, drafts, or bills, foreign or inland, payable without time or at sight, are due on presentment without grace. Chattel Mortgages must be accompanied with an affidavit that the mortgage is made for the bona fide purpose of securing a debt, and not to defraud creditors, and if recorded within ten days from the acknowledgment thereof, is a valid lien for five years on personal property, the possession of which may remain in the mortgagor.  Claims Against Estates of Deceased Persons are paid in the following order: 1. Funeral expenses. 2. Bills for medicine, med­ ical attendance, nursing, and necessaries for last sickness of the deceased. 3. No more than one year’s wages of servants in house and laborer on a farm. 4. Rent for not more than one year, either growing due or in arrears. 5. Judgments and decrees in equity against deceased. 6. Recognizances, mortgages, and other obliga­ tions of record. 7. Obligations and contracts under seal. 8. Con­ tracts under hand for the payment of money, delivery of goods, wares or merchandise. 9. Other demands. Administration is granted: 1. To the person entitled to the residue. 2. To one or more of the creditors. 3. To any suitable person, resident or non­ resident. Bond must be given for an amount double the value of the estate. Notice must be given of claims against the deceased within six months from granting of letters (except claims of record), or executor or administrator is protected in paying debts of a lower grade. One year is allowed for settling the estate, and until the expiration of that time, he need not make distribution, nor is he chargeable with interest on the assets in hand. He may be removed upon sufficient cause. Letters granted in other states and produced under the seal of the officer or court granting the same, is competent authority for him to act in this State. Contracts are joint and several, unless otherwise expressed. Conveyances of Real Estate must be under seal (a scroll is sufficient), and should be executed before one witness at least. Deed may be acknowledged out of the State before any consul-general, consul, or commercial agent of the United States, duly appointed in any foreign country at the places of their respective official residence; before the judge of any district or circuit court of the United States, or the chancellor or any judge of a court of record of any state, terri­ tory, or country, or the mayor or chief officer of any city or borough, and certified under the hand of such chancellor, judge, mayor, or officer, and the seal of his office, court, city, or borough, by certificate endorsed upon or annexed to the deed; or such acknowledgment or proof may be taken in any such court and certified under the hand of the clerk or other officer of said court, and the seal of said court in like manner. In case of such certificate by a judge, the seal of his court may be affixed to his certificate, or to a certificate of at­ testation of the clerk or keeper of the seal. Such acknowledgment may also be taken by any commissioner of deeds for this. State, or by a notary public of any state or territory. Wife must join in deed to bar dower, and husband to bar curtesy. A deed by a corpora­ tion may be executed and acknowledged by the president or other presiding officer duly authorized by resolution of the directors, trustees, or other managers, or by the legally constituted attorney of such cor­ poration under its corporate seal. Deeds must be recorded within three months after sealing and delivery, to avail against creditors, mortgagee, or bona fide purchasers, without notice. Corporations. General Corporation Act for all purposes other than banking. Each stockholder is individually liable for the amount of capital stock not paid in in proportion to the amount subscribed by him. Corporations of other states may be .sued in this State, and the property of the same found here may be seized by attach­ ment. All foreign corporations must file with the secretary of state, statement of assets and liabilities, and the name of its authorized agent upon whom process may be served; must pay a State tax of $10, and fees of secretary of state (this State tax is paid but once) must file with the prothonotary of each county the name of authorized agent upon whom process may be served. Costs. Non-resident plaintiffs may be required to give security for costs. Courts. Terms and Jurisdiction. The different courts of the State are as follows: Supreme court; regular term at Dover third Tuesday in June and January. Court of chancery and orphans.  court; regular terms, New Castle County, at Wilmington, on the fourth Monday in March and second Monday in September; Kent County, at Dover, third Monday in March and third Monday in September; Sussex County, at Georgetown, second Monday in March and first Monday in September. Superior court, and court of general sessions are held in New Castle County at Wilmington the first Mon­ day in January, March, June, and November and third Monday in September, in Kent County at Dover, the first Monday in July and the third Monday in February, April, and October, and in Sussex County the first Monday in February, April, and October and last Monday in June in Georgetown. Oyer and terminer meets on call of judges. Jurisdiction—The superior court has jurisdiction in all civil cases, but if suit be brought for less than $50, costs will not be recovered. Justice’s jurisdiction, $200. New Court known as Court of Common Pleas was recently created for New Castle County. Presided over by one of the Judges of Superior Court. Open con­ tinuously except July and August. Jurisdiction of all cases ex con­ tractu up to $1,000. Depositions. In any suit pending, the prothonotary, on appli­ cation, enters a rule commission on the part of the applicant to any commissioner of the State or other person. The commission issues on ten days’ notice of interrogatories filed. Exceptions to interroga tories must be filed before the commission issues, and are heard before a judge at chambers. Exceptions to the execution must be filed within two days after publication. If the commissioner employ a clerk, add “The clerk by me employed in taking, writing, tran­ scribing, and engrossing the said depositions, having first duly taken the oath assigned to the said commission according to the tenor thereof.” Executions are a lien upon personalty from the time the sheriff received the writ, if actual levy be made within sixty days there­ after. Priority of lien remains in force five years. Execution may be issued within five years after date of judgment. An execution from a justice is a lien from time writ is received, if levy be made within thirty days and priority of writ remains for two years. Execu­ tion can not issue after three years without revival. Goods and chattels of a tenant are liable to one year’s rent in preference to execution or mortgage. In New Castle County wages for a month the execution. There is no redemption on property sold under of employes of corporations are preferred to the execution. Stay of six months is granted in courts of record upon judgments recorded for want of affidavit of defence, provided security be given within twenty days after judgment. In justice’s courts defendant may have six months’ stay, upon pleading his freehold; nine months’ stay upon giving security. Exemptions. No homestead law. Family pictures, bible, and library; lot in burial ground and pew in church; all wearing apparel; sewing machines in private families; tools of trade not to exceed $o0 in Kent, or $75 in New Castle County; and to the head of a family in New Castle County $200 of personal property and in Kent County $150, consisting of household goods only. No additional exemption in Sussex. The provisions of the exemption law extend and apply to a person dying and leaving a widow, giving and securing to such widow the same benefit of exemption that her husband would have had if living. Wages are exempt from execution attachment in New Castle County except for board or lodging. Pianos and organs leased or sold under contract exempt from execution process or distress for rent, provided the lessor or vendor notifies the landlord in writing of the claim thereof. . Frauds. Sale of goods void as to third parties, unless for valu­ able consideration and the possession thereof be actually delivered to the vendee. A promise to pay the debt, default, or miscarriage of another to the extent of $5 is binding if proved by the oath ot the promisee; for an amount between $5 and $25 must be proved by one credible witness or some memorandum in writing signed bytne person to be charged therewith; for an amount exceeding $2o there must be some memorandum or promise in writing signed by tne party to be charged therewith. Sale of Goods in Bulk Law recently amended imposing penalty upon seller and purchaser where require­ ments as to notice on creditors is not carried out. Garnishment. All persons except public officers, attorneys, etc., are subject to summons as garnishees. Wages are not subject to garnishment in New Castle County except for board or lodging. Holidays, Legal. January 1st, February 12th February 22d, Good Friday, May 30th, July 4th, first Monday in September Octo­ ber 12—Columbus Day; Day of the general election as it biennially occurs. Thanksgiving Day. and Christmas, and Saturday afternoon in New Castle County. If legal holiday falls on Sunday the nex day is observed. Negotiable paper falling due on legalholiday due and payable on the next preceding secular day; if falling due oi Saturday half-holiday, if not presented for payment before noon, is not due until the next succeeding secular day. Homestead. There is no homestead law in Delaware. Interest. Legal rate is 6 per cent. Any person who takes more for the use or the loan of money shall forfeit and pay to any one suing for the same a sum equal to the money loaned, one-halt tor tne use of the State, and the other for the party suing. Judgments of courts of record are liens upon all real estate ot tne debtor in the county where judgment is entered from their date, ior a period of ten years and may be revived and kept alive and a iiei by SEI. FA. or agreement before expiration of ten years from date oi entry. This lien may be extended into either or both the other counties. Judgments can only be obtained in this st^te upon judg ments in other states by suit upon a certified copy of the record said judgment authenticated under the Act of Congress .P®;. May 26, 1790. Transcripts of judgments recovered before justices of the peace may be entered in the superior court and thus be made liens on real estate after execution and return by Constable on g of defendant. Satisfaction must be entered within sixty days alter payment. Judgment in Court of Common Pleas is not a lien on Real Estate unless Transcript filed as in case of Justice of Peace. Limitations. Contracts not under hand and book accounts tnree years, bills and notes under hand six yeare. ties are merely presumed to have been paid after the lapse or tw > years, but this presumption may be overcome by proof to the trary. All judgments must be renewed within ten years |h to preserve their lien on real estate. The statute does not begu run in favor of non-resident debtor until he come into the Sta , such manner that he may be served with process, and if a d remove after the cause of action has accrued, the time of his absence is not computed. On recognizances of sheriffs , administrators , o executors’ bonds, within six years from date. Bond of gua within three years from the determination of guardianship. j Married Women retain their real and personal property on nei at marriage or received from any person other than the nu._ ■ • May receive wages for their personal labor, and prosecute and ue suits for preservation and protection of their own property, , . unmarried, and the rents, issues, and profits of their separate estate are nat controllable by the husband. Dower: The widow is en , to one-third part of all the lands and tenements whereof her husband was seized at any time during her marriage, unless she shafiDate relinquished such right, for and during the term of hor natural me. If her husband dies without issue or the children of issue she takes a moiety instead of a third part of the real estate. A married woman  BANKING AND COMMERCIAL LAWS—DISTRICT OF COLUMBIA of the age of twenty-one years and upward may dispose of her prop­ erty, both real and personal, by will, without the written consent of her husband, but subject to his right of courtesy. Two or more witnesses are necessary for a will. Husband and wife may testify in all civil actions in which either or both are or may be parties to the suit. Mortgages of Real Property are executed and acknowledged like other deeds. They become a lien from the time they are lodged with the recorder. Upon foreclosure of same there is no redemption of property. A purchase money mortgage should be recorded within thirty days to avail against a subsequent innocent holder. Proof of Claims. The full individual names of plaintiffs and defendants, together with style of doing business, must be stated; or if a corporation, the laws of what state under which incorporated. One of the plaintiffs, if a partnership, or the treasurer or cashier of a corporation, must make affidavit to the amount claimed, giving an itemized copy of the cause of action attached thereto. It is advisable to have the affidavit made before a notary public, though it may be made before others. (See Affidavit.) Protest. (See Bills and Notes.) Replevin. The writ issues out of the superior court to obtain possession of goods unlawfully taken or unlawfully detained. No affidavit is required, but before the officer to whom it is directed can execute it the plaintiffs or some substantial person for him must enter into bond to such officer in a penalty of double the value of the goods to be replevined, conditioned to prosecute the suit with effect, etc. Defendant may give counter bond and retain the goods. Summons may be served on the defendant by stating the sub­ stance of it to him personally at any time before the return of the writ, or by leaving a copy of it at his usual place of abode in the presence of some adult person six days before the return thereof. Against a corporation may be served on the president or head officer, if residing in the State, and if not, on any officer, director, or manager of the corporation or duly authorized agent named for said services. In chancery service may be had by publication under order of the chancellor. From a justice service must be personal if forthwith, otherwise four days must intervene before hearing. Taxes laid and imposed by the levy court of a county or by the State for its own purposes, are a lien upon all the real estate of the taxable upon whom they are imposed, for two years, and such lien has preference to all other liens against him. General assessments are made every four years. Wills. Any person of the age of twenty-one years or upward, of sound mind, may make a will as well of real as personal estate. Every will must be in writing and signed by the testator, or by some person subscribing the testators’ name in his presence and by his express direction, and attested and subscribed in his presence by two or more credible witnesses, or it shall be void, A will shall be proved before the register of the county in which the testator resided at the time of his death. A nuncupative will of personal estate not amounting to over $200 and pronounced by the testator in his last illness in the presence of two or more witnesses is valid if reduced to writing and attested by said witnesses within three days after. Children bom after the date of the will of the parent are entitled to the same share of the parent’s estate as if such parent had died intestate.  II  SYNOPSIS OF  THE LAWS OF THE DISTRICT OF COLUMBIA RELATING TO  BANKING AND COMMERCIAL USAGES Prepared and Revised by John B. Larner, Esq. Attorney at Law, Washington Loan & Trust Bldg., Washington. Acknowledgments. The deed of a corporation shall be executed by having the seal of the corporation attached and being signed with the name of the corporation, by its president or other officer, and shall be acknowledged as the deed of the corporation appointed for that purpose, by a power of deed or by one separate therefrom, under the corporate seal, to be annexed to and recorded with the deed. Acknowledgment of Deeds. When any deed or contract under seal relating to land is to be acknowledged out of the District of   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1829  Columbia, but within the United States, the acknowledgment may be made before any judge of a court of record and of law, or any chancellor of a State, any judge or justice of the supreme, circuit, or territorial courts of the United States, or any justice of the peace or notary public; Provided that the certificate of acknowledgment aforesaid, made by any officer of a State or Territory, not having a seal, shall be accompanied by a certificate of the register, clerk, or other public officer that the officer taking said acknowledgment was in fact the officer he professed to be. Deeds made in a foreign coun­ try may be acknowledged before any judge or notary public, or before any secretary of legation or consular officer or acting consular office of the United States as such consular officer is described in section 1674 of the revised statutes of the United States, and when the acknowl­ edgment is made before any other officer other than a secretary of legation or consular officer or acting consular officer of the United States, the official character of the person taking the acknowledgment shall be certified in the manner preset'bed as to deeds out of the Dis­ trict of Columbia but within the United States. No deeds of con­ veyance of either real or personal estate by individuals shall be exe­ cuted or acknowledged by attorney. Actions. The common law forms of actions are used except as modified by statutes. Administration. The probate court, a special term of the supreme court of the District of Columbia, has exclusive jurisdiction of the settlement of estates. A written petition stating the facts in the case must be filed with the register of wills. This petition is acted upon by a justice of the supreme court of the District, who sits daily. All executors and administrators and guardians are required to give bond with security to be approved by the court. The testator may waive the giving of bond, but the court always requires a bond sufficient to cover the debts and legacies of the deceased not to exceed double the value of the personal estate. By act of Congress, certain trust companies incorporated thereunder may act as executor or ad­ ministrator without bond, and corporations having power under their charters may act as sureties in all cases where individuals can. Credi­ tors may be barred in thirteen months provided the required notice is properly published. Probate court may order sale of real estate to pay debts, in case personal assets are insufficient. Assets of non-resi­ dents in District of Columbia are subject to claims of local creditors for one year after death. Affidavits. Affidavits for use in the District of Columbia should be taken before a justice of the peace, notary public, judge of any court of record, or a United States commissioner. Aliens. Aliens may hold real and personal property in the District of Columbia, and may acquire real estate by descent. Alien corpora­ tions are prohibited from acquiring real estate. Corporations of which over 50 per cent of the stock is or may be owned by persons or asso­ ciations not citizens of United States can not acquire or own real estate in District of Columbia. Appeals. Appeals will lie from the municipal court to the supreme •court of the District of Columbia where more than $100 is involved, and in actions for the recovery of possession of real estate. Appeals may be taken from the supreme court of the District of Columbia to the court of appeals of the District of Columbia. Appeals may be taken from the court of appeals to the supreme court of the United States: 1.  In cases where jurisdiction of trial court is in issue.  2. Prize cases. 3. Constitutional questions or treaties involved. 4. Where validity of any authority exercised under U. S., by an officer is in question and 5. Construction of any law of U. S. is drawn in question. Arrest. There is no imprisonment for debt in the District of Columbia. The court has the power to imprison for non-payment of alimony in divorce cases. Attachments may issue at institution of suit or subsequently, upon affidavit of plaintiff or his agent, supported by that of one or more witnesses, showing the grounds of his claim and right to recover, and that defendant is a non-resident, or evades service of process, or is about to remove, assign, dispose of, or secrete property with intent to hinder, delay, and defraud creditors, or that the debt was fraudu­ lently contracted. Creditor must give bond, with approved surety or sureties, to be approved by the clerk, in twice the amount of his claim for costs and damages if attachment is wrongfully sued out. Bills and Notes. The common law of England relative to bills and notes, except where changed by statute, governs all cases in which they are involved. A law similar to the New York Negotiable Instru­ ments Law is now in force in this District. (See Legal Holidays and Protest.) Chattel Mortgages. No bill of sale or mortgage or deed of trust to secure a debt of any personal chattels whereof the vendor, mort­ gagor, or donor shall remain in possession, is valid and effectual to pass the title herein, except as between the parties to such instru­ ment and as to other persons having actual notice of it, unless the same be executed and acknowledged and within ten days from the date of such acknowledgment recorded in the same manner as deeds of real estate; and as to third persons not having notice of it, such instrument shall be operative only from the time within said ten days when it is delivered to the recorder of deeds to be recorded. Collaterals. The holder of the note as collateral security for debt stands upon the same footing as the purchaser and may maintain suit thereon for his own benefit. The collateral pledged may be sold in accordance with the terms of the collateral note which usually pro­ vides that the collateral may be sold upon non-payment of the prin­ cipal of the note, either at public or private sale, and in such cases the purchaser at any such sale obtains a valid title to the collateral sold. Contracts. Every contract and obligation entered into by two or more persons, whether partners or merely joint contractors, whether under seal or not, written or verbal, and whether expressed to be joint and several or not, is for the purposes of suit deemed joint and several. On the death of one or more of such persons, his or their executors, administrators, or heirs are bound by said contract in the same manner and to the same extent as if the same were expressed to be joint and several. In actions ex contractu against alleged joint debtors it is not necessary for the plaintiff to prove their joint lia­ bility in order to maintain his action, but he is entitled to recover, as in actions ex delicto, against such of the defendants as shall be shown by the evidence to be jointly indebted to him, or against one only, if he alone is shown to be indebted to him, and judgment will be rendered as if the others had not been joined in the suit. Any of several joint debtors, when their debt is overdue, may make a separate composition or compromise with their creditors. Corporations. Any three or more persons may form a company for the purpose of carrying on any enterprise or business which may be lawfully conducted by an individual, excepting banks of circulation or discount, railroads and such other enterprise or business as is other­ wise provided for. Such corporations may have a perpetual existence. No such company is authorized to transact business until 10 per cent of the capital stock shall have been actually paid in, either in money or property at its actual value; and the recorder of deeds, before filing any certificate of incorporation, must be satisfied that the entire capital stock has been subscribed for in good faith. All of the stock­ holders of such company are severally and individually liable to the creditors of the company in which they are stockholders for the unpaid amount due upon the shares of said stock held by them respectively,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1830  BANKING AND COMMERCIAL LAWS—DISTRICT OF COLUMBIA  for all debts and contracts made by such company, until the whole amount of capital stock fixed and limited by such company shall have been paid in, and a certificate thereof shall have been made and recorded. Every such company must annually, except insurance companies, within twenty days from the first of January, make a report, which shall be duly published and which report shall state the amount of capital and the proportion actually paid and the amount of existing debts. Foreign corporations doing business in the District of Columbia are subject to service of process on their agents or on the parsons conducting their business, or by leaving copy thereof at the principal place of business of such company, or at the residence of its agent. The affairs of the corporation shall be managed by not less than three nor more than fifteen trustees, a majority of whom must be residents of the District, to be annually elected, except for the first year, by the stockholders, at such time and place as may be provided by the by-laws. The fee of the recorder for filing all certi­ ficates of incorporation where capital stock is authorized is forty (40) cents on each $1,000 of the amount of the capital stock of the corporation, as set forth in its certificate, provided that no fee shall be less than $25. Courts in session continuously throughout the year. Suits on contracts, accompanied by sufficient affidavit of right to recover, result in judgment in twenty days, exclusive of Sundays and legal holidays, after day of service on defendant, unless defendant files an affidavit setting forth facts which, if true, would in law constitute a valid defense. Days of Grace abolished.  Deeds. The following form of deed is now all that is required in the District of Columbia to convey a fee simple title to real estate: This deed, made this.... day of........... , in the year.......... by me,.... of........... , witnesseth: That in consideration of (here insert con­ sideration), I, the said............. do grant unto (here insert grantee’s name), of............. all that (here describe the property) Witness my hand and seal. .................................. (Seal.) A deed must be acknowledged and recorded with the recorder of deeds and takes effect from the time of recording. A scroll is considered a sufficient seal. Depositions. Depositions of witnesses to be used in-any civil cause whether the case be at issue or not, may be taken under any of the following conditions: 1. Where the witness lives beyond the District of Columbia. 2. Where the witness is likely to go out of the United States or out of the District and not return in time for the trial. 3. Where the witness is infirm or aged, or for any reason the party desiring his testimony fear he may not be able to secure the same at the time of trial, whether the said witness resides within the Dis­ trict or not. 4. If during the trial any witness is unable, by reason of sickness, or other cause, to attend the trial, the deposition of such witness may, in the discretion of the court, be taken and read at the trial. The deposition may be taken before any judge of any court of the United States; before any commissioner or clerk of any court of the United States, or any examiner in chancery of any court of the United States; before any chancellor, justice, or judge or clerk of any court of any State or Territory or other place under the sover­ eignty of the United States, or any notary public or justice of the peace within any place under the sovereignty of the United States: Provided, that no such person shall be eligible to take such deposition who is counsel or attorney for any party to the cause, or who is in anywise interested in the event of the cause. Descent and Distribution. The ordinary rules of descent may be stated as follows: 1. If an intestate leaves a child or children, or descendant of such child or children, his property descends to such child or children, or their descendants, subject only to the dower right of the widow, if there be one. 2. If the estate descended to the intestate on the part of the father or mother and there be no child or the descendant of any child, then to the brothers and sisters and their descendants. 3. If none, to the mother or father or the ancestors of the intestate and their descendants of the blood of the mother or father, grandmother or grandfather, as the case may be, subject to the widow’s dower. 4. If none, then to the husband or wife and their kindred in equal degree, equally. 5. No distinction between whole and half blood on part of parent from whom estate descended. 6. If there be no heir, the lands shall escheat to the District of Columbia. Personal Property: If a widow and no child or descendants, parent, brother, or sister or descendants, the widow shall have the whole, of child or descendants, the widow shall have one-third only; if in child or descendants, but parent, brother, etc., the widow shall have one-half. The surplus shall go as follows: (1) If children or descen­ dants, to them equally per stirpes; (2) If no child or descendants and a father, then to the father; (3) If no father, but a mother, then to the mother; (4) If none, but a brother or sister or descendants, to them equally per stirpes; (5) If none, to collateral relations in equal degree; (6) There is no distinction between the whole and half blood; (7) No representation after descendants of -brothers and sisters; (8) Beyond the fifth degree, the personal estate goes to the Dis­ trict of Columbia: (9) The husband on death of the wife is entitled to all her personal property in possession without administration, but administration is usually resorted to for protection of parties dealing with the husband. Dower. A wife is entitled to dower in all real estate owned by the husband at the time of his death, including equitable as well as legal estates. Evidence. (See Depositions.) Executions. Executions may be levied upon all goods and chat­ tels of the debtor not exempt, and upon gold and silver coin, bank notes or other money, bills, checks, promissory notes or bonds, or certificates of stock in corporations owned by said debtor, and upon money owned by him in the hands of the marshal or of the constable charged with the execution of such writ, and also upon all legal lease­ hold and freehold estates of the debtor in land. Executions on judg­ ments before justices of the peace may be superseded, according to the amount of the judgment, upon good and sufficient security being entered by a person who may at .the time be the owner of sufficient real property located in the District, above all liabilities and exemp­ tions, to secure the debt, costs and interests from one to six months, but there can be no stay of execution for wages of servants or common laborers, nor upon any judgment for less than $5. Exemptions. (Actual residents.) In addition to wearing ap­ parel, etc., household furniture to the value of, $300, implements of debtor’s trade or business to the value of $200, stock for carrying on business to amount of $200, one horse, harness and cart, wagon or dray, and earnings of married men or heads of families, not to exceed $100 per month for two months. Exemptions are only allowed where the party claiming such is the head of a family or householder residing in the District. Foreign Judgments. Suits may be instituted in the supreme court of the District of Columbia on any judgment of a court of record in any other jurisdiction. The declaration in any such case must be accompanied by a transcript of the record of such judgment verified according to the act of congress in such cases made and provided, and judgment in due course may be rendered on such transcript as in any other case.  Garnishment. After judgment the writ of garnishment may issue against specific property or credits in the hands of the garnishee and on the return of the writ, if there be credits, the judgment or condemnation follows. The writ of garnishment can not be issued against the United States or the District of Columbia. Holidays. Legal holidays are January 1st, February 22d, May 30th, July 4th, first Monday in September (Labor Day), Decem­ ber 25th, or the following day when any of these dates fall on Sun­ day, and such day as may be appointed by the President of the United States for fasting and prayer. Every Saturday is a legal half holiday and notes falling due on that day are not protested until Monday. Process is not issued or served by the marshal after 12 o’clock on Saturday.  Husband and Wife. The wife’s property is exempt from the hus­ band’s debts. The husband may convey direct to his wife. The wife may use all of her property of every description as fully as if she were unmarried, and may dispose of the same by deed, etc., as fully as if she were unmarried. She also has power to trade and to sue and be sued, but no married woman under the age of twenty-one years can make a valid deed or conveyance. On the death of a married woman the husband is entitled to an estate by courtesy in her fee simple prop­ erty of which she dies intestate. On the death of the wife intestate her entire personal estate becomes the property of her husband. The husband is not liable for the debts of his wife contracted before mar­ riage. A husband, who willfully neglects to provide for wife or minor child under sixteen years, in destitute circumstances, may be adjudged guilty of a misdemeanor, and may be fined, or imprisoned, by the court having jurisdiction. Interest. The legal rate of interest in the District of Columbia is 6 per cent, and in any suit where the contract is tainted with usury the plaintiff forfeits the whole of the interest so contracted to be received, and where usurious interest has been paid it can be recovered pro­ vided action for such recovery be brought within one year. In an action on a contract for the payment of a higher rate of interest than is lawful in the District, made or to be performed in any state or territory of the United States where such contract rate of interest is lawful, the judgment for the plaintiff shall include such contract interest to the date of the judgment and interest thereafter at the rate of 6 per centum per annum until paid. Judgments. Every judgment is good and enforceable by an execu­ tion issued thereon for a period of twelve years from the date when an execution might first have been issued thereon or from the date of the last revival thereof by scire facias. Judgments of the municipal coiirt are not liens on real estate until recorded in the supreme court of the District of Columbia. Jurisdiction. (See Actions, Appeals, and Municipal Court.) Limitations. Fifteen years for recovery of lands, tenements or hereditaments; executor’s or administrator’s bond, five years; instru­ ments under seal, twelve years; simple contracts and recovery of per­ sonal property and damages for its unlawful detention, three years; statutory penalty or forfeiture, libel, slander, assault, battery, may­ hem, wounding, malicious prosecution, false arrest or imprisonment, one year; all other actions three years. Usual exceptions in favor of persons under disability. Acknowledgment to revive action on debt must be in writing. Part payment will take debt out of statute.  Married Women. (See Husband and Wife.) Mortgages. Mortgages are almost entirely supplanted by deeds of trust, requiring no court proceedings to foreclose. Joining the wife is necessary to bar dower. Municipal Court. This court which takes the place of what was formerly known as the justice of the peace court has jurisdiction to the amount of $500. This jurisdiction is exclusive when tne amount claimed for debt or damages or value of personal propert does not exceed $100, and concurrent with the supreme court oi.tne District of Columbia when it exceeds $100 and not in excess ot $uoo with right of certiorari in cases of concurrent jurisdiction. Partnerships. Limited partnerships for the transaction of any mercantile, mechanical, or manufacturing business within the District may be formed by any two or more persons, but the number ot special partners is limited to six. The special partners are not liable tor the debts of the partnership beyond the fund contributed by tne to the capital. A certificate setting forth the firm name; gener nature of the business to be conducted; names of all the genera and special partners interested therein, distinguishing whlcn a general and which are special, and their respective places ot resi­ dence; the amount of capital contributed by each special part® to the common stock: and the period at which the partnership to commence and terminate must be filed with the clerk of the aupre court after having been acknowledged in the manner prescribed deeds. Protest. May be made by a notary public under his hand and seal; or by any respectable resident of the place where the bill ~ dishonored, in the presence of two or more credible witnesses. ' ■ ne a foreign bill, appearing on its face to be such, is dishonored by no acceptance, it must be duly protested for same; and where sucn bill which has not previously been dishonored by non-acceptan^, is dishonored by non-payment, it must be duly protested for sam . If it is not protested the drawer and indorsers are discharged. ' ne a bill does not so appear to be a foreign bill, protest thereof in < a. of dishonor is unnecessary. The protest must be annexed to tne or oontain a copy thereof and must state the (1) time and p a for presentment; (2) the fact that presentment was made and t manner thereof; (3) the cause or reason for protesting, (4) the dema made and the answer given, if any, or the fact that the drawer acceptor cannot be found. Records. The exemplification of the record under the hand of the keeper of the same, and the seal of the office or courJ record may be made, is good and sufficient evidence to prove a record made or entered in any of the States or I erritories of the I States; and the certificate of the party purporting to be the ke ep of such record, accompanied by such seal, 1S pnma facie e\ 1CJ t of that fact. A copy of the record of any deed or other . in writing not of a testamentary character, where the laws ot State, Territory, or country where the same may be recorded req such iecord, and which has been recorded agreeably to such lans and the copy of any will which said laws require to be admitted to probate and record, by judicial decree, and of the decree o court admitting the same to probate and record, under the haua of the clerk or other keeper of such record and the seal ol the com v or office in which the record has been made, is prima facie evid to prove the existence and contents of such deed, will, or other i ment in writing, and that it was executed as it purports to hav e o • Taxes. One and one-half per centum upon assessed value ot property, real and personal. Assessments of real estate are fixe approximately two-thirds of real value. Penalty of 1 per' eent P month for default in payment. Taxes are payable in May or eacu year. New assessments are made every two years lor real esta (unless improvements are put on) and every year for personal proper by a permanent Board of Assessors. Intangibles are taxed at n rate of three-tenths of one percentum of the fair value thereoi.  BANKING AND COMMERCIAL LAWS—FLORIDA Trust Companies. Trust companies can be organized under the general provisions of the code on that subject. No trust company can be incorporated with less capital stock than $1,000,000. May do a storage business with a capitalization of not less than $1,200,000. Foreign companies desiring to operate in the District must first com­ ply with the provisions for the organization of trust companies under the laws of this District. Wills. All wills and testaments must be in writing and signed by the testator, or by some other person in his presence and by his express directions, and shall be attested and subscribed in the presence of the said testator by at least two credible witnesses. No will, testa­ ment, or codicil is effectual for any purpose whatever unless the person making the same be, if a male, of the full age of twenty-one years, and if a female, of the full age of eighteen years, and be at the time of executing or acknowledging it, of sound and disposing mind and capable of executing a valid deed or contract. Any will executed after January 17, 1887, and before January 1, 1902, devising real estate, from which it shall appear that it was the intention of the testator to devise property acquired after the execution thereof shall be deemed, taken and held to operate as a valid devise of all such property; and any will hereafter executed, which shall by words of general import devise all of the estate or all of the real estate of the testator shall be deemed, taken and held to operate as a valid devise of any real estate acquired, by said testator after the execu­ tion thereof, unless an intention shall appear to the contrary. Where a devisee or legatee dies before the testator, leaving issue, such issue stands in the place of the deceased devisee or legatee unless a contrary intention appear from the will.  SYNOPSIS OF  THE LAWS OF FLORIDA RELATING TO  BANKING AND COMMERCIAL USAGES  Revised by Haley & Heintz, Attorney at Law, Jacksonville, Fla.  Accounts. Open accounts are barred in three years. Acknowledgments must in every instance be under official seal. If made in the State of Florida, may be made before any judge, justice of the peace, clerk or deputy clerk of a court of record, or notary public; or if made out of the State, and within the United States, before a United States Commissioner of Deeds appointed by the governor of this State, or before a judge or clerk of any court of the United States or of any state, territory or district, having a seal, or before a notary public or justice of the peace of such state, territory or district , having an officiai seal, and the certificate of acknowledgment or proof shall be under the seal of the court or officer as the case may be. It made out of the United States, before any commissioner of deeds appointed by the governor of the State to reside in such country, or any notary public of such foreign country, or before any minister charge d affaires, consul-general, consul, vice-consul, commercial agent, or vice-com­ mercial agent of the United States appointed to reside in such country. Conveyances of dower and powers of attorney for the execution of deeds to real estate must be executed in like manner as conveyances of real estate. A wife’s acknowledgment must be taken separate and apart from her husband. Officers must certify that the grantors are known to him. The following is the usual form adopted, viz: State of Florida, 1 County of.............................. 1 Before the subscriber personally appeared. ... ... . . . . . . . . . . ... and his wife.....................known to me to be the individuals described in and who executed the foregoing instrument who acknowledged that, they executed the same for the uses and purposes therein expressed and the said  ................................... wlfe of the sa,d................  ..’... .'.'.being by me further and privily examined separate and apart from her said husband, acknowledged and declared that she executed the same freely and voluntarily, and without fear, appre­ hension, compulsion, or constraint of, or from her said husband, and for the purpose of renouncing and relinquishing all her right, of what­ soever kind, in and to said property. Given under my hand and seal official this................ day of................. 19 •••• Notary Public. My commission expires............................................................. (See notaries.) Actions. Suits shall be begun only in the county (or if less than $100 in justice district) where the defendant resides, or where the   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1831  cause of action accrued, or where the property in litigation is. If brought in any county where defendant does not reside, the plaintiff, or some person in his behalf, shall file with the precipe or bill in chan­ cery, an affidavit that the suit is brought in good faith and with no intention to annoy the defendant. This latter provision does not apply to suits against non-residents. Where there are joint defendants suit may be brought in any court (or justice district) where any one of the defendants resides, or where the cause of action accrued or where the property in litigation is. Corporations (domestic) can only be sued in a county where they keep an office. Foreign corporations may be sued in any county where they have an agent, or where the cause of action accrued or where the property in litigation is. Administration of Estates. Upon the death of a person intestate or having made a will but appointing no executor, the county judge appoints an administrator, preferring first the next of kin; but if none such apply, then, upon notice given by publication, any creditor or suitable person. No minor can be appointed. If no one applies for letters of administration within sixty days after death, the probate court may order the sheriff to act. The administrator appointed by the court must give bond in amount to be fixed by the probate judge, respect being had to the value of the estate. The sheriff when acting as administrator is liable upon his official bond. Claims against an estate are barred after two years from date of notice given by adminis­ trator to present same. Debts due more than five years prior to death are barred, saving to married women, minors and persons non compos mentis, imprisoned, or out of State, three years, after removal of disa­ bilities. The compensation of the administrator is determined by the court and. in addition to compensation for his ordinary duties, not to exceed 6 per cent of money received for sales made of personal and real property. Administrators must make annual settlements before the first day of June each year or forfeit commissions. The Circuit Court is empowered to authorize administrator or executor to carry on deceased’s trade or business for a reasonable time. Affidavits may be made before any judge, clerk of the circuit and supreme courts, justice of the peace, or notary public. Aliens. No distinction between any citizens, except that they are not allowed to vote. Appeals. Appellate proceedings for the common law side are by writ of error, which must be sued out within six months from the date of the judgment. The record must be filed in appellate court on or before the return day of the writ, under penalty of dismissal. Ques­ tions of fact can only be taken up by bill of exceptions, which must be presented within the term of the court unless by special order the time is extended. Appeals in chancery may be taken within six months and the law governing writs of error as far as it relates to filing of transcripts of records and proceedings thereon and filing assignment of errors, the duty of appellate court in giving judgment, in causing execution of its decrees and quashing writs of error, are applicable to appeals in chancery. Notice of appeal in chancery must be filed with clerk and recorded in minutes. This gives appellate court juris­ diction. Arbitration. Parties to the controversy may make a rule of court of any arbitration to which they may desire to submit by filing a state­ ment of agreement of the matters they desire to arbitrate in writing with the court having jurisdiction, which statement shall include the names of the arbitrators and the umpire. An award upon such arbi­ tration can only be set aside for fraud, corruption, gross negligence, or misbehavior of one or more of the arbitrators or umpire, or evident mistake acknowledged by the arbitrators or umpire, who made and signed the award. Arrest. No arrest for non-payment of money unless it be for non­ payment of a fine lawfully imposed. Assignments and Insolvency. Assignments by insolvents are provided for by law. Preferences are not allowed. All property, except that which is exempt, must be surrendered to the assignee. Assignee gives bond and winds up estate. Attachment process may issue upon affidavit made, setting forth that amount is actually due; that plaintiff has reason to believe defend­ ant will fraudulently part with his property before judgment can be recovered or is actually removing his property, or is about to remove it out of the State, or resides beyond the limits thereof, or is actually removing or about to remove out of the State, or absconds or conceals himself or is secreting property or fradulently disposing of same, or actually removing, or is about to remove, beyond the judicial circuit in which he, she, or they reside. Attachment may also issue for a debt not due, upon affidavit stating that the debt is actually existing, and that the defendant is actually removing his property beyond the limits of the State, or is fraudulently disposing of his property for the purpose of avoiding the payment of his just debts or demands, or is fraudulently secreting his property for such purposes. Proof must also, be exhibited to the officer by affidavit other than that of the plain­ tiff, of the existence of the special ground. The making of the affi­ davit causes all debts to mature for the purpose of the suit. Plaintiff must give bond, with two securities in at least double the debt or sum demanded. Service of notice of the suit may be either personal or by publication where attachment is levied and property is not retaken by defendant. No arrest allowed in civil actions. Writs of garnish­ ment may be issued at commencement of suit or at any time after­ ward, provided the plaintiff, his agent or attorney, will make affidavit that the debt for which the plaintiff sues is just, due and unpaid; that the garnishment applied for is not sued out to injure either the defendant or the garnishee; that he does not believe that defendant will have in his possession after execution shall be issued visible property in this state and in the county in which suit is pending upon which a levy can be made sufficient to satisfy the amount of plaintiff’s claim, stating the amount, and, except in cases in which plaintiff has had an attachment or obtained his final judgment, he, his agent or attorney, must enter into bond payable to defendant in double the amount of the debt, conditioned to pay all costs and damages which defendant may sustain in consequence of plaintiff’s improperly suing out the writ. Banks. No banking company shall be organized with a capital less than $50,000, except that banks with a capital of not less than $15,000 may with approval of comptroller, be organized in any city or town containing not more than 3,000 inhabitants, and that banks with a capital stock of $25,000 may, with the approval of the comptrol­ ler, be organized in any city or town of not more than 6,000 inhabitants. Savings banks may have not less than $20,000 capital. Banks are formed as other corporations are, and can not begin business until authorized by the comptroller. The comptroller of the State may inspect and supervise the business of the bank, except national banks, and inspect and examine its books, papers, documents, minutes, and everything pertaining to the acts of the bank. Banks are required to make full and complete reports whenever called for by the State Comptroller in such form as he may prescribe, and advertise in January of each year amount of stock, property, and contractual indebtedness. Before organization the whole of the capital stock must be paid in cash. Stockholders are individually liable to the extent of their stock at the par value thereof, in addition to the amount invested in said shares. Directors must be citizens of the United States, and own ten shares of stock of $100 per share. The comp­ troller, with the aid of the courts, winds up the affairs of insolvent banks. Private bankers are subject to all penalties of the State   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1832  BANKING AND COMMERCIAL LAWS—FLORIDA  banking laws and to the supervision and control of the State Comp­ troller. No new private banks permitted after June 4, 1915. It is a misdemeanor to make wilful and malicious derogatory statements affecting banking institutions. Bills of Lading. Bills of lading are evidence against the carrier of the direction by which freights are to be received, carried, and delivered —collector or holder of commercial paper, attached to a bill of lading not a warrantor of the quantity or quality of the goods represented thereby, except by express contract in writing, and the officers, agents, and employes of the carrier are requied to comply with the terms of the bill of lading under penalty of criminal prosecution. Chattel Mortgages and Deeds of Trust. All conveyances in­ tended to secure the payment of money are mortgages. Chattel mortgages must be recorded or the property delivered to mortgagee to make them affectual against bona fide creditors and purchasers for value. Injunction will be granted against the removal of mortgaged personalty from the State; can only be foreclosed by bill in chancery unless under $100, and upon personal property, when a common law action may be brought in justice of the peace court, and mortgage filed with precipe. The form and effect of trust deeds have not been dis­ turbed by statute. It is a criminal offence to mortgage personal prop­ erty more than once without the consent of first lienor. Checks and Drafts. It is a felony to obtain money or goods by drawing and uttering check or draft having insufficient fubds on deposit to pay same, provided the check or draft is presented in due course and drawer fails to pay same, or return the considerati >n received, within twenty-four hours after written notice of dishonor. Collateral Security. It is a misdemeanor to sell, pledge, loan, or in any way dispose of collateral security without the consent of pledgor. A written agreement may be made at the time of making the pledge for the sale of the collateral in such manner and upon such terms as the parties may desire, but notice must be given to pledgor ten days prior to sale. Contracts. Statute of Frauds. In order to bind an admin­ istrator personally, or any one for the debt or default of another, or one upon an agreement made in consideration of marriage; or upon contracts for the sale oflands.tenements,or hereditaments or any uncer­ tain interest therein or for any lease thereof for a period longer than one year; or upon an agreement not to be performed within one year, there must be an agreement, note, or memorandum thereof in writing signed by the party to be charged, or some one lawfully authorized by him. Contracts for the sale of personal property must be in writing or the property must be delivered or earnest money paid. News­ papers and periodicals must either be subscribed for or ordered in writing. Conveyances. (See Acknowledgments.) All conveyances of real estate, or any interest therein for a term of years of more than two years, must be by deed in writing, signed, sealed and delivered in the presence of at least two subscribing witnesses; and in order to be effectual against subsequent grantees or incumbrances, must be recorded. The wife’s separate estate can be conveyed only by the joint deed of herself and husband, and confirmed by her acknowledg­ ment, taken separate and apart from her husband. Words of limita­ tion unneceassy. Husband may convey direct to wife. Corporations may be organized for any lawful business under a general law. Stockholder liable only for amount unpaid upon sub­ scription. Charter fee of $2 for every $1,000 of capital stock, payable to the State, but no fee is less than $5 and none over $250. (See Service of Process.) Costs. Non-resident plaintiff required to give $100 bond to secure costs. The defendant may have suit dismissed if bond is not given. Courts. Circuit courts hold two terms a year in each county, except in twelfth where four terms are held and in first, ninth, eleventh and fourteenth circuits where they hold three terms a year, and have original jurisdiction in all equity cases, also in all cases at law not cognizable by inferior courts. County courts have jurisdiction of amounts not exceeding $500. County judges, at all times open for probate business, have full probate powers, have also civil jurisdiction to extent of $100. Justice’s jurisdiction, $100. Creditors’ Bills may be brought before claim is reduced to judg­ ment, but suit at law must be first brought and judgment must be obtained before decree can be rendered. Days of Grace are abolished. Depositions may be taken upon commission when witness resides out of the county, or is bound for sea, or is about to go out of the State to remain until after the trial of the cause, or is very aged or infirm; or when oath is made that a material part of the case or defense depends upon the testimony of such witness. The time for the suing out of the commission, the names of the witnesses, and the name of one commissioner must be given to opposite side a reasonable time before commission is issued. Printed instructions for the guidance of commissioners usually accompany commission. Pees of not less than $5 a witness are to be taxed as costs by the clerk and paid by losing party. Descent and Distribution of Property. Property descends; 1. To the children and husband in equal shares. 2. If there be no children then all to the husband or wife. 3. If there be no children, husband or wife, then to the father and mother in equal shares, or to survivor. 4. If no father or mother than to the brothers and sisters and their descendants. 5. If there be no brother or sister nor their descendants, then the estate shall be divided into moieties, one of which shall go to the paternal and one to the maternal branches in the following course: 1. To grandfather. 2. To grandmother, uncles and aunts. 3. To great-grandfathers. 4. To great-grandmother, brothers and sisters of great-grandfathers, etc., passing first to near­ est lineal male and then to lineal female ancestors and their descend­ ants. The estate of an infant decedent, if without issue, leaving no husband or wife, shall descend: 1. To father of infant. 2. Mother of infant. 3. Brothers and sisters of infant. 4. In case no father, mother, brothers or sisters or their descendants surviving, then it descends according to the general rules of descent prescribed by statute. Halfbloods inherit only one-half. Adopted children are treated as children of blood. Bastards inherit and transmit through mother’s side, as if legitimate. Aliens have same right as citizens. There are no entailed estates nor right of survivorship. Dower. Deceased may not by will cut off his widow’s right to dower. If dissatisfied with terms of will, she may dissent within one year after probate of will and she will then be entitled to one-third of the real estate for life, and, if there are two or more children, to one-third of the personalty in fee simple; if there are no children, or only one, she will be entitled to one-half the personalty. She may within one year elect to take a child’s part in lieu of dower. If the husband die intestate, without children, the wife takes the whole estate, or dower, at her election. Evidence. Witnesses not disqualified by reason of interest. In civil cases, husband and wife may testify for or against each otherTn suits by or against lunatics or personal representatives, heirs-at. law, next of kin. assignee, legatee, devisee, or survivor of a person deceased, no evidence of a transaction or communication between such lunatic or deceased person and the opposing party or those under whom he claims, can be given by the opposing party, unless such evi­ dence is first offered in behalf of such lunatic representatives legatees  devises, etc. No person is excused from testifying or producing documents in trials for bribery, burglary, larceny, gambling, or illegal sale of liquors, on ground that it may tend to convict him of crime but no such person shall thereafter be prosecuted or subjected to any penalty on account of anything concerning which he may so testify or produce evidence. Executions. Executions can be issued immediately upon the entry of the judgment and within three years thereafter, and are a lien upon real estate from date of entry, and upon personal property from the time the sheriff receives them. They can be renewed any time within twenty years from entry of judgment. Both real and personal property are subject to sale under execution. Executions are return­ able when satisfied, sheriff reporting progress at each term. Sale day first Monday in each month. No stay law. No redemption of prop­ erty sold under execution. Exemptions to every head of a family residing in the State home; stead of 160 acres of land, and improvements, if in the country; one. half acre of ground, if in an incorporated city or town, together with $1,000 worth of personal property. The exemptions in a city or town shall not extend to more improvements or buildings than the residence and business house of the owner. No property is exempt from sale for taxes or assessments, or for obligations contracted for its purchase, or the erection or repair of improvements thereon, or for house, field, or other labor performed thereon. The wages of every laborer who is the head of a family residing in the State, are exempt from garnish­ ment. Foreign Corporations. Commercial corporations can do business in this State without restriction upon complying with requirements as to foreign corporation, provided its name is not the same or so nearly similar to any domestic corporation as to cause confusion. (See Service of Process.) Foreign Judgments. Judgments obtained in the several courts of the State, may be recorded in any county and have same force and effect as if originally obtained therein. Judgments obtained in other States or countries, merely evidence, and have to be sued upon to be made effective as judgments. Fraud. (See Limitations of Actions.) Obtaining money or prop­ erty under false pretense or by falsely persohating another, are punish­ able criminally. Garnishment. (See Attachment.) Guaranty Companies. Guaranty Companies are permitted to become surety upon bonds for all purposes after complying with certain statutory requirements. Holidays. Defined by statute are: Sundays, January 1st, Jan­ uary 19th, February 22d, April 26th, June 3d, July 4th, First Monday in September, second Friday in October, Thanksgiving Day, Christ­ mas and Shrove Tuesday or Mardi Gras in cities where there is a Carnival Association organized for the purpose of celebrating it.  Husband and Wife. The husband has full control of wife’s prop­ erty and is not chargeable by the wife with the rents and profits. Must be joined with wife in sales of her property. Homestead can only be alienated by their joint deed. Husband not liable for wife s antenuptial debts. Has no interest in her separate earnings. Has action for negligence causing her death; wife’s property not generally liable for husband’s debts. Wife may sue with respect to separate estate without husband joining. Infant wife may join husband in sale of her real estate. Injunctions. Injunctions are granted without bond upon affi­ davit of inability to give bond, and upon proof satisfactory to tne judge that such affidavit is true, and that the statements of the bill are true. Injunctions are granted to stay proceedings at law; to restrain the sale of property under execution or decree obtained against one other than the owner of the property; to restrain the destruction of timber by cutting, boxing, or otherwise; to restrain a levy upon exempt property; to prevent the claiming of exemptions upon property not legally exempt; to prevent the removal from the State of mort­ gaged personal property, and to abate bawdy houses and gambling dens. Insolvency. Statutes suspended by national bankruptcy law. Insurance Companies. Foreign and domestic, are placed, by statute, under control of State treasurer. They must annually me a statement with, and obtain from the State treasurer, a certificate before being authorized to do business. Certificate may be revoked if company refuses to pay judgments which have been legally obtained against it. Interest. Eight per cent is allowed on judgments and contracts where interest is payable but no rate is specified. Contract for more than 10 per cent is usurious, and all interest forfeited. Judgments of a court of record are a lien for twenty years upon real estate of debtor within the county where rendered, and may oe extended to other counties by recording certified transcript of judgment in any county where a lien is sought. Judgments of just ice ol tne peace may be made a lien upon real estate by recording in the office of clerk of circuit court. Liens. In order to secure a lien by lis pendens, a statement must be filed with the clerk of the circuit court, and recorded by him in a book kept for that purpose, setting forth the names of the parties, and the nature of the relief sought, and the description of the property upon which it is desired to obtain a lien. Statutory liens are given to laborers and material-men. Property for which materials are lurnished upon which labor has been done, is liable to persons not in privity with owner to the extent of the unpaid balance ot debt due to contractor. Owner personally liable in like amount. Statutory liens upon real estate, in order to be available as against subsequent purchasers or lienors without notice, must be recorded, and suit must be brought within twelve months after the furnishing ot tne material, or the performance of the labor. Liens upon personal property exist only while possession is retained by lienor. Limitations of Actions. Civil actions can only be commenced within the following periods after the cause of action shall hate accrued, to wit: Actions on Florida judgments, actions on con­ tracts or obligations in writing and under seal twenty (20) actions for the recovery of real property, actions on judgments oi courts of the United States or any other state or territory seven ( G years. On contracts in writing not under seal, five (5) years, yn all actions not herein and specifically mentioned, four (4) yeaijTrespass to realty, action upon liability created by statute otner than a penalty of forfeiture, taking, detaining or injury to cnattei.s, for relief on the ground of fraud, upon contract not founded upon instrument of writing, including an action open account for goods, wares and merchandise, three (3) years. Actions for libel, slander, assault, battery, false imprisonment, or an action by another than tne State upon a statute for a penalty or forfeiture two (2) years. Actions for wrongful death of a child, actions against railroad companies lor killing cattle, and any action by the State for a statutory penalty or forfeiture, one (1) year. Married Women retain their property, real or personal, owned at marriage or acquired thereafter by gift, devise, descent, or purchase, and it is not liable for husband’s debts except by her written consent, executed according to law regulating conveyances of married women  BANKING AND COMMERCIAL LAWS—GEORGIA  1833  Husband must join in all sales, transfers, and conveyances of the wife’s property, except when he has been adjudged insane for more than a year. Wife may sue concerning her real estate without joining her husband with her in the suit. Widow takes as dower a life estate in one-third part of the real estate of which her husband was seized and possessed at any time during her coverture, and an absolute onethird of all personalty, or may at her option take as an heir equally with the children of the husband, and if there are no children she will inherit all the property, real and personal. Minors. Both sexes attain their legal majority at the age of 21 years. Minors who deposit in savings banks may control, transfer or withdraw the money so deposited. All other contracts made by them are voidable, except for necessaries. Marriage removes dis­ ability of non-age of male minor. Mortgages of real estate must be executed and proved or acknowl­ edged in the same manner as deeds, and they, likewise assignments thereof, to be effectual against creditors or bona flde purchasers, must be recorded. Are foreclosed by bill in equity in the circuit court. Chattel mortgages must be recorded unless property is delivered to mortgagee and remains in his possession; becomes subject to debts of mortgagee if left in his possession more than two years without the mortgage being recorded. Notaries. Both men and women over twenty-one years may be appointed notaries public. They must renew commissions every four years. May administer oaths, take acknowledgments and perform marriage ceremony. $500 bond is required to be given. Certificate must show date of expiration of commission. Notes and Bills of Exchange. Form and interpretation defined by statute. No requirement that it shall be made payable at a bank or any fixed place. 5 per cent damages are allowed on foreign com­ mercial paper protested in this State. Negotiable instruments falling due upon a holiday (see Holidays) are payable on the next succeeding business day. Instruments falling due on Saturday are to be pre­ sented 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 noon on Saturday unless that entire SYNOPSIS OF day is a holiday. Partnership, Limited, and Special. Mone. Powers of Attorney. Any contract or conveyance may be made by power of attorney. A conveyance of a married woman’s real estate by power of attorney in order to be valid the power of attorney must be acknowledged by her separate and apart from her husband, and the acknowledgment must state that she executes it freely and voluntarily, RELATING TO without compulsion, fear, apprehension, or constraint of or from her husband. The husband must join either in the deed or powers of attorney. Powers of attorney for the conveyance of real estate must be recorded. BANKING AND COMMERCIAL USAGES Probate Law. (See Administration of Estates.) The county judge has original jurisdiction of all matters relating to the administra­ Revised by Brown, Randolph & Parker, Attorneys at Law. tion of estates of decedents. Atlanta. (See Card in Attorneys’ List.) Protest. (See Notes and Bills of Exchange.) Records. Records of deeds and mortgages are kepUin the office of Acknowledgments. (See Deeds.) the clerks of the several circuit courts, and the original must be recorded Actions. All distinction between suits at law and in equity is in the county within which the property lies. Wills are required abolished. Equitable relief can be had in superior courts of law. to be recorded with the several county judges and may be probated in any county in which the deceased left property, if he dies out of the Administration of Estates. Letters of administration issue in State. If death takes place within the State, then in the county in the line of preference, first to the husband or wife, second to the next which he has had residence, house, or other place of abode at the time of kin, relations by consanguinity are preferred to those by affinity. of his death, and if he had none such, then in the county wherein he If there are several of the next of kin in the same degree, preference died. is given to that one selected in writing by those most interested in Redemption. None, excepting tax sales. the estate. If no preference is expressed the ordinary exercises Replevin lies for goods or chattels wrongfully taken, except when his discretion. If no application is made by next of kin a creditor taken for taxes, or under execution, or at suit of defendant when the may be appointed, and if no application is made the ordinary will property was originally replevied from defendant and has been vest the administration in a county administrator, an officer authorized delivered to plaintiff, or when plaintiff is not entitled to possession. by statute for that purpose. Administrators must give bond in double Affidavit must be filed, describing property sought to be recovered, the value of the estate. Out of the estate of each deceased person, and stating that it was not taken for any tax, fine levied by virtue of the first charge, after funeral expenses, is a yeat’s support for the any law of the State, nor seized under execution or attachment against family, to be laid off by commissioners according to the condition the goods and chattels of the plaintiff; liable to execution and bond and standing of the family. Foreign administrators may act in this in double the value of the property with two sureties given before the State on giving bond to the ordinary where they qualify. The bonds­ writ is issued. Defendant may release the property within three days men must be residents of this State. A citizen of any other State may by forthcoming bond. act as executor of the will of a deceased citizen of this State when he has the same interest and will give the same bond as in the case of Seal. A scrawl or scroll, printed or written, affixed as a seal to any foreigii administrators. Administrators of other States may sue in written instrument, is effectual. this State by filing in the office of the clerk of the court, to which suit Service of Process. Out of circuit court, made by the sheriff or is brought, a properly authenticated copy of their letters of adminis­ his deputy. Out of county judge’s or justice of peace courts, may be tration. made by sheriff or constable. Service in civil actions may be made Affidavits. Pleas and defenses in the courts of this State which either upon the person of the defendant, or by leaving a copy at his are required to be under oath, may be made before any official of residence with some person over fifteen years of age. Process against the State or county where the oath is made, who is authorized by a domestic or foreign corporation may be served upon any officer or business agent of said corporation residing in Florida. If defendant i the laws of such State or county to administer oaths. Prima Facie the official attestation of the officer is evidence that he was authorcorporation is doing or has done business in the State, and the sheriff makes return that he cannot serve the process because of the corpora­ I ized to act. Any non-resident seeking equitable relief, when called on to verify proceedings, should oe sworn before a commissioner of tion’s failure to elect officers or appoint agents, the court will make an this State, or a judge of a court of record where the oath is made, order requiring defendant to appear and defend upon a rule day after with the attestation of the clerk of such court that the signature of four weeks’ publication of the order. the judge is genuine, and that the court over which he presides is a Suits. Actions at law are commenced by filing a precipe with the court of record. clerk. Personal service is required except in suits by attachment and Aliens. The subjects of governments at peace with the United garnishment. Writs are returnable on the next rule day, provided States and this State are entitled to the rights of citizens of other ten days intervene; if not, then on the rule day in the next succeeding States, resident here, in so far as they accord to them the privilege month. If no appearance of defendant, default is entered forthwith. of purchasing, holding, and conveying real estate. Default may be entered for want of plea or other pleading on rule day, Appeals. (See Courts.) next after appearance day. .Arbitration. Under the law of Georgia disputes and controversies Taxes. Taxes are not due and payable until the first day of Novem­ relating to rights, or property, may be submitted to arbitration. ber, and if not paid by first day of the following April property may be sold. Owner has two years within which to redeem. I axes are a Arrest. The constitution of Georgia declares that there shall be no imprisonment for debt. But in an action to recover personal lien from the first day of the year of the assessment, and have the force property the defendant will be arrested by the officer to whom process and effect of a judgment upon which execution may issue. is directed, and will be committed to jail unless he shall give bond Testimony. (See Depositions.) and good security, or deliver up the property, or show to the satisfac­ Transfer of Stock. Stock is transferable in the manner prescribed tion of the court that it is without his power to produce it. in the by-laws. No stock can be transferred until, after all previous Assignments. Assignments for the benefit of creditors are perassessments thereon have been fully paid. The transferee succeeds I mitted. to all the rights and liabilities of the prior holder. Attachments. A summary process of attachment will lie in Warehouse Receipts. Uniform Warehouse Receipts Act adopted, the following cases; 1. Where the debtor resides out of the State. and effective after July 31st, 1917. 2. Where he is actually removing, or about to remove, without the limits of the county. 3. When he absconds. 4. When he resists Wills. Any person over twenty-one years old and of sound mind a legal arrest. 5. Where he is attempting to remove his property may make a will. This includes married women. Wills of real estate beyond the limits of this State. 6. Where he has disposed of, or must be signed by testator or some person in his presence and by his threatens to conceal, his property, liable for the payment of his debts, express direction, and must have two witnesses who must subscribe or shall make a fradulent lien thereon to avoid paying his debts. in testator’s presence. Wills of personal property must be in writing Attachment will lie to recover the purchase money of an article sold and signed by the testator or some one in his presence, and by his when the debtor is still in the possession of the property. Attach­ express direction. Nuncupative wills are good ^.to personal property ments may issue upon affidavit by the plaintiff, his agent or attorney, Revocation may be by subsequent will or codicil attested like the who must swear that one of the state of facts exists which authorize original, or by burning, cancelling, tearing or obliterating the same an attachment, and also as to the amount of the claim. Bond and by the testator or by his direction and consent, or by the act and security, in double the amount sworn to, must accompany the affidavit operation of law. Wills must be probated before admittance in evi­ and the officers require personal security. Non-resident corporations dence Foreign wills when duly probated according to laws of the are liable to attachments, and one non-resident may attach the State where math and dulv recorded in this State, are as effective property of another non-resident in this State, except for wages wills executed in thfe State. Foreign wills are construed according earned without the State. to law of State where they are executed.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  THE LAWS OF GEORGIA   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1834  BANKING AND COMMERCIAL LAWS-GEORGIA  Banks. Any number of persons, not less than three, may form and controversies and have exclusive jurisdiction in equity powers, a corporation for the purpose of carrying on the business of banking. divorce cases, and suits involving titles to land, and on the criminal Such corporations, when organized, have power to have continual side exclusive jurisdiction of all cases involving life or imprisonment succession for thirty years, with right of renewal; to sue and be sued; in the penitentiary. to have and use a common seal; to appoint officers and agents; to make Deeds. Deeds to real estate in Georgia must be in writing, and by-laws; to hold, purchase, dispose of, and convey such real and should be executed in the presence of two witnesses, one of whom shall personal property as may be necessary for its uses and business; to be an officer authorized for that purpose. They should be recorded discount bills, notes, or other evidences of debt; to receive and pay in the office of the clerk of the superior court of the county where the out deposits, with or without interest; to receive special deposits; to land lies, and all deeds, mortgages and other liens, should be recorded deal in foreign exchange; to lend money upon personal security, or immediately to be available against third parties and innocent pur­ pledges of bonds, stocks, negotiable security; to take and receive chasers. To authorize the record of a deed to realty, it must be at­ securities by mortgage or otherwise on property real or personal. tested by or acknowledged before, if executed out of this State, a The business of the corporation shall be under the management and commissioner of deeds for the State of Georgia, notary public, clerk control of a board of directors, to consist of not less than three or more of a court of record, or a consul, or vice-consul of the United States than fifteen of the members of the corporation, who must be owners (the certificates of these officers under their seals being evidence of and holders of one or more shares. No bank shall be chartered with­ the fact). When the deed is executed out of this State before a out a capital subscription in good faith of at least $25,000, of which notary public, the attestation should be under his hand and official not less than 20 per cent, and in no case less than $15,000 must be seal. In case of acknowledgment it is better, as a matter of precaution, paid in before filing the declaration with the secretary of State. The always to have two witnesses, besides the officer who takes the acknowl­ corporation shall be responsible to its creditors to the extent of its edgment. If executed in this State, it must be attested by a judge of capital and its assets, and each stockholder shall be individually liable a court of record of this State, or a justice of the peace, or notary for all debts of the corporation to the extent of his unpaid shares of public, or clerk of the superior court, in the county in which the three stock, and shall be further and additionally liable, equally, and ratably last mentioned officers respectively hold their appointment, or if subse­ (and not one for another as sureties) to depositors of said corporation, quent to its execution the deed is acknowledged in the presence of for all moneys deposited therein in an amount equal to the face value either of the named officers, that fact, certified on the deed by such of their respective shares. All corporations doing a banking business officer, shall entitle it to be recorded. (Act of 1893.) Deeds to secure In this state shall make to the State bank examiner, under oath, loans are in more common use than mortgages because they have statements showing the resources of the bank or corporation, at the been held to pass the absolute title and protect against year’s support close of business on any day specified by the bank examiner. No , and dower, the equity of redemption remaining in the maker, can not bank shall loan to its officers any money without good collateral, or be levied upon until the debt secured by the deed has been paid other ample security, and when such loan exceeds 10 per cent of the off. Under the law of Georgia these deeds can not be foreclosed as capital stock it shall not be made until approved in writing by a mortgages, the notes they are given to secure must be sued to judg­ majority of the board of directors. No bank or corporation doing ment, the land must be re-conveyed to the grantor, and then levied banking business shall reduce its cash in hand, including amount due on, but the lien of the judgment relates back to the date of the con­ by banks and bankers, and the value of all stocks and bonds actually veyance. In the Federal courts, however, foreclosure can be made owned and held, below 25 per cent of demand deposits. No bank in equity as in the case of ordinary mortgages. Usury will, however, or corporation doing a banking business shall loan to any one person, void such a conveyance. unless such loan is amply secured by good collateral security, more Depositions. Testimony is taken in this State by written inter­ than 10 per cent of its capital stock and surplus. Banks may charge rogatories where the witness is a female, or where the witness does same rate of interest as individuals and the rules of bank discount, not reside in the county where the suit is pending, or by reason of disa­ that is to say, taking interest in advance within the lawful rates, have bility is unable to attend court. In all counties within this State, been held not usurious. No dividend shall be declared by any bank depositions may be taken upon five days’ notice to the other party of except from the net profits, nor shall the capital stock be applied to the time and place at which the witness is to be examined. This latter the purchase of its own shares. If the assets of a bank are insufficient process cannot be used for taking testimony outside of the State. to pay its liabilities, a receiver when appointed, shall bring suit against Depositions may be taken within or without the state, without com­ the stockholders in his own name for their unpaid subscriptions. In mission, before a notary public or any officer authorized to issue the absence of a contract, expressed or implied, to the contrary, the attachments. If within the state or if taken without the state, before bank taking paper for collection is liable for the defaults of its agents any officer of the state or county where taken, authorized by laws of and correspondents to whom the paper has been entrusted for collec­ Georgia to attest deeds or take acknowledgments, upon 10 days tion. If any insolvent bank or banker, with notice of such insolvency, notice to opposite party. In taking answers to interrogatories, shall receive money or general deposits, and fail to pay the depositor which must be authorized by a commission issued for such purpose within three days after demand, such banker or officer in charge of the by the court here, two commissioners must act. Commissioners must bank receiving the deposit shall be punished as prescribed in the be disinterested and not related to either party, or connected with penal code. The State has a special lien for all public money de­ the case: attorneys of the parties are incompetent. None of the parties posited. State banks are authorized to become members of the to the case, nor their agents or attorneys, can be present when the Federal Reserve Bank. commission is executed. The witness can only write his answer in Bills of Lading and Promissory Notes. A bona fide assignee the presence of the commissioners. It is usual, and the better practice, of a bill of lading of goods will be protected in his title against the for one of the commissioners to write the answers of the witness as seller’s right of stoppage in transit. It will not be necessary to protest they are given. Depositions may be written with the typewriter, promisory notes in order to bind the endorser except in the following and commissioners may adjourn their sittings from day to day. ine case: 1. Where the paper is made payable on its face at a bank or following instructions for taking testimony are important: Instruc­ tions for taking answers to interrogatories: 1. Insert the commis­ banker’s office. 2. Where it is discounted at a bank or banker’s office. 3. Where it is left at a bank or banker’s office for collection. sioners’ names in the commission; any two respectable citizens wni Accommodation endorsers, sureties and endorsers may be sued in do. 2. State the case as you find it. Then comes the caption, thus: State of.............................. (Here insert the county and State the same county and in the same action with the maker, drawer or County of.............................. ss. where the commission is executed.) acceptor. Bills of exchange must be accepted in writing to bind the acceptor. A contract to pay attorney’s fees cannot be enforced By virtue of a commission from the................ •_ .court of. . . unless the debtor when served ten days before suit is filed with a county, we have caused the person in said commission named to come written notice of intention to sue with amount and term of court to before us, who being duly sworn true answers to make to certain which suit will be brought, shall fail to pay such debt before return interrogatories thereto annexed, deposeth and answereth as folio s. day. A waiver of homestead in a promissory note is a bar to such a (Here insert answers of the witnesses to each interrogatory in oraer claim as against the collection of such note. Promissory notes and 3. Let the witness sign the answers; then say: Answered, sworn to, contracts containing reservation of title to personal property must and subscribed before us, this. . . .day of. • 19. . • • „ ^n be executed before a notary public, justice of the peace, or clerk of a sign your own names, adding the words “Commissioner (L. b.) arte court of record, and must be recorded as mortgages to hold such each name. 4. Seal all up together, using two wafers, each com property as against third parties or innocent purchasers. missioner writing his name with “Commissioner across a, waie seal. 5. State the case on the package, and address it to the cierK Checks. (See Notes, etc.) of the court issuing the commission. 6. If it is to go by mail, g Collaterals. The holder of a note as collateral security for a debt the postmaster to receipt on the package. Received from one stands upon the same footing as the purchaser. Property left in the commissioners (giving his name) the within mterrogatories. to d pledge or pawn may be sold at public sale to the highest bidder, upon forwarded by due course of mail,” naming his post-office. 1 estimo y thirty days’ notice. thus taken must be sent by mail, or by some person specially autno Corporations. Power to create corporations in this State is vested ized by the commissioner to carry it to the court; in the general assembly and the superior courts. Said courts may grant charters to all corporations except banking, insurance, canal, Descent and Distribution of Property. The husband is the navigation, express, and telegraph companies and railroads. The sole heir to his intestate wife, unless she leave children, and in that Secretary of State may grant charters for the corporations above event the husband and children shall inherit per capita, but the enumerated in manner prescribed by law in the particular case. A descendants of children shall take per stirpe. . It a man (toe without charter for a private corporation is obtained by a petition to the children, or the descendants of children, leaving a wife, the wile superior court, setting forth the object, particular business, corporation his sole heir. If there arc children, or those representing deceased name, capital, place of business, time for which incorporation is desired, children, the wife shall take a child s part iunless the shares exiceed not exceeding twenty years. The petition and order granting the same five in number, in which case the wife shall have one-fifth part of the constitute the charter. In such corporations the liabilities of the estate. If the wife elects to take her dower, she hasno further interest stockholder is measured by the amount of unpaid stock subscription in the estate. Children stand in the first degree to the intestate and due by him. In the charter of many banks now organized the rule inherit equally. Posthumous children stand upon the same f>'Jtng of personal liability varies. In some banks stockholders are liable as with other children. Lineal descendants of children stand in t partners: In others liability exists under the general rule, viz., to the place of their deceased parents, and take Per stirpe, and not pe extent of twice the amount of stock held, and in some banks liability capita. Brothers and sisters stand in the second degreeand.in exists only to the extent of stock and unpaid subscriptions thereon. if there be no widow or children, or representatives oi children, half-blood on the paternal side inherit equally with the wholeblood. The payment of 10 per cent of the capital stock is necessary before commencing business. General powers of corporations are conferred The father, if living, inherits equally with brothers and sisters and on all corporations organized in this state. All corporations organized stands in the same degree. If there be noJ^r:h“fJh^r ™uid under the laws of the State or doing business therein are required to is alive, she shall inherit in the same manner as the father would. register with the Secretary of State and pay a graded license fee, with Real estate descends direct to the heirs, and Personal estate to the a minimum of $10, maximum $200. Voluntary dissolution of a administrator. But real estate is subject to administration for the corporation may be granted by the Superior Court upon petition filed purpose of paying debts, and if necessary, for distribution. by the Corporation if authorized by two-thirds of capital stock. Lost Dower. In this State the wife is entitled to anestate for life inonestock certificates must be established by petition to Superior Court. third of all lands of which the husband dies: seized or possessed at the tunc of his death, or to which the husband obtained title in right o Costs. A deposit of- $10 is required in courts of record from non-resident plaintiffs before the filing of suits and a deposit of $6 in his wil e. There is no necessity for renunciation of dower-mi thissState, and a married woman, on that Question need not join with all divorce cases. band in conveying land, except in cases where . before 1866s he> obtained Courts. The term, jurisdiction, etc., of the seyeral courts of the real estate belonging to his wife, by virtue of the marital re a State are as follows: JUSTICE COURTS hold monthly sessions and Executions. Must follow tho judgment or decree from which they have civil jurisdiction up to $100. In criminal matters they are only committing courts. COURTS OF ORDINARY hold their issue. They are good for seven years and may be renewed to sessions monthly and have jurisdiction over wills, administration ol period by entry nulla bona. estates and of the conduct of administrators, executors and guardians. Exemptions and Homesteads. Under the constitutioni and laws COUNTY COURTS have monthly and quarterly sessions. Their of Georgia, each head of a family or guardian, or trustee of a tamiiy jurisdiction is limited to controversies not exceeding $300. CITY of minor children, or of an aged or infirm person or a Person havmg COURTS hold four sessions per annum, but the city court of Atlanta care and support of dependent females of any aoe, tor has six terms. The jurisdiction of city courts is unlimited except in head of a family, shall have exemption of realty, or personalty, o matters of divorce, titles to land and administration of equitable relief. both, to the aggregate of $1600. The debtor shall have power to waive The municipal court of Atlanta, recently established, replaces the or renounce, in writing, his right to the benefit of exemptio Justices Courts. Its jurisdictional limit is $500. It holds two terms stated, except as to wearing apparel and not exceeding $300 each month. SUPERIOR COURTS have jurisdiction of all suits  1835  BANKING AND COMMERCIAL LAWS—IDAHO of household and kitchen furniture, and provisions. The homestead or exemption may be sold by the debtor and his wife, if any, with the sanction of the judge of the superior court of the county where the debtor resides, or the land is situated. The proceeds to be re-invested upon the same uses. A general waiver in writing, of the homestead, or exemption, is good. Foreign Corporations. All corporations, except those chartered and organized under the laws of this State, are held to be foreign corporations. Such corporations are recognized by comity only; they are subject to attachment, but have all the rights of replevy and defense. They cannot exercise any corporate powers or privileges which by the constitution and laws of Georgia are denied to domestic corporations or the exercise of which would be contrary to the public policy of this State. There is otherwise no restriction upon foreign corporations except in the case of insurance companies and building and loan associations, which are required to make deposits. All cor­ porations are subject to license fees for doing business and all are liable for taxes on property owned or held in the State* (See Corporations.) Fraud. Contracts, awards, marriages, judgments, sales, and wills are void when they are brought about and procured by fraud. Prom­ issory notes when procured by fraud are void in the hands of the holder, who so procures them. The statute of frauds, as of force in Georgia, requires the following obligations to be in writing, signed by the party, or his authorized agent, to be binding: 1. A promise by an executor, administrator, guardian, or trustee, to answer in damages out of his own estate. 2. A promise to answer for the debt, default, or mis­ carriage of another. 3. An agreement made upon consideration of marriage, except marriage articles as otherwise provided. 4. Any contract for the sale of lands, or any interest in or concerning them. 5. Any agreement that is not to be performed in a year. 6. A promise to revive a debt barred by statute of limitations or bankruptcy. 7. Any contract for the sale of goods, wares, and merchandise, in existence or not in esse, to the amount of $50 or more, except the buyer shall aecept part of the goods sold and actually receive the same or give something in earnest to bind the bargain or in part payment. 8. An acceptance of a bill of exchange. Garnishments. This process may be invoked in any caMe. Gar­ nishment may be dissolved by giving bond and a third party may claim a fund held up under garnishment and may release the fund by giving bond. Any person may claim exemption from garnishment as to wages to the extent of $1.25 per day and one-half of the remainder. Holidays. January 1st (New Year’s Day), January 19th (Lee’s Birthday), February 22nd (Washington’s Birthday), April 26th (Memorial Day), June 3rd (Jefferson Davis’ Birthday), July 4th (Independence Day), First Monday in September (Labor Day), December 25th (Christmas Day), Thanksgiving Day. Interest. The legal rate of interest in Georgia is 7 per cent, but 8 per cent is legal when contracted for in writing. Parties charging usury forfeit the excess if usury is set up. And usury will render a deed void, and will in a contract or mortgage render a waiver of home­ stead, or contract to pay attorneys’ fees void. Judgments create liens from their rendition upon the real or per­ sonal property of the defendant; all judgments at the same term rank equally, and property sold by a debtor after judgment is obtained against him is only discharged from the lien of such judgment, if real estate, after four years’ possession by the vendee, and in cases of per­ sonal property, after two years’. Judgments, whether in the United States court, or in any State court, obtained in any other county than that in which the defendant resides have no lien on the property of the defendant in any other county, unless the execution thereon is recorded in the county of the defendant’s residence. Unless such execution is recorded as so required within thirty days, its lien will only date from the time of record. (See Actions.) _ Jurisdiction. (See Title Courts.) ~ License. No license is required of commercial travelers. Itinerant traders must pay license fees. Liens. Under the laws of Georgia mechanics, material-men, ma­ chinists, employes of steamboats, millwrights, builders of gold mine machines, stone-cutters, and marble works laborers have special liens on property improved or worked on. Landlords have a general lien which takes effect from the levy of distress and a special lien on crops for rent of land on which they are raised. Common law liens of inn­ keepers, factors, pawnees, carriers, attorneys and others are recog­ nized. Vendor’s lien on land has been abolished. Attorneys have a special lien on papers in their hands and on property recovered in suits brought by them or successfully defended by them. Limitations. Suits on open accounts are barred after four years, on promissory notes and bills after sjx years, on instruments under seal after twenty years, on suits for personal injury after two years. Seven years’ adverse possession of real estate under color of title, and twenty years’ adverse possession without color of title, will bar the claims of all persons not laboring under disability. Infants have seven years to assert their rights, after becoming twenty-one years of age. Married Women. The wife may contract and sue and be sued in her own name in respect to her separate estate as a femme sole, except that she can not bind her separate estate by suretyship for her hus­ band, and any promise to pay her husband’s debt is void. She cannot sell to her husband or trustee for any purpose, except by order of the superior court. A wife or her heir’s may sue and recover from any person money or property used by her husband to pay his debt where the creditor takes with notice. All the property of the wife at the time of marriago, and all she may acquire by gift, inheritance, or pur­ chase, shall vest in and belong to her, and shall not be liable for the debt, default, or contract of her husband. The wife with her children, if any, is entitled to twelve months’ support out of the estate of her deceased husband. The husband is bound to support and maintain the wife, and his consent is presumed to her agency in the purchase of necessaries. The wife’s separate property is not liable for debts con­ tracted by her as agent of her husband in the ordinary support of her­ self and children, but by special contract in her own capacity, and not as agent for her husband, she could bind her separate estate, for that purpose. A married woman can dispose of her property by will. Mortgages. Mortgages are only security for debts. They may enbrace property in the mortgagor’s possession, or to which he has a right of possession. They may cover a stock in bulk, but changing in specifics, and after acquiring property. No particular form is necessary, but it must be cleared that the instrument indicates a lien, describes the property and specifies the debt it. secures. Mortgages on land are not good against dower, and a wife cannot waive her dower as against this lien. Mortgages must be executed and attested in the same manner as deeds, except that in mortgages on personal property only the official witness is necessary. Mortgages with power of sale are valid in Georgia. Homestead and exemption may be waived in the mortgage. All mortgages on personal property must be recorded in the county where the mortgagor resides and the prop­ erty is located. Mortgages on land must be recorded in the county where the land is situated. Notaries. Commercial notaries, male or female, are appointed for four years by the superior courts. They must have seals and are authorized to attest deeds and mortgages, and make protest of com-  and Bills of Fxchange. (See Bills of Lading and Promis­ sory Notes.) Promissory notes are negotiable by endorsement of   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  payee, or holder, notes payable t0'bearer are transferable by delivery only. Bonds, specialties, contracts, bills of lading, and warehouse receipts, are negotiable by endorsement or written assignment in the same manner as bills of exchange and promissory notes. Endorse­ ments may be limited by express restrictions. Acceptances of bills must be in writing. Transferers of negotiable instruments warrant that they are the lawful holders, have the right to sell, and that the instrument is genuine. Bona fide purchasers of negotiable paper aking the same for value before due, and without notice, are protected against any defense, except: 1. Non est factum. 2. Gambling or immoral or illegal consideration. 3. Fraud in its procurement by the holder. Maturity gives notice of dishonor. No days of grace are allowed. Any draft, bill of exchange or check, drawn upon an institution or person with which the drawer has not sufficient funds on deposit to meet same, subjects the drawer to criminal liability unless the deficit is made up within 30 days. Probate Law. (See Administration of Estates, Deeds and Mort­ gages.) Protests. (See Bills of Lading and Promissory Notes.) Records. (See Deeds and Mortgages.) Redemption. There is no redemption in this State under judicial sales except in case of sale of property under tax execution where parties may redeem in twelve months. Replevy. All property seized under attachment, distress or other similar process, may be replevied. Property seized under process and claimed by the third party may be delivered over upon bond and security for its forthcoming to answer final judgment of decree. Revision. (See Courts.) Sales. Sales may be made to pay debts, but any sale of stocks of goods in bulk is deemed fraudulent unless the seller delivers to the buyer a list of all creditors and the amount due each. It shall then be the duty of the buyer to notify the creditors of his purchase. This notice must be mailed five days before completion of the purchase. Taxes. Taxes are a lien upon all the property of the debtor, reai or personal, and its lien is preferred as stated in section herein relating to distribution of the estates. Sales of property for taxes are con­ ducted in the same manner as other judicial sales. One year in which to redeem is allowed. Wills. All persons of full age and sound and disposing memory, including married women, may make wills, and dispose of their estates. Wills must be executed in the presence of three witnesses, all of whom shall be present, must be called by the testator as witnesses, and must sign, and shall certify tha they signed, in the presence of the testator, and in the presence of each other. Wills must be in writing, except nuncupative wills. Wills of citizens of other States, where executed according to the laws of the State, and probated in solemn form in such State, which dispose of real or personal property in Georgia, may be admitted to probate in this State, when an authenticated copy of the will is presented, accompanied by a certificate of the governor of such State, under the seal of the State, that the official of the court where such probate was made, had original jurisdiction of the subjectmatter. Wills are probated in the court of ordinary in the county where the testator resides at the date of his death. All wills executed out of this State by citizens of this State to dispose of property in Georgia must be executed according to our law. A foreign will, executed according to the law of Georgia, will constitute a muniment of title to real property without being probated in this State, when recorded on the record of deeds in the county where the land lies, together with an exemplification of record admitting it to probate in another State, certified according to the Act of Gongress.  SYNOPSIS OF  THE LAWS OF IDAHO RELATING TO  BANKING AND COMMERCIAL USAGES Revised by Richards & Haga, Attorneys at Law, Boise. in Attorneys’ List.)  (See Card  Acknowledgments. All conveyances and other instruments required to be acknowledged in this State must be acknowledged, if within the State, before a judge or clerk of a court of record, a county recorder, a notary public, or a justice of the peace. If without the State, but within the United States, they must be acknowledged before any such officer, or a commissioner of deeds for this State, or before any officer authorized by the laws of this State or Territory to take   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1836  BANKING AND COMMERCIAL LAWS—IDAHO  such acknowledgment. If without the United States, they must be acknowledged before a minister or charge d’aflFairs of the United States, resident and accredited in the country where the acknowledg­ ment is taken, before a consul of vice-consul, a judge of a court of record, a duly appointed commissioner, or a notary public. The certificate of acknowledgment, if made before a justice of the peace, when used in any county other than that in which he resides, must be accompanied by a certificate, under the hand and seal of the recorder of the county in which the justice resides, setting forth that such justice, at the time of taking such acknowledgment, was authorized to take the same, and that the recorder is acquainted with his hand­ writing, and believes that the signature is genuine. Proof of the execution of an instrument may be made though it has not been acknowledged. Form of married woman’s acknowledgment the same as that of a single person. (See Conveyances.) Actions. There is but one form of civil action in this State. As action is commenced within the meaning of the statute when the complaint is filed with the clerk. Every action must be prosecuted in the name of the real party in interest. Affidavits are used only to verify pleadings, to prove service of summons, notice, or other paper, to obtain provisional remedy. Aliens. Code provisions as to holding property by aliens have been repealed. (Sess. Laws, 1913.) Arbitration. Persons capable of contracting may submit to arbitration any controversy Which might be the subject of a civil action between them, except a question of title to real property in fee or for life. Arrests. The defendant may be arrested in a case for the recovery of money or damages on a cause of action arising upon a contract, express or implied, when the defendant is about to depart from the State with intent to defraud his creditors; also for money or property embezzled or fraudulently misplaced by a public officer or any person in a fiduciary capacity, or when the defendant has been guilty of fraud in contracting the debt, or in concealing or disposing of personal property, for the taking or conversion of which the action is brought; or when the defendant has or is about to remove or dispose of his property with intent to defraud his creditors. Assignments and Insolvency. An insolvent debtor may be discharged of his debts by executing an assignment of all his property, real and personal, which, with a sworn inventory of property and schedule of creditors, must be filed in the district court. At a cred­ itors’ meeting, held after thirty days’ notice given, one assignee is appointed, and claims proved. Court will be set aside property exempt, and issue order for direct payment of money, where no mortgage or pledge had been given, or where such security, if given, has been rendered neugatory by act of defendant. Assignee must furnish bond, with two sufficient sureties. Attachments. The plaintiff at the time of issuing the summons, or at any time afterwards, may have the property of the defendant attached as security for the satisfaction of any judgment that may be recovered, unless the defendant give security to pay such judg­ ment. Defendant in a civil action for recovery of money or damages, under a contract, express or implied, may be arrested, when about to depart from the State with intent to defraud, or when the debt or obligation was fraudulently contracted. Banks and Banking. Idaho has a full and complete law upon the formation and regulation of banks and the formation of banking corporations. No banking corporation can have less than five directors. All banks, other than national banks, are under the super­ vision of the bank commissioner. The banker has a general lien, dependent upon possession, upon all property in his hands belonging to a customer for the balance due him from such customer in the course of the business. (Sess. Laws 1911 amended 1913.) Bills of Lading. Uniform act recommended by the American Bar Association. Blue Sky Law. Idaho has a blue sky law governing corporations, unincorporated associations and partnerships, domestic or foreign, dealing in stocks, bonds, and other securities, excepting United States bonds, State or municipal securities in Idaho, and Idaho real estate mortgages. This law requires the filing of various statements, accounts and other papers, and makes it unlawful to do business in the State without compliance. (Sess. Laws 1913.) Collaterals. No statutory regulation. Community Property. All property acquired after marriage other than by gift, bequest, devise, or descent, is community property. The personal earnings of the wife and the income from her separate property are her separate property. Contracts. A written instrument is presumptive evidence of a consideration. Conveyances. Real estate is conveyed by instrument in writing, subscribed by the party or his authorized agent in writing. The community property can be conveyed or incumbered only by husband and wife joining in the execution. During the continuance of the marriage the wife has the management, control, and absolute power of disposition of her separate property, and may bargain, sell, and convey her real and personal property, and may enter into any con­ tract with reference to the same, in the same manner and to the same extent and with like effect as a married man may in relation to his real and personal property. Separate property of wife not liable for debts of her husband, wife is not liable as surety unless the obligation is for her benefit or benefit of her separate property. An instrument purporting to grant real property to take effect upon condition pre­ cedent, does not pass the estate upon the performance of the con­ dition. Such instrument is merely an executory contract. (See Acknowledgments.) Corporations. Private corporations may be formed by three (3) or more persons, at least one of whom must be a bona fide resident of this State. Such corporation is formed by executing articles of incorporation, containing: 1. The name of the corporation. 2. The purpose for which it is formed. 3. The place where its prin­ cipal business is to be transacted. 4. The term for which it is to exist (not exceeding fifty years). 5. The number of its directors or trustees, not exceeding fifteen, who must be stockholders of the corporation. 6. The amount of the capital stock and the number of shares into which it is divided. 7. The amount actually sub­ scribed, and by whom. The articles may provide for the election of one-third of its directors annually. Railroad, wagon road, telegraph and telephone corporations must also state in their articles: 1. The kind of road, telegraph or telephone line intended to be constructed. 2. The estimated length of the road or line. 3. They may provide in their articles the number of directors which shall constitute a quorum for the transaction of business, the decision of the majority of such quorum to be a valid act. 4. Whether meetings of the board shall be held within or without the State. 5. Whether stockholders shall be individually liable for debts of corporation. Railroad corporations must have subscribed, before filing articles, $1,000 per mile; wagon road corporations, $300 per mile; telegraph corporations, $100 per mile, and the articles must be verified by affidavit of president, secre­ tary, or treasurer named in articles, that such stock has been sub­ scribed. All articles of incorporation must be filed in the office of the  county recorder, in which the principal place of business is located, and a copy thereof certified by the recorder, filed with the Secretary of State. All corporations, except insurance, non-productive mining companies, co-operative telephone and irrigation companies, must pay between July 1st and September 1st of each year, a license fee based on the amount of authorized capital stock, varying from $10 to $150; a failure to make payment by September 1st entails a penalty of $10, and a failure to make payment by November 30th entails a loss of charter for domestic corporations and a loss of the right to do business within the State for foreign corporations. Between July 1st and September 1st, all corporations must make an annual report, and a failure to do so takes away such exemptions as are mentioned above. Corporation, Foreign. Foreign corporations desiring to do busi­ ness in this State, may have all the rights and privileges of like domes­ tic corporations, by filing with the secretary of State, and in the office of the county recorder of the county where the principal place of business of such corporation is to be conducted, a copy of their articles of incorporation, and the designation of some person residing in the county in which such principal place of business is to be located upon whom process issued by authority of or under any law of this State may be served. Designation of agent must be filed with Clerk of District Court instead of County Recorder. Courts. Terms and Jurisdiction. The judge of the district court of each of the judicial districts of the State must annually fix the time for holding the district court in the several counties of his dis­ trict; and he may hold such special terms as he deems proper and necessary. District courts have original jurisdiction in all civil cases. Probate courts are held in each county continuously, and have juris­ diction up to $500, in civil cases and concurrent jurisdiction with justice’s courts in all criminal cases. Justices’ jurisdiction, $300. Curtesy does not exist. Days of Grace abolished by statute. Depositions may be taken before any judge, justice, of the peace, notary public, or United States commissioner, or any other person agreed upon by the parties, upon notice served upon the opposite party, stating the court, action, time, and place, and before whom the same will be taken, or they may be taken upon commission issued by the judge with interrogatories attached. Devolution of Property. (See Succession.) Dower does not exist. (See Curtesy and Community property). Employers and Employes. All persons employing mechanics or laborers in working mines, erecting or repairing buildings, construct­ ing canals, railroads, etc., must make, record, and publish a state­ ment, under oath, setting forth the following: The name of the owner of the premises where work is being done or upon which it is intended to begin work; the name of the person or company engaged in or who contemplates engaging in work upon such premises; the conditions under which such person or corporation is prosecuting the work as agent, owner, etc., the principal office of the owner and the agent in this State; the time and place where payment of laborers and mechanics will be made. A copy of the statement must be posted at the place where work is prosecuted. Employer’s Liability Law. Provides for damages not to exceed $5,000 for injuries to employes caused by employer’s negligence. (See Workmen’s Compensation Act). Executions issue at any time within five years after judgment. The only stay is by appeal, with secured bond. One year allowed for redemption from execution and foreclosure sale. Exemptions. Homestead, not exceeding $5,000, if declaration of homestead is duly acknowledged and recorded; office furniture and library, $200; necessary household and kitchen furniture not exceeding in value $300, and provisions for family for six months; certain farm animals, etc., with food for six months; and water right of 160 inches, when actually used in irrigation; also crops grow­ ing or grown on fifty acres of land, leased, owned or possessed by person cultivating the same; tools or implements of mechanic neces­ sary for his trade of the value of $500; all instruments of surgeons, etc., also all professional libraries; miner’s dwelling of value $500, ana his pipes, cars, etc., of the value of $200; pack animals and equip­ ments, not exceeding $250; team, wagon, etc., of drayman; seventyfive per cent of the personal earnings of a debtor within thirty days preceding levy, where earnings are necessary for use of family, resid­ ing in this State; the shares held by parties of the Building ana Loan Association to the value of $1,000; provided, such person has no homestead; all benefits arising out of life insurance, represented d> an annual premium of $250: all property of fire companies. All tne above property may be sold under foreclosure of mortgage, wnicn includes same or execution issued on judgment for purchase price. Garnishment. Any personal property orcredits in the hands of another, belonging to the defendant, is subject to garnishment, as are debts owing to him from another if due. Guaranty, Title and Trust Co. May furnish abstracts, act as surety, trustee, fiscal agent. Paid up capital of $25,000 required. Capital deemed security for the performance of their duties. Holidays. January 1st, February 22nd, May 30th, June 1St Pioneer Day), Fourth of July, first Monday in September (Labo (F Day), October 12th, Thanksgiving Day, Christmas, Sundays ana D any day on which a general election is held. Husband and Wife. All the property of the wife owned by her before marriage, and that acquired afterwards by gift, bequest, o descent, or that which she shall acquire with the proceeds otn separate property and her personal earnings and the income iron her separate property, shall remain her sole and separate property, the same extent and with the same effect as the property ot a nuband similarly acquired. The wife has the management, control,a, absolute power of disposition of her separate property, to the sa extent and with like effect as a married man may have in retail to his real and personal property. The separate) Property ol t wife is not liable for the debts of her husband, but is liable tor n own debts contracted before or after marriage. There is noest_ by courtesy or in dower. Marriage settlements are provided• • and when properly executed and recorded may vary the staime governing the relations of husband and wife concerning pi op y rights. Minors may execute valid marriage settlements Interest. Where there is no express contract in writing fixing a definite rate of interest, the rate is 7 per cent per annum i ariies may agree in writing for interest at a rate not to exceed 10 per cen. p annum. Judgments bear interest at the rate of 7 per cent per annu , compound interest allowed. Judgments are liens on all real estate of debtor within the' county. from time of docketing, and may be extended to other counties uy filing transcript in recorder’s office. Lien continues five J Justice’s court judgments become liens when certified and recoru May be revived by issuing execution within limitation. Liens, Mechanics’. Every person performing labor upon or fur­ nishing materials used in the construction or repair of any i „ claim, building, or other improvement, has a lien thereon, r laborers have lien upon the crop and products thereof, they bestow labor. All liens must be set forth by a statement  BANKING AND COMMERCIAL LAWS—ILLINOIS writing, showing the amount due, the facts connected with the matter, that there are no credits due on the claim, or offsets against the same; which statement must be verified by the claimant, and recorded in the office of the county recorder, if on claim of original contractor, within ninety days, if on claim of other persons, within sixty days from the time of the completion of the structure the completion of the labor, or the furnishing of the materials. Lien must be enforced by suit within six months, unless credit is given, expires at all events in two years. Limitation to Suits. Contracts not in writing and open accounts, four years; instruments in writing, five years; judgments and decrees, six years. Revivor: Only by instrument in writing; part payment does not. Married Women. All property, real or personal, acquired before marriage and acquired after marriage, by gift, bequest, devise, or descent, and her personal earnings and the income from her separate property are the wife’s separate property; all other property acquired after marriage, common property; wife must record inventory of separate personal property. No estate as tenant by courtesy allowed the husband nor dower to the wife. Mines and Mining. (Principal regulations under United States Statutes.) Quartz locations may be 1,500 feet long and 300 feet on each side of the middle of lode. Monuments must be established at all exterior angles of claim. Claim should be tied to some natural or permanent monument. Copy of location notice must be posted at discovery within three days after discovery. Notice of location must be recorded within ninety days after location; within sixty days ten-foot shaft must be sunk or its equivalent. Location notice must contain name of locator, name of claim, date of discovery, dimensions, distance from some permanent, natural, or artificial object; name of mining district, county, and state. Placer locations made in same manner as quartz locations, except that within fifteen days after making location, locator must excavate not less than 100 cubic feet for purpose of prospecting claim, and must record notice of location within thirty days after making location. Mortgages. A real estate mortgage must be acknowledged and certified, and recorded in like manner as conveyances and deeds of real property, and is foreclosed by action in the district court. Chattel Mortgages must be acknowledged as real estate mortgages and sworn to by the mortgagor that the same is made in good faith without any design to hinder, delay, or defraud creditors. Must be filed and a minute record made by recorder, unless mortgagee has possession. Survives as long as the debt. Mortgages are discharged by a satusfaction duly executed and recorded, or by entry on margin of the record, witnessed by recorder. Negotiable Instruments. Negotiable instruments are governed by the rules of the Uniform Negotiable Instrument Law, as recom­ mended by the American Bar Association. (See Laws 1903, p. 380.) Notaries, when requested, to demand acceptance and payment of foreign, domestic, and inland bills of exchange or promissory notes and protest the same for non-acceptance and non-payment; exercise such other powers and duties as by the law of nations and commercial usage, or by the laws of any other Territory, State, govern­ ment, or country may be performed by notaries. Attach acknowl­ edgments or proof of powers of attorney; mortgages, deeds, grants, transfers, and other instruments of writing executed by any person. Give certificate of such proof or acknowledgment, to take depositions, affidavits, and administer oaths and affirmations in all matters incident to duties of the office. To keep a record of all official acts; when requested, and upon payment of- his fees therefore, to make and give a certified copy of any record in his office; to provide and keep an official seal, on which must be engraved his name, the words “Notary Public,” and the name of the county for which he is commissioned. To authenticate with his official seal all official acts. The commission is good throughout the State. Power of Attorney. Powers of attorney for grants of real estate and to execute a mortgage must be in writing, subscribed, acknowl­ edged or proved, certified and recorded as other instruments affecting real property. Powers of attorney which have been recorded must be revoked by revocation in writing, acknowledged, proved, certified, and recorded the same as original power. Probate Law. Probate courts have jurisdiction to open and receive proof of wills and admit them to proof; to grant letters testa­ mentary and guardianship and revoke same; appoint appraisers of estates, compel executors, etc., to render accounts; order sale of prop­ erty of estates and minors; order payment of debts due from estates, order and regulate distribution of property or estates; compel attend­ ance of witnesses and production of all instruments pertaining to estates ant. property of minors, and make such orders as may be neces­ sary to exercise all powers conferred. Proceedings of this court are construed the same as courts of general jurisdiction and like force given to its records. Protest.  (See Notaries.)  Records. All deeds, mortgages, real and chattel, and instruments affecting the title to lands must be recorded. Inventory of the separate personal estate of a married woman when recorded, becomes prima facie evidence that the property therein enumerated is her separate property. In case of levy of attachment upon real estate, a copy of the writ, with a copy of the notice of levy attached thereto, must be filed in the office of the county recorder. Redemption. Property may be redeemed within one year after sale, on paying purchaser amount paid on sale and 10 per cent addi­ tional. Property may be redeemed by successive redemptioners within sixty days from last redemption, and within one year from sale, by paying an additional 4 per cent. In cases of tax sales, the owner may redeem in three years Replevin. Action of, must be brought within three years from time it accrues. Plaintiff may sue for the possession without claiming immediate possession, or he may clmm immediate possession at time of commencing suit or afterward. Affidavit showing that plaintiff is the owner, the detention, the unlawfulness of the detention, etc., and bond with sureties required to obtain immediate possession. Defendant may execute undertaking, with approved sureties, for the retention of the property, and that it will be forthcoming, subject to the order of the court in which the action is pending, and thereupon retain the pos­ session of the property involved. Sales. Uniform sales Act recommended by American Bar Asso­ ciation. Seals. The distinctions between sealed and unsealed instruments are abolished, Written contracts presumptive evidence of consi deration. Succession to Property. If decedent leave spouse and one child each entitled to tine-half of decedent’s s.eParatePr°P®rty, both real and personal; if more than one child, surviving spouse gets one-tliird and remainder in equal shares to surviving children. In the case of community property, the surviving spouse takes all the propertj subject to the right of testamentary disposition of one-half thereof by the decedent. (See Wills.) Taxes. All property must be assessed with reference to its value at!twelve o'clol-k noon on the second Monday of January of each year at its full cash value, and the owner or other claimant of the  117   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1837  property shall have the same listed for taxation, and such taxes are a lien from and after that date. If taxes are not paid by the fourth Monday in December they become delinquent, but half of the taxes may be paid before said date and the remaining half before the fourth Monday in June without delinquency. A penalty of 6 per cent is added on all delinquent taxes. Delinquency certificates issued to the county for delinquent taxes dated as of the second Monday in January, bearing interest at 12 per cent, which are assignable. For taxes levied for 1917 and subsequent years the owner must redeem within three years from date of certificate. Holder of certificate must serve written notice of his intention to apply to Auditor for tax deed on record owner of land and person in possession at least three months and not more than five months before the expiration of three years, and on holders filing affidavit for record showing com­ pliance. and after expiration of three years, he is entitled to tax deed conveying absolute title to the lands. (Compiled Laws Chapter 133.) Trust Companies. (See Guaranty Companies.) Warehouse Receipts. The Ui.iform Warehouse Receipts Act, recommended by the American Bar Association. Wills. Every persori over the age of eighteen years, and of sound mind, may make a will. Every will, other than a nuncupative will, must be in writing, and every will other than an olographic and a nuncupative will, must be executed by the testator subscribing thereto or some person by his direction, which must be done in the presence of two attesting witnesses, each of whom must sign his name and state that the testator requested him to witness the testator’s signa­ ture, and the testator must also declare in the presence of the wit­ nesses that such is his last will and testament. One-half of com­ munity property may be disposed of by will to his, her or their children, but not to exceed one-fourth to a parenG or parents of either spouse. Workmen’s Compensation Act. See Chapter 81 Session Laws 1917.  SYNOPSIS OF  THE LAWS OF ILLINOIS RELATING TO  BANKING AND COMMERCIAL USAGES Prepared and Revised by Messrs. Musgrave, Oppenheim & Lee, Attorneys at Law, -Chicago. - (See Card in Attorneys’ List.) Acknowledgments. Of deeds of real estate and other instruments, may be taken before the following officers: Within this State before a master in chancery, notary public, United States commissioner, county clerk, justice of the peace, any court of record having a seal or any judge, justice, or clerk thereof. Without this State, and within the United States, its territories, dependencies, or the District of Columbia, before a justice of the peace, notary public, master in chan­ cery, United States commissioner, commissioner to take acknowledg­ ments of deeds, mayor of a city, clerk of a county, or before any judge, justice, clerk or deputy clerk of the supreme, or district court of the United States, or before any judge, justice, clerk or deputy clerk, prothonotary, surrogate, or registrar of the supreme, circuit, superior, district county, common pleas, probate, orphans or surrogate court of any of the States, Territories, or dependencies of the justice, clerk or deputy clerk of the supreme, or district court of the United States, or before any judge, justice, clerk or deputy clerk, prothonotary, surrogate, or registrar of the supreme, circuit, superior, district, county common pleas, probate, orphans or surrogate court of any of the States, Territories, or dependencies of the United States. In any dependency of the United States, such acknowledgment or proof may also be taken or made before any commissioned officer in the mili­ tary service of the United States. When sueh acknowledgment or proof is made before a notary public, United States. In any depend­ ency of the United States, such acknowledgment or proof may also be taken or made before any commissioned officer in the military service of the United States. 0MA\n such acknowledgment of proor is made before a notary public, United States commissioner, or com­ missioner of deeds, it must be certified under his seal of office. If taken before a mayor of a city, it must be certified under the seal of the city; if before a clerk, deputy clerk, prothonotary, registrar, or surrogate, under the seal of his court; if before a justice of the peace or a master in chancery, there must be added a certificate of the proper clerk under the seal of his office setting forth that such person was a justice of the peace or master in chancery at the time of taking such acknowledgment or proof. An acknowledgment or proof of execution may be made in conformity with the laws of the State, Territory, dependency, or district where it is made. Without the   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1838  tv  BANKING AND COMMERCIAL LAWS—ILLINOIS  United States, before any court of any republic, dominion, state, kingdom, empire, colony, territory, or dependency having a seal, or before any judge, justice, or clerk thereof, or before any mayor or chief officer of any city or town having a seal, or before a notary public or commissioner of deeds, or any ambassador, minister, or secretary of legation, or consul of the United States, or vice-consul, deputy consul, commercial agent, or consular agent of^the United States. The acknowledgment of a conveyance by a married wom^n may be made and certified as if she were single. An acknowledgment taken by any one interested in the conveyance is void. Actions. Forms of action and pleadings are substantially as at common law except in justice courts and the municipal court of Chi­ cago, wherein the practice has been much simplified. A non-resident is required to give a bond for costs. Administration of Decedents’ Estates. Letters testamentary issue to executor named in will, if he be a resident. If there be no will, or no executor named, or the executor is disqualified, or refuses to act, administration is granted to surviving husband, or wife, next of kin. or some competent person. The surviving husband or wife, or the person nominated by him or her, has preference. If none of the above named applies within sixty days from death of deceased, then administration is granted to the public administrator of the proper county. The administrator must be a resident of the State. A foreign executor or administrator, within the United States, may prosecute suits to enforce claims or to sell lands to pay debts. The Uniform Foreign Probate Act is in force in Illinois. The executor or administrator must file an inventory within three months from the date of his appointment and must fix upon a term of court, within six months from the time he qualifies, for the adjustment of claims, and publish notice thereof. The claimant should produce and file his verified claim, which, if not objected to, may be allowed without further evidence. If objected to, the claim is set down for trial. If the claim is not presented at the time fixed upon, it may afterwards, within one year, from the date of the issuance of letters of adminis­ tration, be filed with the clerk, whereupon a summons issues against the executor or administrator, and the matter is heard at a subsequent term. All claims not exhibited within one year from granting of administration are barred. Claims are classified as follows: 1. Fu­ neral expenses and cost of administration. 2. Widow’s or children’s award. 3. Expenses of last illness, other than physician’s bill, and demands due household laborers or servants of deceased for labor. 4. Debts due common school or township funds. 5. Physician’s bill for last illness. 6. Trust funds. 7. All other debts. Claims have priority of payment in the above order. Affidavits. Within this State oaths and affirmations may be administered by any judge, justice of the peace, master in chancery,' clerk of a court, police magistrate, or notary public, in their respective jurisdictions. Without the State the oath or affirmation may be administered by any officer authorized by the laws of the particular State, and if such officer has a seal, his certificate under his official seal is received as prime facie evidence of his authority. Aliens. The present law went into effect July 1, 1S97. It does not affect the rights of aliens as to personal property, who still take the same as citizens. Its provisions are subject to treaties made by the United States with foreign countries. AU aliens, subject to cer­ tain restrictions mentioned in the act, may acquire and for a limited time hold real estate situated in this State by deed, devise, or descent, and may transfer devise or encumber it. Arrest and Bail. No person can be imprisoned for debt unless upon refusal to deliver up his estate for the benefit of his creditors in such manner as shall be prescribed by law, or in cases where there is a strong presumption of fraud. Assignments. The operation of the Illinois Act relating to voluntary assignments for the benefit of creditors has been suspended by the national bankruptcy law. Attachments. A creditor, resident or non-resident, whose claim is due, may bring attachment in a court of record if the amount exceeds $20, and in justice court for any amount not exceeding $200, on any of the following grounds: 1. Where the debtor is a non-resi­ dent of this State. 2. Where the debtor conceals himself, or stands in defiance of an officer so that process can not be served upon him. 3. Where the debtor has departed from this State with the intention of having his effects removed from this State. 4. Where the debtor is about to depart from this State with the intention of having his effects removed from this State. 5. Where the debtor is about to remove his property from this State to the injury of such creditor. 6. Where the debtor has, within two years preceding the filing of the affidavit required, fraudulently conveyed or assigned his effects, or a part thereof, so as to hinder or delay his creditors. 7. Where the debtor has within two years prior to the filing of such affidavit fraudu­ lently concealed or disposed of his property so as to hinder or delay his creditors. 8. Where the debtor is about fraudulently to conceal, assign, or otherwise dispose of his property or effects so as to hinder or delay his creditors. 9. Where the debt sued for was fraudulently contracted on the part of the debtor, provided the statements of the debtor, his agents or attorney, which constitute the fraud, shall have been reduced to writing, and his signature attached thereto by him­ self, agent, or attorney. The creditor must give bond in double the amount of the claim. Real estate or personal property may be attached or funds garnished. The property or funds may be released by the debtor giving a forthcoming bond, or entering into a recog­ nizance in court to pay the judgment. Banks. Under the state constitution stockholders have a double stock liability, and every bank must make, under oath, and publish each quarter a full and accurate statement of its affairs. Banks may be formed under the statute for the purpose of discount and deposit, buying and selling exchange, and doing a general banking business, except the issuing of bills to circulate as money; may loan on both personal and real estate security, and may accept and execute trusts. The stockholders at the annual meeting on the first Monday of each January (unless some other date be fixed by the by-laws) elect the directors. The directors must furnish to the State Auditor each year a list of stockholders and such other information as he may require. Each director must own ten shares of stock. Directors are required to hold monthly meetings. Any director, officer, or employee making a false statement as to the affairs of the bank, with intent to deceive, may be punished by imprisonment. No bank can begin business until the Auditor has’issued his certificate that its stock has been fully paid; and such certificate has been filed with the Recorder of Deeds of the County where the bank does business. The Auditor may withhold his cert ificate if he be not satisfied'as to the character and standing of the directors and officers. The president and cashier thirty days after organization must file with the Recorder of Deeds a certified list of stockholders and the holdings of each, and thereafter record all transfers. No transfer of stock releases stock liability. Banks are examined under the direction of the Auditor at least once each year. A bank can hold only such real estate as is necessary for its banking house, and such as may be acquired in the collection of its debts. No more than 15 per cent of the capital stock and surplus can be loaned to one person, firm, or corporation, but discounts of bills of exchange drawn against actual values, and commercial paper discounted for parties actually owning the same, do not come within this provision. A violation of this provision does not impair the claim, but renders the directors and officers assenting to the same  personally liable for any loss incurred thereby. A Ioan can not be made to the president or any officer or employe, unless approved by the Board of Directors. The minimum amounts provided for the capital stock of banks are as follows: In cities of 5.000 or less, $25,000; up to 10,000, $50,000; up to 50,000, $100,000, and 50,000 or more $200,000. Upon impairment of the capital stock the Auditor may require assessment of stockholders or a reduction of the capital. If he shall deem the bank is being conducted in an unsafe, fraudulent or illegal manner, he may file a bill for an injunction, dissolution and receiver, but such a bill can be maintained only in the name of the Auditor. Upon deficiency of assets, the court may require, in such a suit, that the receiver proceed against the stockholders on their stock liability. There are provisions for consolidation, change of name and voluntary dissolution. A banker is liable to fine and imprisonment if he receive a deposit after he knows the bank has become insolvent and thereby the depositor suffers loss. One drawing and delivering a check, draft, or order on a bank with intent to defraud, and knowing at the time that he had not sufficient funds in or credit with the bank to pay the check, draft or order in full is guilty of a misdemeanor and is subject to a fine of $1,000, or imprisonment for one year, or both. Bills of Lading. The Uniform Bills of Lading Law is in force in Illinois. A Blue Sky Law went into effect June 10, 1919, governing the sale of stocks of corporations. Securities are divided into four classes. Certain securities can be sold only after a full statement in regard thereto has been filed with the Secretary of State and a permit issued The law is stringent. Copies of the law and forms for use thereunder can be obtained by writing to the office of the Secretary of State, Springfield, Ill. The act is entitled “The Illinois Securities Law.” Chattel Mortgages. No mortgage, trust deed, or other convey­ ance of personal property having the effect of a mortgage or lien, is. valid against third persons, unless possession be delivered to, and remain with the grantee; or the instrument provides for the possession of the property to remain with the grantor, and the instrument is acknowledged and recorded. The instrument must be acknowledged, in counties having a population of less than two hundred thousand, before a justice of the peace, police magistrate, a clerk or deputy clerk of a municipal court, or county judge of the county in which the mort­ gagor resides; in counties having a population of 200,000, or more, before a justice of the peace of the towm or precinct, or if there be no justice of the peace, before the clerk or deputy clerk of the municipal court in the district where the mortgagor resides. If the mortgagor is a non-resident of the State, the mortgage may be acknowledged before any officer authorized by law to take acknowledgments of deeds. After acknowledgment the instrument must be filed for record with the recorder of the county in which the mortgagor resides when the instrument is executed, or, in case of a non-resident of the State, then in the county where the property is situated. The mortgage is a valid lien until the maturity of the entire debt or obligation, not exceeding three years from the filing of the mortgage, and may be renewed for one year. A note secured by chattel mortgage must state on its face that it is so secured, otherwise the mortgage is void. A mortgage may be released on the margin of the record, or by a release deed. A mortgage on a stock of goods permitting mortgagor to retain possession and buy and sell is void as to creditors. Commercial Paper. (See Negotiable Instruments.) Conditional Sales and like agreements, including, generally, leases, reserving title or lien in seller who parts with possession, are not valid in this State as to purchasers or parties acquiring liens while the property remains in the possession of the vendee or lessee. Consignments. Agreements to sell on consignment are valid. If a commission merchant, or party selling on commission, converts the property consigned, or after demand fails to account for the pro­ ceeds, he is subject to fine and imprisonment, and liable for double the value of the property so converted. Conveyances. (See Deeds.) Corporations. Corporations, except for charitable, educational, penal, and reformatory purposes, may be organized only under gen­ eral law's. (Const, art. XI, 1.) In all elections of directors every stockholder has the right to vote, in person or by proxy, for the number of shares of stock owned by him, or may cumulate his votes. (Const, art. XI, 13.) A new act relating to corporations for profit, became in force July 1, 1919. Corporations may be created under the act for any lawful purpose, except for banking, insurance, real estate, brokerage, the operation of railroads, or the business of loaning money; and may be organized for any one of the following purposes: (1) “building corporations,” for acquiring, owning, erecting, leasing, or operating only one building and the site therefor of not more than 80,000 square feet of land; (2) “agency and loan corporations,” for the purpose of acting as agents for others in the purchase, sale, renting, and man­ agement of real estate and leasehold interests in the operation of an insurance agency business, in the negotiation of loans on real estate and leasehold interests, of lending money on bonds or notes secured by mortgages or trust deeds on real estate or leaseholds or on the mortgage bonds of industrial or railroad companies or of any public service corporation or on any State, municipal, or quasi-municipal bonds, or for the purpose of buying, selling, pledging, mortgaging, or otherwise dealing in any of such securities; (3_) “real estate improve­ ment corporations,” for the purpose of owning land, erecting resi­ dences thereon, and selling or leasing such land or residences, which land so owned shall be situated only in the county in which the cor­ poration’s principal office is located. Corporations under the act have the following rights, powers, and privileges: (1) succession; (2) to sue and be sued in its corporate name; (3) common seal; (4) capital stock, with or without a par value, and divided into classes (under a ruling of the Secretary of State any class of stockholders by a provision in the certificate of incorporation may be deprived of the right to vote); (5) to acquire, and to own, possess, and enjoy so much real and personal property as may be neces­ sary for the'transaction of the business of such corporation, ana to lease, mortgage, pledge, sell, convey, or transfer the same; (6) to own, purchase, or otherwise acquire, whether in exchange for tne issuance of its own stock, bonds, or other obligations or otherwise, and to hold, vote, iiledge, or dispose of the stocks, bonds, and other evidences of indebtedness of any corporation, domestic or foreign, (7) to borrow money at such rate of interest as the corporation maj determine without regard to or restrictions under any usury Jaw or this State and to mortgage or pledge its property, both real ana personal, to secure the payment thereof; (8) to elect officers, appoint agents, define their duties and fix their compensations; (9) to lease, exchange, or sell all of the corporate assets with the.consent of twothirds of all of the outstanding capital stock of the corporation at any annual meeting or any special meeting called for that purpose, (10) to make by-laws not inconsistent with the laws of tins State ior the administration of the business and interests of such corporation. (11) to conduct business in this State, other States, the District oi Columbia, the Territories, possessions, and dependencies ot tne United States and in foreign countries, and to have one or more offices out of this State, and to hold, purchase, mortgage, and convey real and personal property outside of this State necessary and requisite to carry out the object of the corporation; (12) in time of war to  BANKING AND COMMERCIAL LAWS—ILLINOIS transact any lawful business in aid of the United States in the prose­ cution of war, to make donations to associations and organizations aiding in war activities, and to loan money to the State or Federal Government for war purposes; (13) to cease doing business and to surrender its charter; (14) to have and exercise all the powers necessary and convenient to carry into effect the purpose for which such corporation is formed. The right of a corporation to hold the stocks of other corporations is restricted to cases where the effect thereof shall not be in restraint of trade, to lessen competition, nor to create a monopoly. No cor­ poration, except as specifically provided herein, shall be organized under this act for the purpose of acquiring or owning real estate. No corporation under the act shall, except as provided, by any implication or construction, be deemed to possess the power of carrying on the business of discounting bills, notes, or other evidences of debt, or receiving deposits of money, or foreign coins, or buying and selling bills of exchange, or issuing bills, notes, or other evidences of debt for circulation as money; but corporations created, or to be created under the provisions of the act, to buy, sell, or otherwise deal in notes (not including the discounting of notes), open accounts, and other similar evidences of debt (not including bills of exchange), shall not be considered within this prohibition. No corporation shall be created under this act to deal in commercial paper in the exercise of the functions of bank discount. The board of directors must consist of at least three persons, who shall be stockholders and one of whom must be a resident of this State. The directors exercise the corporate powers of the corporation. They may hold meetings and transact business outside of this State. They elect officers, adopt by-laws, and may appoint an executive committee. The name of a corporation must indicate that it is a corporation. If’the name of a person or copartnership is used, it must be followed by the word “corporation,” “incorporated,” “limited,” or their abbreviations. The corporation must maintain an office or place of business in this State, with a resident officer or agent in charge. The Secretary of State must be kept informed of any change of address of such office or place of business. Bach share of stock when issued shall have stamped thereon the amount actually received by the corporation for such stock, either in cash, property, services rendered, or expenses incurred. Bach certi­ ficate must contain a statement of the rights of the holder, whether the stock has been fully paid, and if not what per cent of it has been paid. When adcjjtional payments are made they must be stamped on the certificate. Shares without par value shall be represented by certificates which shall state the number of shares, the name of the holder and the total number of shares the corporation is author­ ized to issue. All stockholders’ meetings must be held within this State. Directors are elected at the regular annual meeting of the stockholders. No stock can be voted which shall have been trans­ ferred on the books of the corporation within ten days prior to such meeting. No proxy is good after eleven months from its execution, except where the stock is pledged as security for a debt to the person holding the proxy. Stockholders are liable to creditors, after exhaustion of the assets of the corporation, only to the amount unpaid on the shares held by them. An assignee of unpaid stock, with notice, is liable as though he had been the original subscriber; but only the real owner is liable. Foreign Corporations. Each foreign corporation organized for pecuniary profit (except banking, insurance, building and loan, and surety companies), not now licensed to do business in this State, shall before it transacts any business or maintains an office in this State, procure a certificate of authority therefor from the Secretary of State. No foreign corporation shall engage or continue in any kind of business in this State, the transaction of which by domestic corporations is not permitted by the laws of this State. Each licensed foreign cor­ poration shall keep on file in the office of the Secretary of State a copy of its charter and all amendments thereto; and also a verified statement giving the location of its principal office in this State and the name and address of an agent on whom service of process may be had. No foreign corporation doing business in this State without a license shall be permitted to maintain any suit at law or in equity in any of the courts in this State upon any demand, whether arising out of contract or tort; and all such corporations shall be liable by reason thereto to a penalty therefor of not less than $250 nor more than $1000, to be recovered in any court of competent jurisdiction, in a civil action to be begun and prosecuted by the Attorney-General. Bach corporation (including railroads, domestic and foreign, other than homestead associations, building and loan associations, banks, religious corporations, insurance companies, (and corporations not for pecuniary profit) shall make a report in writing to the Secre­ tary of State between February 1 and March 1 of each year for the calendar year ending December 31. preceding, on forms to be pre­ scribed and furnished by the Secretary of State. Such report shall give the address of the corporation, officers and directors in this State by street and number; and also shall disclose such facts as necessary to enable the Secretary of State to ascertain the proportion of its capital stock represented by business transacted and tangible prop­ erty located in his State and such other information as may be neces­ sary or appropriate in order to assess the annual license fee or fran­ chise tax. Fees and Taxes. To the Secretary of State on filing a certificate of incorporation one-twentieth of 1 per cent upon the amount of authorized capital stock, but in no event less than $20. If the stock has no par value, for the purpose of fixing the fee the shares are con sidered as having a par value of $100 each. A like fee upon any sub­ sequent increase. Upon the filing of a certificate of amendment additional fee of $20. A foreign corporation, other than an insurance company or building and loan company, upon obtaining a certificate to do business in Illinois pays the same fees upon the amount of its capital stock represented by business transacted and tangible property in Illinois as similar domestic corporations pay upon incorporation. If the stock of a foreign corporation has no par value, for the purpose of fixing fees and taxes the shares are considered to have a par value of $100 each. A domestic corporation or a foreign corporation licensed to do business in Illinois (except insurance companies), and which are required to make annual reports, must pay to the Secretary of State an annual license fee or franchise tax amounting to 5 cents on each $100 of the proportion of its authorized capital stock repre­ sented by business transacted and property located in this State, but in no event shall any such license fee or franchise tax be less than $10 for any one year. If it appears from the annual report that the corporation has no tangible property located in this State, and is transacting no business in this State, the following franchise tax must be paid annually: on capital stock of $50,000 or li^, $10, totween «-,o non and S200 000 $15; between $200,000 and $,>00,000, $20, between #500 000 and $1,000,000, $50; between $1,000,000 and $10 000 000 $200; over $10,000,000, $1,000; stock of no par value being considered to have a par value of $ 100 per share. The franchise tax is navable lulv 1> for the succeeding twelve months. If a tax IS payaoie on O 1 .luiv within the time renilirerl  assessment.' In c^e a cwporation fails to file an annual report or pay its franchise tax as required by the act the Attorney-General m-iv take nroceedings to forfeit its charter. No corporation required tTnavTfrSS o^te undcr the laws of this State shall transact lAy butinels in^this State o? maintain any action at law or suit in   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1839  equity, unless such corporation shall have paid such franchise tax or such fees when the same become due and payable. Corporations are taxed on their tangible property, real and personal, within the State, and also upon the fair cash value of their capital stock, including franchises, over and above the assessed value of their tangible prop­ erty. Shares of stock of domestic corporations, whose tangible prop­ erty or capital stock is taxed, are not subject to taxation in the hands of owners. A corporation organized for the purpose of accepting and executing trusts may be appointed assignee or trustee by deed, and executor, guardian, or trustee by will, and any court may appoint such com­ pany receiver, assignee, guardian, conservator, executor, adminis­ trator, or other trustee, provided such appointment apply to the estate only and not to the person. Such corporation is not generally required to give bond for the performance of a trust, but it is required to deposit with the Anditor of Public Accounts $200,000 in bonds of the United States, or in municipal bonds of this State, or real estate mortgages, and to make a statement, and file reports with the Auditor annually. There are special acts als > as to the organization of cor­ porations not for pecuniary profit, religious corporations, loan asso­ ciations, co-operative associations for profit, insurance, etc. Cor­ porations, foreign or domestic, under certain restrictions, may do a surety business. Courts. Supreme court (seven judges); four appellate courts (intermediate court of appeals, three judges each); circuit courts (in Cook County also superior court of equal jurisdiction); criminal courts; county courts (which also exercise probate jurisdiction in counties having less than 70,000); probate courts (in counties having over 70,000); municipal courts (Chicago has a municipal court with a chief justice and thirty associate judges and special practice; and justice courts. Days of Grace are abolished. (See Negotiable Instruments.) Deeds conveying land should be signed, sealed, and acknowledged by grantor. Scrawl seal is sufficient. No subscribing witnesses are required. Statutory forms of warranty and quit claim deeds and mortgages are provided. The words employed are (1) conveys and warrants, (2) conveys and quit claims, (3) mortgages and warrants. No deed releases the right of homestead unless it contains a clause substantially as follows: “Hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Illinois,” in which case the certificate of acknowledgment should contain the clause, “including the release and waiver of the right of homestead.” To release dower the husband or wife must join in the conveyance, except in the case of a mortgage for purchase money; otherwise the husband and wife may convey as unmarried. Deeds and other instruments affecting real estate should be recorded in the county where the real estate is situated; until so recorded they are void as to creditors and subsequent purchasers without notice. Depositions. In chancery cases if the witness resides in the county, depositions may be taken on five days’ notice; otherwise on: ten days’ notice and one day in addition for every fifty miles. At law, on like ten days’ notice, where the witness resides in another county or is about to depart from the state. Where the witness resides out of the county or state, the deposition may be taken before a notary public or commissioner on a commission issued on ten days’ notice, either on written or oral interrogatories; one day additional notice of the time and place of taking the deposition being required for each one hundred miles. If a witness subpoenaed to give his deposition before a notary public or other officer under commission issued by a court of this State, or of any other State or country, declines to appear or testify he may be cited before the circuit court, of the county where he resides and be compelled to appear, testify, and produce documents. Descent and Distribution. Property in this State, real and personal, of residents or non-residents dying intestate, descends and is distributed as follows: 1. To the children and their descendants equally, the descendants of a deceased child or grandchild taking the share of their parents in equal parts. 2. When there is no child, nor descendant of a child, and no widow or surviving husband, then to the parents, brothers, and sisters and their descendants equally, allowing to the parents, if living, a child’s part, or the survivor a double portion; and if there is no parent living, then to the brothers and sisters and their descendants. 3. When there is a widow or sur­ viving husband, and no child or descendant of a child, one half of the real estate and the whole of the personal estate goes to the widow or surviving husband absolutely, and the other half of the real estate descends as in other cases where there are no children or descendants of children. 4. When there is a widow or surviving husband, and also a child or descendants of a child, the widow or surviving husband receives one-third of the personal estate absolutely (see Dower and Curtesy). 5. If there is no child or descendant of a child, and no parent? brother, or sister, or descendant of parent, brother, or sister, and no widow or surviving husband, the estate descends in equal parts to the next of kin in equal degree (computing by the Civil Law), there being no representation among collaterals, except with descen­ dants of brothers and sisters, and no distinction being made between kindred of the whole and the half blood. 6. In case of a widow or surviving husband, and no kindred, the whole estate goes to the widow or surviving husband. Dower. A surviving husband has dower (i. e., life interest in a third part of all lands whereof deceased was seized of an estate of inheritance during marriage) the same as a widow. Equitable estates, and land contracted for before death, are subject to dower. Dower may be barred by jointure assented to; by devise, unless widow or surviving husband renounces benefit of devise within one year from date of letters of administration; by divorce as to the party in fault; and by abandonment coupled with adultery. There is no dower in land as against a purchase-money lien. The husband or wife may renounce any devise under the will of the other and take if there be children, dower and one-third of personal estate, or, if no children, one-half of both real and personal estate absolutely. Executions. (See Judgments and Executions.) Executors and Administrators. (See Administration.) Exemptions. There is a homestead exemption to the extent of $1000. It may be extinguished by conveyance joined in by husband and wife properly acknowledged. (See Deeds.) The following personal property is exempt: 1. The necessary wearing apparel, Bibles, school books, and family pictures. 2. One hundred dollars worth of other property, to be selected by the debtor, and in addition, when the debtor is the head of a family and resides with the same, $300 worth of other property, to be selected by the debtor. Exemp­ tions can not be claimed out of partnership property. The wages of a wage earner being the head of a family and residing with the same are exempt from garnishment to the amount of $15 per week. Frauds, Statute of. The following contracts should be in writing; 1. A promise of an executor or administrator to answer any debt or damages out of his own estate. 2. A promise to answer for the debt, default, or miscarriage of another. 3. An agreement made in con­ sideration of marriage. 4. An agreement not to be performed within one year. 5. Any contract for the sale of lands, or any interest therein for a longer term than one year. 6. Express trusts relating to real estate. “A contract to sell ot a sale of any goods or choses in action of the value of five hundred dollars or upwards is not enforcible by action, unless the buyer accepts part of the goods or choses   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1840  BANKING AND COMMERCIAL LAWS—ILLINOIS  in action so contracted to be sold or sold, and actually receives the same, or gives something in earnest to bind the contract, or in part payment, or unless some note or memorandum in writing of the contract or sale be signed by the party to be charged or his agent in that behalf. The act applies to sales for future delivery and to goods to be obtained or manufactured by the seller, but not to sales of goods to be manufactured on special order if they be not suitable for sale to others in the usual course of business,” Garnishment. The funds or property of a debtor in the possession of a third party may be garnished in an attachment suit, or in a separate proceeding after judgment has been obtained against the principal debtor, (See Attachments.) Holidays, Legal. January 1st, February 12th, February 22d, May 30th, July 4th, October 12th, December 25th, first Monday in September (Labor Day), Thanksgiving Day, and Tuesdays next after the first Mondays in November in even years (election days); also every Saturday from 12 o’clock noon to 12 o’clock midnight. Where holidays fall on Sunday, the day following. Husband and Wife. (See Married Women.) Interest. Extreme contract rate, 7 per cent; legal rate, 5 per cent. Interest is allowed at the legal rate on moneys after they become due on any bond, bill, promissory note, or other instrument in writing; on money loaned or advanced for the use of another; on money due on the settlement of an account, from the date of ascertaining the balance; on money received to the use of another, and retained with­ out the owner’s knowledge; and on money withheld by an unreason­ able and vexatious delay of payment. Judgments or decrees draw interest at 5 per cent. Penalty for contracting for more than 7* per cent is the loss of the entire interest, and only the principal sum can be recovered. A written contract, wherever payable made, in this State between citizens of this State and of a foreign State (or secured by a mortgage on lands in this State) is controlled by the law of this State as to the rate of interest, and the penalty for usury. Usury must be specially pleaded. But corporations cannot claim a for­ feiture of legal interest on account of usury. In all computations of time, and of interest and discounts, a month is considered to mean a calendar month, and a year twelve calendar nonths, and a day the thirtieth part of a month. A foreign corporation is subject to the same penalties for usury as a citizen of this State. Judgments and Executions. A judgment is a lien on real estate situated in the county where the judgment is rendered, for seven years from its date. If an execution is not issued on a judgment within one year the judgment ceases to be a lien. A transcript of a judgment in another county may be filed and thereupon becomes a lien upon real estate of the defendant in the county where filed, and execution may issue thereunder. An execution becomes a lien on personal property from the time it is delivered to the officer to be executed. All goods and chattels, including money and stock in a corporation, may be levied on. Personal property may be sold under execution on ten days’ notice. A forthcoming bond may be given by the defendant to the officer. A third party claiming the property levied on may have a trial as to the right of property in the county court. Judgments may be confessed by a debtor or his authorized attorney without process in term time or vacation. Liens. A landlord has a lien for rent upon crops growing on the demised premises. Hotel, inn, and boarding-house keepers have a lien upon baggage and other valuables of guests. Stable-keepers have a lien upon horses, carriages, and harness for the keeping thereof. Garage keepers are entitled to liens on automobiles, parts and acces­ sories, for keeping, repairing, materials furnished thereto, and the expenses bestowed thereon at the request of the owner, or the person having the possession thereof. Agisters and persons keeping, yarding, and feeding domestic animals have a lien therefor. All persons furnish­ ing supplies, or doing work for any railroad organized under the laws of this State, necessary for the construction, maintenance, operation, or repair of the road, have a lien therefor on all the property of the company, which is good as against mortgages and other liens acquired after the commencement of the delivery of supplies, or the doing of the work. Attorneys have liens on all demands, claims, and causes of action of their clients, after the service of notice upon the adverse party. Contractors and sub-contractors, including architects, super­ intendents, timekeepers, etc., have liens on any real estate, interest therein, or improvements thereon, for all kinds of labor and services performed, and materials furnished for the erection of any building, or the improvement of any real estate, or thing connected therewith. A person furnishing material, apparatus, fixtures, machinery or labor to a contractor for a public improvement, has a lien upon the money, bonds or warrants due or to become due under such contract: Pro­ vided, the claimant serves upon the municipality a notice of his claim before payment be made to such contractor; but the lien attaches only to the portions of the money, bonds, or warrants against which no voucher or other evidence of indebtedness has been issued and delivered to the contractor. Limitations. In personal actions as follows: Libel and slander, one year; actions for damages for injury to persons, two years (where death results, one year after death); for false imprisonment, malicious prosecution, for a statutory penalty, for abduction, seduction, or criminal conversation, two years; actions on unwritten contracts, express or implied, on awards of arbitration, to recover damages for injury to property real or personal, to recover possession of personal property, or damages for the detention of conversion thereof, and ail civil actions not otherwise provided for, five years; actions on bonds, promissory notes, bills of exchange, written leases, written contracts, or other evidences of indebtedness in writing, ten years; but any payment or new promise to pay in writing renews the right of action on such instrument for ten years from the time of such payment or promise. A domestic judgment of a court of record, twenty years; of a foreign court of record, five years. Limited Partnership. There are statutory provisions as to the formation of limited partnerships, but such partnerships are not common in Illinois. Married Women. A married woman may sue, be sued, or defend, as if she were unmarried. When the husband deserts, the wife may prosecute or defend in his name. The husband has the same right upon the desertion of the wife. The husband is not liable for the wife’s torts except in cases where he would be jointly responsible if the marriage did not exist. The husband or wife is not liable for the debts of the other incurred before marriage, or for the separate debts of each after marriage, except that the husband and wife are jointly and severally liable for the expenses of the family and the education of their children. The wife may contract as if unmarried, except that she can not carry on a partnership business without the consent of her husband, unless he has abandoned her, or is insane, or confined in the penitentiary. She may receive and use her own earnings free from the interference of the husband or his creditors. Neither the husband nor the wife can recover compensation for any labor performed or services rendered for the other. She may own in her own right real and personal property obtained by descent, gift, or purchase, and manage, sell, and convey it to the same extent that the husband can property belonging to him; but no transfer of personal property between the husband and wife living together is good as against third persons, unless acknowledged and recorded as chattel mortgages are required to be. A married woman who without her fault lives apart from her husband may maintain an action for  reasonable support and maintenance. The wife may insure ( her husband’s life. She may become surety for the husband. She (may execute a will, if over eighteen years of age, at which age she atitains majority. Mortgages. Real estate mortgages should be executed and ac­ knowledged the same as deeds. The wife must join to bar dower, except in mortgages for purchase-money. Trust deeds are often preferred to mortgages because of the facility in the transfer of the security and, in case of non-resident creditors, in obtaining a release, the trustee generally being a resident. Real estate mortgages may be released upon the record or by release deed. Mortgages and trust deeds must be foreclosed by scire facias or by regular foreclosure suit in a court of chancery. In extreme cases, where the mortgaged property is clearly of less value than the debt secured and the mort­ gagor is insolvent, there may be a strict foreclosure which cuts oil the right of redemption, in which case the mortgagee takes the property in discharge of the debt. In other cases, after decree of foreclosure, the officer designated to execute the decree delivers a certificate there of to the creditor and files a copy thereof for record. The debtor may redeem within twelve months, or if no judgment creditor redeems, then within fifteen months; at the end of which time the real estate is sold to satisfy the decree and costs, with six per cent interest. The holder in due course of a note secured by a mortgage or trust deed on real estate in Illinois stands in no better position, so far as the enforce­ ment of his security is concerned, than the payee or original holder; but this doctrine does not apply to corporate bonds payable to bearer. Negotiable Instruments. The “Uniform Negotiable Instru­ ments Law” adopted in New York and most of the other states is in force in Illinois, as to all commercial paper executed after July 1, 1907, with the following modifications: 1. All Promissory Notes, Bonds, Due Bills, and other instruments in writing, whereby one promises or agrees, to pay any sum of money or articles of personal property, or any sum of money in personal property, or acknowledges any sum of money or article of personal property to be due, are nego­ tiable. Except as to Promissory Notes payable in money due diligence must be used by the holder against the maker, if he be a resident and solvent, by suit at first term of Court after maturity, in order to hold the endorser. 2. Accommodation paper may be issued after maturity, if such was the intention of the accommodating party. 3. The addition of words of assignment or guaranty to a blank indorse­ ment does not affect the signature as an indorsemeM unless otherwise expressly stated. 4. The defenses of fraud and circumvention in the execution of negotiable paper, or that the consideration arose out of a gambling transaction prohibited by sections 130, 131, and 136 of our Criminal Code, may be asserted as against a holder in due course. 5. The fact that a depositor makes his note payable at a bank does not authorize the bank to pay it out of his funds on deposit. 6. An alteration of an instrument avoids it only when it is material or fraudulent, and made by the holder. 7. A promise in writing to accept a bill made either before or after it is drawn is deemed an actual accept­ ance as to the person receiving the bill on the faith thereof. 8. Section 137 of the Uniform Negotiable Instruments Law, providing that the destruction by the drawee of a bill of exchange left with him for accept­ ance, or his refusal to return the same within twenty-four hours after delivery to him or within such further period as the holder might allow, should be deemed an acceptance of the bill, is omitted from the Illinois act. Partnership. The Uniform Partnership Act and the Uniform Limited Partnership Act are in force in Illinois. Probate Law. (See Administration of Estates.) Recording Acts. In counties having a population of less than 60,000, the clerk of the circuit court is ex officio the recorder. In 'other counties a “recorder of deeds” is elected. As to what instru­ ments must be recorded, see respective titles. Replevin. The action lies for personal property wrongfully de­ tained. The action may be brought in any county where the property is, or where any of the defendants reside or may be found. • Before the execution of the writ, the plaintiff, or some one in his behalt, must give the officer a bond with sufficient security (a real estate owner of the county is generally required) in double the value of the property. Sales. The Uniform Sales Act has been adopted in Illinois. Sales in Bulk. Sales of the major part or all of a stock in trade, chattels or fixtures not in the ordinary course of business, are fraudu­ lent and void as to directors unless the buyer obtains from the seller an affidavit giving a list of his creditors with addresses and amounts due each, and the buyer, five days before payment, gives notice to each creditor personally or by mail of the contemplated purchase. Taxes. All real and personal property in this State, including moneys, credits, bonds, stocks, investments, shares of stock in cor­ porations (see Corporations), and of banks doing business m this State, is subject to taxation. Real and personal property is listed with the County Assessor and assessed between April 1st and June 1st as oi April 1st. The taxes are payable on or before May 1st of the ensuing year; after which time penalties are added. There is a.n Inheritance Tax Law, the rates varying according to the relationship of the heir> devisee, or legatee, and the amount of the legacies, ranging from 1 per cent in the cases of widow and children, as to legacies exceeding and not exceeding $50,000, to 15 per cent on large amounts bequeathea to persons not related to the deceased exceeding $100. Warehouse Receipts. The Uniform Warehouse Receipts Law is in force in Illinois. Wills. Every male over twenty-one, and female over eighteen, competent to make a will. It must be signed by the testator or y some person in his presence and by his direction, and attested in is presence at his request by at least two witnesses. The witnesses lould be disinterested. A devise to a witness is void unless the win e otherwise duly attested by two witnesses exclusive of such person, /here the subscribing witnesses are dead, secondary evidence ot tne secution is admissible. The will is proved, after notice to heirs ana gatees, in the county (or probate) court, and may be contested, in lancery, within one year after its probate. Wills or anthenticateu ipies, affecting estate within this State, duly proved outside ot tn» bate, in accordance with the law of the State where executed, accomunied with a certificate of the proper officer of that fact, may o scorded here. Wills executed and published out of this State may e admitted to probate in any county in this State where the testatm ad lands or personal property upon like proof as if executed and puoslied here, whether or not the will has been first probated to anotner ate or countv. The Uniform Foreign Probate Act i-s m force m linois. All originals wills, after being filed, must remain in the omce ’ the county (or probate) court. Children may be disinherited.  BANKING AND COMMERCIAL LAWS—INDIANA  under the original attachment, before final judgment, are required to furnish a like affidavit and bond, and all share pro rata in the proceeds of the attached property. The wages of a resident house­ holder, not exceeding one month at any one time, are exempt so long as debtor remains in such employment. It is a misdemeanor to send claims out of the State to be collected by attachment, or garnishment, when creditor, debtor, and person owing for earnings intended to be reached are all within the jurisdiction of the court of this State. The collection of claims so sent may be enjoined. Banks, Private. Act of 1907 (in effect Dec. 1, 1907), regulating private banking applies to any one who may use the word “bank” in his business. Capital must be at least $10,000, not more than onethird of which may be invested in the bank building. All real estate must be held in name of bank. Bank cannot invest in real estate except in realizing on doubtful claim. Statement must be filed with state auditor showing copy of articles of partnership acknowledged (one of the partners to be resident of the state); location, amount of capital, net worth of partners to be double capital paid in, names of officers. List of officers must be posted in bank. Two reports of ■ resources and liabilities are called for each year by auditor and pubi lished in local newspaper. Examination of bank made at least j annually by auditor. Statement of property held in trust by bank must be filed in county recorder’s office. Depositors have lien on assets. Jurisdiction over all persons interested is obtained by process served on officer in charge. Banks can not commence business until chartered by State (’barter Board. Banks cannot establish branches without first having obtained a charter from the State Charter  SYNOPSIS OF  THE LAWS OF INDIANA  board.  |  RELATING TO  |  BANKING AND COMMERCIAL USAGES j Prepared and Revised by Messrs. Pickens, Mooses, Davidson and Pickens, Attorneys at Law, Indianapolis. (See Card in Attorneys’ List.) Acknowledgments. All conveyances of real estate, except leases for less than three years, must be in writing, and acknowledged and recorded at once, or they will not bind third parties. Within the State acknowledgments may be taken before a judge or clerk of a court of record, justice of the peace, auditor recorder, notary public, member of the general assembly, or mayor of a city, and in other states and territories before the like officers, or a commissioner of deeds for Indiana. In any foreign country, before a diplomatic or consular officer of the United States. If such acknowledgment or proof is in some other than the English language, or is not attested by such official seal, it must be accompanied by the certificate of an officer of the United States, to the effect that it is duly executed accord­ ing to the laws of such foreign country, and that the officer has legal authority to certify to the proof or acknowledgment and the meaning of his certificate, if made in a foreign language. Wife must join in deeds and mortgages of husband’s lands in order to carry her in­ choate one-third interest in husband’s lands. No separate acknowl­ edgment of wife necessary in order to convey her inchoate interest in husband’s lands, although she must acknowledge. The certifying officer should state the date when his commission expires. Actions. The distinctions between law and equity are abolished. The statute provides but one form of action. Pleadings are governed by code. Non-resident plaintiffs must give bond to secure costs. Administration of Estates. Except in Marion County, which has a separate probate court, the circuit court has exclusive probate jurisdiction. In cases of intestacy letters are granted in following order. 1. Widow or widower. 2. Next of kin. 3. Largest resi­ dent creditor. Letters of administration shall be granted in the county. 1. Where intestate was inhabitant at time of death. 2. Where, not, being inhabitant of the State he leaves assets. Where an intestate, not being an inhabitant, shall die out of the State, leaving assets in several counties, letters may be granted in any one of the counties in which such assets may be at time of death, and the administration first lawfully granted shall extend to all of the estate. Letters cannot issue to a married woman without her hus­ band’s consent in writing. Such consent makes husband jointly liable with wife Preference is given to foreign executor of a decedent not an inhabitant of State, if, before letters are granted in this State it appears that proper letters have been granted, in another state, except there be resident creditors, legatees and heirs entitled to dis­ tribution, who are inhabitants of the State. No action shall be brought against an estate for any claim against the decedent; but the holder thereof, whether the claim be due or not, shall file a suc­ cinct and definite statement thereof in the office of the clerk of the court, setting forth all credits to which the estate is entitled, and accompanied by the affidavits of the claimant, his agent, or attorney, that the claim is just and wholly unpaid. If claim be secured by a lien, the lien shall be particularly set forth. . The claim must be filed within one year from the notice of the administrator s appointments or claimant must pay costs; and if not filed at ’east' tmrty before the final settlement of the estate, it shall be barred, except that heirs, devisees and distributees shall be liable to the extent of the property received by them, to any unpaid creditor who six months prior to the final settlement was insane, an infant, or out of the State,—suit to be brought within one year of removal of disability, and if upon claim of non-resident creditor, within two years of the settlement of the estate. Affidavits may be taken before any officer qualified to take acknowl­ edgments (see above). Date of expiration of officers commission must be certified. Aliens. Resident aliens who have declared their intention to become*citizens, may acquire, hold, and enjoy .real estate and may convey, devise, mortgage, or otherwise encumbn,i« qiate®’ Miens6 manner and with the same effect as citizens of th s State Aliens whether resident or not, may own real estate not exceeding 320 acres lands hi excess of that amount they must convey within five years or suffer escheat as to such excess. Arrest for Debt. Defendant in a civil action may be arrested and heW 55 bail in the amount claimed at any before Wditment or subject^to1 e’xecutioik’with ftnenthfo^delay^r’"^^’^ thoPpi*aintiir  Bond is required of plaintiff. Ani™,™- .ndiMMT.  Any  Wrectlon of  make a  court.  Dividends are allowed on all claims allowed by the trustee or court. Debtor is not discharged from his liabilities. Attachment may issue against the property of a non-resident oi Aiiainiuiin uiaj nnv who mav have disposed of, or be foreign corporation, and against an> vno .v aPi„v creditors or about to dispose of, property, to cheat hinder or d^ay creditore, or again., a creditor who cornea . “d)^'d ™^”»d“,oCp" yd™SStt o? oppressive. < irediton. who the   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1841  I ■  I i  i !  Banks, Savings. Governed by a general statute which regulates in minute detail the investments and conduct of business. Savings banks may purchase, hold, and convey real estate for the following purposes, and none other: For the location of banking house; real estate mortgaged to it in good faith for money loaned, or upon which it shall have purchased a mortgage; real estate taken upon judgments and decrees on behalf of the bank, or purchased to prevent loss on claims held by the bank. Banks, State. Regulated by a general banking law. The auditor of the state appoints a state bank examiner who shall not be a director or other officer of the bank, and shall have power to make a thorough examination into all the affairs of the bank, and, in doing so, to examine any of the officers and agents thereof on oath. The examiner reports in detail the condition of the bank from time to time. The state banks must make not less than five reports each year, verified by the president, or other managing agent, which reports must exhibit the resources and liabilities at the close of busi­ ness on any past day to be by the auditor specified. The report so required must be published in a newspaper where the bank is estab­ lished, or, if there is no newspaper in the place, then in one pub­ lished nearest thereto in the same county or an adjoining county. The auditor may require special reports from any bank, whenever in his judgment, it shall be necessary in order to a full knowledge of its condition. Any bank failing to make such report shall be subject to a penalty of $100 for each day that it delays to make and transmit the same. All banks are empowered to execute trusts and act as  On September 80, 1920 all duties, power and authority formerly vested in the auditor of State as to banks of all kinds buidling and i loan associations, mortgage guarantee companies, rural loan and saying associations, will be lodged in a Banking commissioner appointed by the Governor and said Commissioner will be at the head of the Depart­ ment of Banking a separate branch of the State Government. All laws relating to above named companies remain in full force and effect. Bills of Exchange and Promissory Notes. No grace is allowed. Damages for protest on bills upon any person at any place out oi this State, but within the United States, 5 per cent on bills drawn upon any person at any place without the United States, 10 per cent. (See Negotiable Instruments.) Chattel Mortgages. Chattel mortgage on personal property left in the hands of the mortgagor with power to sell must stipulate that the money received by the sale be applied to the payment of the mortgage debt, and should be drawn in the form of an absolute bill of sale, must be acknowledged in the same manner as prescribed for the acknowledgments of deed, and recorded within ten days from execution, and in the county where the mortgagor resides. An assignment of goods, by way of mortgage, where such goods are not delivered to the mortgagee, shall not be valid against any other person than the parties thereto, unless such mortgage shall be acknowledged, and recorded within ten days after the execution thereof. Where delivery of the chattels to the mortgagee occurs at the time, record is unnecessary. A mortgagee of household goods can not sell mort­ gaged property except under a judicial proceeding in the circuit or superior court. For certain restrictions on the lending of money on mortgage of household goods, see the statutes. Conveyances. All conveyances, mortgages or leases for more than three years shall be recorded and take priority according to time of filing as against good faith purchaser, lessee or mortgagee. Lands in this State may be taken, held, conveyed, devised, or passed by descent, by or from any citizen of the United States; or by or from any alien (see Aliens), with some provided exceptions as to descent or devise. Lands which may have come by descent or purchase to ; the wife of an alien, may be held, conveyed, devised and passed by descent by and from her, notwithstanding the fact of her residence with her husband in a foreign state or country. Except bona-fide leases for a term not exceeding three years, con­ veyance of lands, or of any interest therein, must be by deed, sub­ scribed, and acknowledged by the grantor or by his attorney in fact. The joint deed of a husband and wife is sufficient to pass the lands of the wife. Except in cases of mortgages, conveyances in trust, 1 conveyances to husband and wife, and cases of estates vested in executors or trustees, as such, and so held by them in joint tenancy, all conveyances and devises of lands, or of any interest therein, made ] to two or more persons, shall be construed to create estates in com­ mon and not in joint tenancy, unless it shall be expressed therein 1 that the grantees or devisees shall hold the same in joint tenancy I and to the survivor of them, or it shall manifestly appear from tenor of instrument, that it was intended to create an estate in joint tenancy. A deed of release or quit-claim shall pass all the estate which the grantor could convey by a deed of bargain and sale. If it be the I intention of the grantor to convey any lesser estate it must be so i expressed in the deed. Liability on lineal and collateral warranties is expressly abolished; a covenant or agreement of any person leaves heirs and devisees answerable thereon only to the extent of property descended or devised to them. Any conveyance of land worded—• j “A. B. conveys and warrants to C. D. (here describe the premises) for the sum of (here insert the consideration),” or “A. B. quit-claims to C. D. (here describe the premises) for the sum of (here insert the j consideration),”—the same being dated, and duly signed and acknowl­ edged by the grantor,—shall, in the one case, be a conveyance in fee simple to the grantee, his heirs and assigns, with covenant from the grantor for himself and his heirs and personal representatives that I he is lawfully seized of the premises, has good right to convey the j same, and guarantees the quiet possession thereof, that the same are free from all incumbrances, and that he will warrant and defend the i title of the same against all lawful claims; and shall, in the other I case, be deemed to be a good and sufficient conveyance in quit-claim   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1842  BANKING AND COMMERCIAL LAWS—INDIANA  to the grantee, his heirs and assigns. Any mortgage of lands worded —“A. B. mortgages and warrants to C. D. (here describe the premises) to secure the repayment of (here recite the sum for which the mortgage is granted or the note or other evidences of debt, or a description thereof, sought to be secured, also the date of the repayment”—the same being dated and duly signed and acknowledged by the grantor -—is a sufficient mortgage to the grantee, his heirs, assigns, executors and administrators, with warranty from the grantor and his legal representatives of title perfect and unincumbered in the grantor. When a deed purports to convey absolutely any estate in lands, but is made, or intended to be made, defeasible by force of a deed of defeasance, bond or other instrument for that purpose, the original conveyance shall not thereby be defeated or affected as against any person other than the maker of the defeasance, or his heirs or devisees, or persons having actual notice thereof, unless the instrument of defeasance shall have been recorded, according to law, within ninety days after the date of said deed. Every conveyance or mortgage of lands, or of any interest therein, and every lease for more than three years, shall be deemed fraudulent and void as against any subsequent purchaser, leasee or mortgagee in good faith and for a valuable con­ sideration, unless recorded in the recorder’s office of the county where such lands are situated. (See Acknowledgments, Married Women.) When either the husband or wife is of unsound mind the party with the sound mind can either join in the guardian’s deed or make his separate deed and the effect would be the same as a joint deed of husband and wife both of whom are of sound mind.  Corporations. Domestic Corporations. Corporations are created only under general statutes. This is done by means of articles of association, filed with the secretary of state, and the recorder or clerk of the county, as provided by statute. The liability of stockholders varies according to the nature of the corporation in question and the law under which it was organized. In the corporations which were in existence November 1, 1851, and which accepted the terms of the act of March 6, 1883, stockholders are liable, in case of insolvency, for a sum at least equal to amount of stock held at time the debt was contracted. In most corporations, stockholders who have paid for their stock are not liable for debts of the company. However, there is liability in some cases for labor and services of employes. Shares of capital stock in a private corporation are subject to attach­ ment. Annual reports must be filed in June with the Secretary of State. Foreign Corporations. Agents of foreign corporations, before entering upon the duties of their agency in this State, shall deposit in the clerk’s office of the county, where they propose doing business, the power of attorney, or appointment, under which they act. They shall also file a duly authenticated order, resolution or other sufficient authority of the board of directors authorizing citizens or residents of this State having a demand against such corporation arising out of any transaction in this State with such agents to maintain a action in respect to the same in any court of this State of competent jurisdiction, and authorizing service of process on such agent, and that such service shall authorize judgment and all other proceedings against such corporations. By act of 1913, foreign corporations must file with auditor of State certified copy of vote of directors consenting to accept service of summons on auditor of State as summons on corporation. If foreign corporation has no agent within State, summons may be served on Auditor of State, who shall notify corporation. Contracts made by such agents shall not be enforced in any court of this State until there has been a compliance with the above provisions. Failure of a foreign corporation to comply with these provisions will not bar—but will abate such action. Any person who shall, directly or indirectly, receive or transmit money or property to or for such corporation, or make any contract, or transact any business for or on account of any such corporation, shall be deemed agent. This provision does not apply, however, to persons acting as agents for a special or temporary purpose or for purposes not within the ordinary business, nor does it apply to attorneys at law. Any person acting as agent of a foreign corpora­ tion, who shall neglect or refuse to comply with the foregoing pro­ visions, is liable to a fine in any sum not less than $50. In 1879 it was enacted that: Every foreign corporation now doing or trans­ acting, or that shall hereafter do or transact, any business in this State, or acquire any right, title or interest in or lien upon real estate in this State, that shall transfer or cause to be transferred from any court of this State to any court of the United States, save by regular course of appeal after trial in the State courts, any action commenced by or against such corporation in any court of this State by or against any citizen or resident thereof: or that shall commence in any court of the United States in this State, on any contract made in this State, or liability accrued therein, any suit or action against any citizen or resident of the State of Indiana, shall thereby forfeit all right and authority to do or transact business in this State, or hold real property or liens thereon, and all contracts between such corporations and citizens and residents of this State made after the passage of this act shall be rendered void, as in favor of such corporations, but enforceable by such citizen at his election. The pro­ visions of the foregoing section are made conditions upon which such corporations may be authorized to do business, or hold titles to, or liens on, real estate in this State. By the act of 1901, foreign corporations are required to designate an agent in this State upon whom legal process may be served; to have an office where proper books of account may be kept. By act of 1907 foreign corporations desiring admission to state must make verified statement to Secre­ tary of State showing: articles of incorporation, business intended to pursue, capital stock, proportion of its business carried on in this State, amount paid in on capital stock, and answers to other inter­ rogatories propounded by the Secretary of State, and shall pay a fee of $25 on first $10,000 of assets used in Indiana, $10 for each additional $10,000. Annual report must be filed in January and fee of $1 paid. Foreign corporations may not hold real estate except such as may be necessary for proper carrying on of its legitimate business. Courts. Terms and Jurisdiction. The circuit court is the only court of original general civil jurisdiction in the State. It has full probate powers, except in Marion County, where there is a separate probate court. Superior courts have been established in many counties. Justice’s jurisdiction, $200. Party may confess judgment before a justice of the peace for $300. When a written obligation for money binds more than one party the justice of the peace may issue process to constable of any county in the State where party resides. The supreme court has no original jurisdiction. It sits at Indianapolis. The appellate court has final jurisdiction in many cases. Days of Grace are no longer recognized. Depositions. Depositions may be taken anywhere in the United States without a commission, before any judge, justice of the peace notary public, mayor, or recorder of a city, clerk of a court of record, or commissioner appointed by the court to take depositions. Per­ son taking deposition must not be of kin to either party or interested in the action. When taken outside of the United States they shall be taken pursuant to an order of the court, under a commission, with such reasonable notice of the time and place of taking the same as the court shall require, and they shall be certified and returned by the commissioner in such manner as the court shall direct. Notice of the taking of the deposition should be served upon the adverse party or his attorney, specifying the cause, the court or tribunal of trial, the time and place of taking, and the names of the witnesses.  Reasonable time shall be allowed for the attorney so served to com­ municate with the client, and for travel to the place of taking, exclud­ ing the day of service, of the taking and intervening Sundays. The de­ ponent shall be first sworn according to law. He shall then be examined by the party producing him, and then by the adverse party, and then by the officer, if he see cause. The deposition shall be written down by the officer, by the deponent, or by some disinterested person, in the presence and under the direction of the officer, and after the same has been carefully read shall be subscribed by deponent. The following facts shall be stated in a certificate to be annexed by the officer: 1. That the deponent was sworn according to law. 2. By whom the depo­ sition was written, and if written by deponent or some disinterested person, that it was written in the presence and under the direction of the officer. 3. Whether the adverse party attended. 4. The time and place of taking, and the officer shall sign and attest the certificate, and seal the same, if he have a seal of office. If he have no seal, his certificate shall be authenticated by the certificate and seal of the clerk or prothonotary of any court of record of the county in which certificate shall be authenticated by the certificate and seal of the clerk or prothonotary of any court of record of the county in which the officer exercises the duties of his office. The officer taking the deposition shall seal the same in a sufficient envelope and himself, post, or express, or deliver the same to the clerk, of the court in which the action is pending, endorsing on the envelope the names of the parties and of the court and of the witnesses whose depositions are enclosed. Adjournments may be had from day to day after the deposition has been begun, and for longer periods, upon written con­ sent of the parties, which written consent must be attached to the deposition. Adjournments should be noted at the place in the deposition when they occur. A narrative form may be used. A witness identifying a written instrument should attach it to his deposition, making it a part of his answer.  I J  ! J  |  j { [ j J 1  1 I I I  1  Descent. The real and personal property of any intestate shall descend to his or her children equally; and posthumous children inherit equally with those born before the death of the ancestor. Children of deceased children take the share which would have descended to the father or mother and grandchildren, and more remote descendants, and other relative^, lineal and collateral, inherit by the same rule, excepting that if the heirs are all grandchildren they inherit equally. Where there are no heirs as aforesaid, onehalf of the estate goes to the father and mother as joint tenants, or to the survivor, and the other half to the brothers and sisters, and to the descendants of such as are dead, as tenants in common. If there be neither father nor mother, the brothers and sisters, and the other descendants, take the estate as tenants in common: or, per contra, the father and mother as joint tenants of the survivor. Kindred of the half-blood inherit equally with those of the wholeblood in property purchased by the ancestor; otherwise, as to property acquired by gift, devise, or descent. Illegitimate children inherit from the mother same as if they were legitimate, and vice versa. Tenancy by the curtesy and dower are abolished, and widows take one-third of the real estate in fee simple, unless the property is worth over $10,000, in which case, as against creditors, she takes one-fourth only; and where the real estate is worth over $20,000, one-fifth only as against creditors, but as against other heirs she takes one-third in fee simple, regardless of value, except where there is but one child, in which case each inherits one-half. A second or subsequent wife, however, takes only a life estate in her husband’s lands, if there be a child or children by a previous marriage, and none by such widow. Other special provisions of the statute are too extensive to set out. The estate of a person dying intestate without kindred capable of inheriting will escheat to the State for the support of the common schools. Dower. (See Married Women.) Executions may issue at any time within ten years after judg­ ment and are returnable in 180 days. From a court of record may issue to any county in the State. Are a lien on personal property within the county from the time they are placed in hands of officer. The liens upon personal property attach in the order in which the officer receives them. When levy is upon real estate the dates oi the judgment control the right to participate in the proceeds, and they must be applied according to their priority. Personal Pcoiieciy taken in execution may be left with execution defendant by the giving to the officer of a delivery bond with sufficient surety; debtor may, by giving sufficient freehold sureties, have a stay of execution on any sum exceeding $100, for six months. Where the sum is less than $100, the stay is not so long, varying with amount of judgment. Lands sold under execution may be redeemed within one year by the owner, mortgagee or person having a lien thereon, the owner retaining possession during the redemption year and being liable foi reasonable rents and profits in case of failure to redeem. Exemptions. Property up to $600 is exempt in suits on contract where debtor is a resident householder. Resident householder is entitled to exemption as well when in transit with his family ana property as when permanently settled. The debtor must file a seneaule of all of his property, and select the property claimed, whicn is then appraised. Contract waiving exemption is void. *’en?1?r money in transit to pensioner is exempt, but when received by Him and invested in other property is no more so than any other property. One month’s wages also exempt if the debtor is still employed. Fraud. Assignments, in writing or otherwise, of any property made or suffered with intent to hinder, or defraud are void as to tne persons defrauded. The question of fraudulent intent is a question of fact. Frauds—Statute of. The following contracts, if enforceable in court, must be in writing and signed by the party to be charged: 1. J o charge an executor or administrator, upon any special promise, to answer damages out of his own estate. 2. To charge any Per®W” upon any special promise, to answer for the debt, default, or miscarriage of another. 3. To charge any person, upon any agreement or promise, made in consideration of marriage. 4. Upon any con­ tract for the sale of land (except loan not exceeding the term of tnree years). 5. Upon any agreement not to be performed within 'on year from the making thereof. 6. Sale of goods exceeding »5U i value, unless part payment or part delivery be made. 7. upoi any representation made concerning the character, conduct, creait. ability, trade or dealings of any other person. Garnishment. (See Attachment.) Garnishment is a remedy m aid of attachment. Upon any personal action arising out of contrac any person may be summoned as a garnishee defendant upon‘ “ affidavit that official has good reason to believe that any Pers”. named has property of the defendant in his possession or under i1. control, or that he is indebted to the defendant, or has control agency of money, property, credits, or effects; that he has any sna or interest in the stock of any association or corporation, and a money or property in the hands of the garnishee defendant is bom from the time the summons is served upon him. Resident nous holders are entitled to an exemption of $600 in garnishment pro­ ceedings, as in all other cases. Wages of non-residents, to the amount of $25, and of resident householders to the extent of one montn s wages, are exempt from execution so long as the defendant remains in the employ of the garnishee. Indiana claims can not legally be sent or taken out of the State for prosecution, and suits instituiea elsewhere in violation of this prohibition may be enjoined and tne offender be criminally prosecuted.  BANKING AND COMMERCIAL LAWS—INDIANA Holidays. (See Legal Holidays.) Husband and Wife. (See Married Women.) Inheritance Tax. (See Taxes.) Interest. The legal rate is 6 per cent, but interest may be taken in advance. No agreement to pay a higher rate is valid unless the same be in writing, and in such case it is not lawful to contract for more than 8 per cent. When a greater rate is contracted for, the contract is void as to all interest in excess of 6 per cent, is usurious and illegal, and the excess may be recouped by the debtor whenever it has been reserved or paid before the bringing of the suit. Interest on judgments runs from the date of the verdict or finding, at the rate specified in the original contract, not exceeding 6 per cent, and if no contract has been made 6 per cent is allowed. Judgments of courts of record are a lien upon all real estate of defendant within the county for ten years. Judgment may be obtained at the first term of the court, after process has been served on debtor ten days prior to the first day thereof. Judgment in justice court becomes a lien on real estate of judgment defendant from time of filing a transcript in office of the clerk of circuit court. A certified copy of any judgment rendered by the circuit court of the United States for district of Indiana may be filed with the county clerk. Legal Holidays as to commercial paper are as follows: The first day of the week, commonly called Sunday: the 1st day of January; the 4tn day of July; the 25th day of December; any day appointed by the president or governor for public fasting or thanksgiving; 12th day of February; 22d day of February; 30th day of May; first Mon­ day of September; 12th day of October; and any election day; when any holiday (other than Sunday) comes on Sunday the Monday next succeeding shall be the legal holiday; Saturday afternoon is a legal half-holiday in the city of Indianapolis and may be made so by act of bankers in other cities of over 35,000 population. Liens. Liens are granted by statute to attorneys; to persons holding claims against watercraft on account of supplies furnished or work done; also for demands for damages arising out of freight con­ tracts, or for willfulness or negligence of the master, owner, or agent, or out of any contract relating to transportation, and for injuries to persons or property; also to employes of any corporation as against any of its corporate property or earnings for labor done; also to keepers of livery stables and all persons engaged in feeding stock, for the feed and care bestowed upon the same, also to blacksmiths; also to contractors, sub-contractors, mechanics, journeymen, laborers, and all persons performing labor or furnishing material or machinery for erecting, laboring, repairing or removing any house, mill, manufactory or other building, bridge, reservoir, system of water-works, or other structure, known as a mechanic’s lien; also to bailees and tradesmen for their valid and reasonable charges in the construction, repair, or alteration of any article of value; also to the bailee or keeper of personal property for any feed or care bestowed by him upon such property; special lien for storage or repair of motor vehicles; also to forwarding and commission merchants on goods which may have remained in store for one year or more; also to all persons, firms and corporations engaged in the business of storing, warehousing and forwarding, goods remaining in possession of such person, firm or corporation for more than six months may be sold at public auction to pay amount of lien. Persons storing, furnishing supplies or repair­ ing a motor vehicle or garage owners have lien on motor vehicle which can be foreclosed within one year from failure of owner to pay charges. Judgments rendered in any county in the State are a lien upon the real estate situated in such county for a period of ten years from the rendition thereof, and judgments rendered in the federal courts are a lien upon any real estate in the State for the same period. Provision is made by statute, however, for the filing in the county where the real estate is situated of a transcript of any judgment rendered in the United States courts. The office of the clerk of the circuit court in each county contains a public record known as the lis pendens record, in which notice of the filing of complaints to enforce liens are required to be recorded, and also in cases where real estate is seized by attachment or execution. Unless so recorded the bringing suits does not operate as a constructive notice. Limitations to Suits. Actions for injury to person and character, and for statutory penalty or forfeiture, two years; against public officers relating to their official duties, and on public improvement assessments, five years; open accounts and contracts not in writing, for use rents and profits of real estate, injuries to and detention of property, recovery of personal property and relief against frauds, six years- upon promissory notes, bills of exchange and other written contracts for payment of money, ten years; actions not limited by statute fifteen years; other written contracts, judgments of courts of record and real actions, twenty years. Revivor: part payment or new promise in writing. Except in favor of sureties, the statute of limitations does not run against the State. Married Women control their real and personal property. The husband is liable for the wife’s debts contracted before marriage to the extent of the personal property he may receive from her, and no further, and her lands are liable for such indebtedness A married woman may devise her separate estate; may sell and transfer her separ­ ate personal property; carry on any business, labor, or service, and receive the earnings accruing therefrom; enter into any contract in regard to' her separate personal estate business labor, or service, and her separate estate, real and personal, be liable therefor, the same as a feiiinie sole* and her husband is not liable for such debts, nor for indebtedness created by the wife for improvement of her separate real estate. She can make leases of real estate for terms of three years or less and execute mortgages to secure purchase money, with­ out husband joining. She is bound by covenants of title in convey­ ances of her separate real estate Her deed conveying her real estate, her husband not joining, is absolutely void. She may sue as a femme colp f7iu anv damage to her person ot chaiacter. She is bound in like manner' as principal on her official bond. Disability as to suretyshin has been abolished, therefore, in making loans to married women it is not, necessary for her to make an affidavit that the money used s for her own benefit She is entitled to hold as exempt from execu­ tion in any suit on contract property to the amount of $600. A widow takes one-third of her deceased husband’s real estate in fee, and free from all demands of creditors, where the estate does not exceed $10,000; oneMourth ffunder $20,000, and one-fifth, if above that amount. She also takes a child’s interest in the personality where the number of children does not exceed two, and where there are more than two, her interest shall not be less than one-third of the wnole of personalty after payment of debts, and in all cases takes $500 without accounting, and maV occupy the dwelling of forty acres of her husband s land for £ year rent free But the.one-third of her real estate which the widow takes in fee, can not, upon her marrying again be effectively conveyed or mortgaged by her, if there be a child or children or their descendants alive by the previous marriage. Rea estate which husband and wife hold by title made to them as husband and wife is hetd as an estate by entirety; it either- is not subject to the lien of a judgment, against either, except in case of Vhe death of either or upon d.J^cegranted, when the estate is destroyed and becomes to levy , ipD-ai validitv thereof by them both for a debt of the husband has no legal validity. Martgagas.  (Sis Conveyances.)   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1843  Negotiable Instruments are defined by Chapter 63 of the Acts of 1913. Section 1 provides that an instrument to be negotiable must conform to the following requirements: 1. It must be in writing and signed by the maker or drawer. 2. Must contain an unconditional promise or order to pay a cer­ tain sum in money. 3. Must be payable on demand, or at a fixed or determinable future time. 4. Must be payable to order or to bearer. 5. Where the instrument is addressed to a drawee, he must be named of otherwise indicated therein with reasonable certainty. Its negotiability is not affected by a provision which authorizes the sale of collateral securities in case the instrument is not paid at maturity, or authorizes a confession of judgment if the instrument be not paid at maturity, or waives the benefit of any law intended for the advantage of the obligor, or gives the holder an election to require something to be done in lieu of the payment of money. To charge indorser notice of non-payment must be given to him at once, unless waived by him. Every negotiable instrument is payable at the time fixed therein without grace. Where day of maturity falls on Sunday or a holiday, instrument, is payable on next succeeding business day. Instruments payable on Saturdays are to be presented for payment on next succeed­ ing business day, except that demand instruments may be presented for payment before noon Saturday when that,entire day is not a holiday. In any case not provided for in the act the law merchant governs, and all laws in conflict are repealed. Act does not apply to negotiable instruments made and delivered before April, 1913. Power of Attorney must be executed and acknowledged, and (if for the conveyance of real estate, or to affect real estate) recorded, in the same manner that deeds are made. Probate Law. (See Administration of Estates.) Protest. The statutory damages on such protest are 5 per cent on the principal of a bill of exchange, if drawn or negotiated within this State, upon any person, at any place out of this State, but within the United States, and 10 per cent if upon any person, at any place without the United States. Replevin. When any personal property is wrongfully taken or unlawfully detained, or, if taken on execution or attachment, is claimed by a third party, the owner or claimant may bring an action for possession thereof. He may claim immediate delivery upon affidavit therefor, whereupon the sneriff takes possession of the property, and if delivery bond is given on behalf of the defendant withifl twenty-four hours, the property is returned to him, otherwise the plaintiff may give bond and take the property; failing to do so it is returned to the defendant. The plaintiff has twenty-four hours in which to file bond. Justices of the peace have jurisdiction in replevin suits involving property worth $200 or less. Procedure is same before justice of the peace, except that the plaintiff must file bond in all such cases. Replevin may also be had without bond, by allowing defendant to retain possession of property pending suit. Suits. (See Actions.) Taxes. State, county, township, municipal, school, and road taxes attach as a lien on real estate on March 1st of each year, and penalties attach on first Monday in May in the next year. One-half of all taxes may be t>aid without penalty, if paid before first Monday of May; other half, if paid before first Monday of November provided that all war taxes charged shall be included in the first installment. Sales of real estate for taxes are held on the second Monday of Feb­ ruary, and all lands on which taxes are delinquent for two years are offered. Owner has two years in which to redeem, by paying the amount set forth in the certificate of purchase with all subsequent taxes paid, and 10 to 25 per cent upon the whole sum, with legal interest from the date of purchase or payment. Lands are sold for one year’s delinquency, but the following year’s tax (not yet delinquent) is embraced in the amount of the sale. An inheritance tax, graduated in amount according to the amount involved, and the relation of the beneficiaries to the decedent, is levied upon all intangible or tangible proper of resident decedent, and upon tangible proper of non-resident decedent. Tax applies as well to gifts made in anticipation of death, to take effect at that time. Inheritance taxes do not apply to the transfer of the estate of any decedent leaving an estate of less than $25,000, dying or who has died while in the military or naval forces of the United States during the World War or within one year after the termination of the war. (Revision of the tax laws made by 1919 Legislature and for further information reference should be made to the Acts 1919.) Wills. Nuncupative wills, where property of more than the value of $100 is bequeathed, are not valid, except as to the personal property and wages of soldiers and sailors in actual service. A nuncupative will must be reduced to writing within fifteen days after it shall have been declared and proved by two competent witnesses who shall have heard the testator request some of those present to bear witness thereto. No will in writing is valid unless signed in the presence of two or more witnesses by the testator, or by some one for him in his presence, with his consent, and attested and subscribed by two or more witnesses at his request, and in his presence and that of each other. Will made before marriage becomes void on marriage.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1844  BANKING AND COMMERCIAL LAWS—IOWA SYNOPSIS OF  THE LAWS OF IOWA RELATING TO  BANKING AND COMMERCIAL USAGES Revised by B. J. Cavanagh, Attorney at Law, Des Moines. (See Card in Attorneys’ List.)  Accounts and Claims of. Statements of account, for use in court or for proof in the settlement of estates of deceased and in guardianship matters, must be itemized and verified. A statement of “balance,” or “goods,” or “merchandise” is not sufficient. Acknowledgments. All instruments affecting real estate, includ­ ing mortgages, deeds of trust, powers of attorney relating thereto, and leases for more than one year, must be acknowledged or the execution thereof proved, and the instruments must be recorded in the proper office, as so to affect third parties. The same is also true as to bills of sale, absolute or conditional, and chattel mortgages relating to personal property. Articles of incorporation must also be acknowledged and recorded. The forms of acknowledgment and the officers, within and without the State, before whom such acknowl­ edgments may be made are prescribed by statute. Actions. The common law forms of pleading are not used, although the common law forms the basis of procedure. Pleading, practice, and procedure are statutory, and accord, in the main, with what is known as the reformed, or code procedure. Administration of Estates. Where an executor is not appointed by will, administration shall be granted: 1. To the spouse of the deceased. 2. To the next of kin. 3. To creditors. 4. To any other person whom the court may select. Claims against the estate of a deceased person are payable in the following order: 1. Debts entitled to a preference under the laws of the United States. 2. Public rates and taxes. 3. Claims filed within six months after the first publication of the notice given by the executors or administrators of their appointment. 4. All other debts. 5. Legacies and dis­ tributive shares. All claims of the fourth of the above classes not filed and allowed, or if filed and notice thereof not served within twelve months from the giving of the notice of appointment are barred, except as to actions against decedent pending in the district or supreme court at the time of his death, or unless peculiar circum­ stances entitle the claimant to equitable relief. Affidavits. Affidavits may be taken before any person authorized to administer oaths in the state where taken. If taken without the State of Iowa, the official character of the officer administering the oath should be evidenced in the same way as the official character of an officer taking depositions. (See Depositions.) Affidavits may be taken within the State for any lawful purpose, of one unwilling to voluntarily make an affidavit, by filing a petition with an officer author­ ized to administer oaths, who may cause the person to come before him and make affidavit. This proceeding is statutory and must con­ form strictly to the statutes of Iowa. Affidavits for proving accounts and form: State of............................. County of.....................ss, I......................being first duly sworn, on oath depose and say that I am (a member of the firm of.....................and that said firm is) the owner of the account hereto attached, marked exhibit A, and made a part hereof, that the same is correct in all particulars and that the articles named therein were sold and delivered to said.....................at the prices and times therein named and agreed upon, and that said articles were reasonably of the value charged, and that the said account is due and unpaid. That there is no legal set off or credit to the same or any part thereof except as herein stated. Subscribed and sworn to before me, by the said.....................this.. ..  statutory provisions must be consulted concerning the manner of organization, the issuance of and payment for capital stock, the board of directors, quorum, voting by proxy, limitation of deposits, and the investment thereof, the loaning of funds, the cash reserve required, and the dissolution of such banks. State banks must have a minimum capital of from $25,000 to $50,000, according to the population of the city or town in which each is located. Each share must be of the par value of $100. The statutory provisions must be consulted for the particulars above referred to on the subject of savings banks. Banks and loan and trust companies may obtain power to act as executor, administrator, guardian, receiver, assignee, trustee, or in other fiduciary capacity. National Banks may exercise the same powers when authorized by Act of Congress. Any Iowa State or Savings Bank or Trust Company may become a member of the Federal Reserve bank system. Bills of Exchange. The negotiable instrument law recommended by the interstate commission on uniformity of law has been enacted and is now law in Iowa. (For Grace, See Days of Grace.) A provision for the payment of exchange, in addition to the amount of principal and interest, does not render a bill of exchange non-negotiable. Bills of Lading. The uniform Bill of Lading law has been adopted in Iowa. Chattel Mortgages. No sale or mortgage of personal property, where the vendor or mortgagor retains actual possession, is valid against existing creditors or subsequent purchasers without notice, unless a written instrument conveying same, be executed acknowledged like conveyances of real estate, and filed for record with the recorder of deeds of the county where the holder of the property resides. No encumbrance of personal property which may be exempt from execution by the head of a family if a resident of the State shall be of any validity unless the same be by written instrument and unless the husband and wife concur in and sign the same joint instrument. Collateral Securities. There are special statutory provisions concerning the pledging of corporate stock, as security; and also upon the subject of sales of collaterals by action in court and judicial sale. Otherwise the subject is governed by the common law. Conditional Sales. No sale, contract, or lease wherein the transfer of title or ownership of personal property is made to depend upon any condition, shall be valid against any creditor or purchaser oi the vendee or lessee in actual possession, obtained in pursuance thereof, without notice, unless the same be in writing, executed by the vendor or lessor, acknowledged and recorded the same as chattel mortgages. Conveyances. No particular form is necessary for conveyances or mortgages. The name of the parties, the description of the property, the consideration, the date, signature, and acknowledgment, is all that is necessary; as between the parties they are valid without being recorded. The wife must join with her husband in conveyances, and a conveyance of the homestead is of no validity unless husband and wife concur in and sign the same joint instrument. A corporation executes conveyances under its corporate seal, except where the corporation has not adopted a seal. Such conveyances must be signed in the name of the corporation by the officers authorized so to do, by the Articles of Incorporation, or By-Laws, or by resolution duly entered of record in the minutes of the corporation, and duly acknowl­ edged by such officers, as the act of the corporation. Corporations. Private corporations, sole or aggregate, may be formed for any lawful purpose. But there are special statutory provisions which must be complied with for the organization and government of insurance, banking, loan and trust, building and loan, and railway corporations. In all cases, the articles of incorporation must be acknowledged and recorded, in the manner provided by law, and approved by the secretary of state. With a few exceptions, an incorporation fee of $25, plus $10 for each thousand dollars, ol capital in excess of $10,000 must be paid, upon the organization or renewal of a private corporation. The general term of the life of a private corporation is twenty years, renewable for a like term. Railroads, savings banks, and a few others may last fifty years.  Foreign Corporations are required to pay a similar incorporation fee before doing business in the State, based, however, upon the property of the corporation, within the State of Iowa. Foreign public service corporations, other than steam railroads, doing business in Aliens. Non-resident aliens or corporations incorporated under Iowa, and holding companies controlling the stock of such companies, the laws of any foreign country or corporations organized in this are made subject to many of the laws of Iowa affecting similar domestic country, one-half of the stock of which is owned or controlled by non­ resident aliens are prohibited from acquiring title to or holding any corporations. real estate in Iowa, but the non-resident alien widow, heirs, or devisees Courts. Terms and Jurisdiction. The district court has jurisdic­ of an alien or naturalized citizen may hold the same for twenty years, tion of all actions, civil and equitable, and has criminal and probate and if not sold within that time, escheats to the State. Aliens may jurisdiction. Superior courts may be established by the vote or acquire property of any kind within a city or town or lands not exceed­ 1 the people in any city of 5,000 inhabitants. It has jurisdiction to ing 320 acres or stock in any corporation for pecuniary profit and may try all violations of city ordinances, and the same criminal jurisdiction alienate or devise the same, but this law does not affect personal as justice of the peace courts. It has jurisdiction to try and determine property. A lien holder may acquire title to the property embraced civil and criminal appeals and civil writs of error from justices or in such lien but real estate so acquired must be sold within ten years the peace, situated in the township where the court is located, has after title is perfected in an alien, otherwise it will escheat to the the same jurisdiction as the district court to try all suits in law ana State. equity, except grant divorces, alimony, and separate maintenance, and it has no probate jurisdiction. Transcripts from superior ana Arrest. No person can be imprisoned for debt on either mesne justice’s courts must be filed in district court to create a lien on real or final process, unless in case of fraud. Debtors, however, may be estate, and are then enforced as judgments of the district court; ordered to appear before a court of record wherein a judgment has justice's jurisdiction, $100, or, by written consent of parties, $3OU. been rendered, and if the debtor is about to leave the State, or conceal The supreme court has only appellate jurisdiction and holds sessions himself, he may be arrested and compelled to give bond to appear at Des Moines, January to May, from May to September (less vacabefore the court for examination, and in the meantime, not dispose J tion), and from September to December. of his property. (See Supplementary Proceedings.) Days of Grace. Every negotiable instrument is payable at the Assignments and Insolvency. General assignments not valid unless for benefit of all creditors, when assent of creditors is presumed. time fixed therein without grace. The debtor must annex to the instrument of assignment a sworn Depositions may be taken within the State, on notice, and within inventory and list of creditors: and such instrument must be acknowl­ or without the State, on commission, issued after notice by the cierK edged and all of the papers recorded like a deed of real estate. The of the proper court. When to be taken on commission, defendant assignment vests in the assignee title to all property of the debtor. may elect, in writing, duly served, to cross examine orally; thereupon Assignee must give bonds, prepare a verified inventory and valuation, plaintiff may also elect in writing to examine orally. Exceptions and notify creditors by mail to file claims within three months. must be filed within three (3) days, after the filing of the deposition, All claims not filed within three months after notice published or but objections may nevertheless be made on the trial for competency, within such extended time as the court grants, not exceeding nine materiality, and relevancy. months, including claims not yet due, can not be paid until all claims Descent and Distribution of Property. Subject to rights of filed within said time are paid. An assignment does not discharge dower and other charges thereon, and burdens imposed during the the debtor from his debts and liabilities, but only entitles creditors lifetime of the decedent, and in the absence of a valid will, the estate to share equally in his estate. All claims filed must be itemized of one deceased shall descend in equal shares to his children, tne and sworn to. heirs of any deceased child shall inherit in same manner as thougn Attachments. An attachment, auxiliary to the main case, may be such child had outlived his parents. If the intestate leave no issue sued out upon any one of twelve (12) statutory grounds for a debt, the whole of the estate to the extent of $7,500 after payment of debts which is past due; or upon any one of four (4) statutory grounds and administration expense, and one-half of the estate in excess oi for a debt on contract, not yet due. A bond must be filed for three said $7,500 goes to the surviving spouse and the other halt to tne times the amount claimed, if the action is founded upon contract, narents- If no surviving spouse, the whole thereof shall go to his otherwise in a sum to be fixed by the court, if the action is not founded parents or the survivor of them: and so on through ascending an­ upon contract. Garnishments may be effected under the writ of cestors and their issue, if both parents bo dead. Personal property attachment. Special attachments are permitted, to attach specific not necessary to pay debts is distributed to the same persons, and in personal property, in a few prescribed cases. the same proportions as though it were real estate. Banks. The banks organized under the laws of Iowa are respect­ Dower Dower in Iowa is abolished, but the surviving spouse ively designated as savings banks and state banks. is entitled to one-third in value of all the legal and equitable estates Savings banks must have a minimum capital of from .$10,000 to in real property possessed by the deceased spouse at any time during $50,000, according to the population of the city or town in which the marriage which have not been sold on execution or any other each is located. Each share must be of the par value of $100. The day, etc.  BANKING AND COMMERCIAL LAWS— IOWA judicial sale, and to which such survivor has made no relinquishment of right. A spouse, heir or devisee feloniously taking or procuring the taking of the life of the other spouse, or decedent, cannot have dower or inherit power or take under the will of the decedent. (See Limi­ tations.) Employers Liability. Employers liability and workmen’s com­ pensation is governed by statute. Executions may be stayed, according to their amount, for ninety days or six months, with a few specified exceptions, and the issuance of execution may be prevented by filing an appeal bond. Otherwise execution may issue immediately after rendition of judgment. The judgment is a lien on realty within the county where rendered, or by transcript, it may be made a lien in any other county. Executions become liens on personal property only from the time of the levy and seizure. Real estate is sold on execution subject to redemption within one year, except in appealed cases, or where the interest is a leasehold of two years or less. Creditors may redeem from the sale after six months and before nine months from date of sale. Personal property is sold without redemption. Exemptions. The head of a family is entitled to a homestead of forty acres or less of farm land, or half an acre or less in city or town. Pension money, its proceeds, wages of the head of a family for 90 days past, and numerous items of personal property are exempt by statute. There are statutory provisions concerning the creation of liens on exempt real or personal property, and the assignment of exempt wages. As to alimony there is no exemption unless the party in whose favor rendered remarries. Fraud. In actions for fraud, heretofore solely cognizable in a court of chancery, the cause of action shall not be deemed to have accrued until the fraud complained of shall have been discovered by the party aggrieved by the exercise of due diligence. In actions brought by a judgment creditor to set aside a fraudulent conveyance of property from one spouse to the other and to subject said property to execution, either husband or wife may be compelled to testify against the other. Gross fraud is punishable by fine or imprisonment. Garnishments. (See Attachments.) Husband and Wife. (See Married Women.) Holidays. The first day of the week, January 1, February 12, February 22, May 30, July 4, the first Monday in September, Decem­ ber 25, the day of general election and any day appointed or recom­ mended by the governor of this State or the President of the United States as a day of fasting or thanksgiving are holidays, for all purposes relating to the presentation for payment or acceptance, and for the pro­ testing and giving notice of the dishonor of bills of exchange, drafts, bank checks, orders and promissory notes. Interest. By written contract, maximum legal rate, 8 per cent. Judgments draw 6 per cent, or such rate as is fixed by the contract on which the judgment or decree is rendered, not exceeding 8 per cent per annum. Open accounts draw 6 per cent after six months from date of last item; money loaned, money due, money due on settlement of accounts, bear interest at 6 per cent per annum. Con­ tract for more than 8 per cent forfeits all interest and costs. Judgments in the district and superior courts may be obtained at first term after suit commenced, if undefended; an equitable action, except one for foreclosure of mortgage, or mechanic’s lien or for divorce, is triable at the second term after the case is at issue. Judgments of the district court are liens on real estate owned by the debtor at the time of rendition, if the lands lie in any other county, from the time of filing therein an attested copy of the judg­ ment. Lien also covers all lands which defendant may acquire within ten years from date of judgment, or upon which a levy is made after ten or before twenty years from the date of the judgment, but this lien dates only from the time of the levy. Judgments of superior courts and justice of peace courts become liens on real estate by filing transcript in district court within county where obtained, and become liens in other counties in the same manner as if rendered in the district court. Liens. These are mainly created by statute and are enforceable in equity. In a few cases, and under peculiar circumstances, equitable liens on real estate are established and enforced in equity. Limitations. Actions, according to their subject matter, have various periods of limitation, fixed by statute, extending from three months to ten years after the cause of action accrued. Actions upon judgments rendered in courts of record have a limitation of twenty years. Dower rights and mortgages existing or created prior to January 1, 1885, are barred, unless now properly preserved in the recorder’s office. Imperfect deeds by executors, administrators, trustees, or guardians made prior to January 1, 1885, are confirmed in favor of grantees in possession. Married Women may own in their own right, real and personal property, and may manage, sell, convey, and devise the same by will. Neither husband nor wife is liable for the debts or liabilities of the other incurred before or after marriage, nor are the wages, earnings, or property of either liable for the separate debts of the, other. Contracts may be made by a wife, liabilities incurred, and enforced by or against her, as if unmarried. Both husband and wife are liable for the expenses of the family, and the education of the children. Moratorium. Soldiers and sailors and other persons in the mili­ tary or naval service of the government or who may hereafter enter such service during the present war are exempted while in such service and for a period of six months after the termination of the war or of said service or death, from payment of any bill of exchange or of any negotiable instrument, or of any other payment in pursuance of any contract or from any writ of attachment or execution. Any such person who is or hereafter may be a party to litigation may on request have same continued until the termination of such service or death. The statute of limitations against such persons is toiled for the same period. Mortgages must be subscribed and acknowledged by the parties creating the lien and. recorded same as deeds are foreclosed by equitable action The wife should join in the instrument, except mortgages for purchase money, and mortgages upon non-exempt personal property. The mortgagor has one year in which to redeem real estate after execution sale, except as stated under the sub-title Execu­ tions ” When a mortgage is paid off, satisfaction thereof must be made on margin of the record, or by satisfaction piece, acknowledged and recorded. If no satisfaction is entered within thirty days after request in writing, the mortgagee forfeits 825. (See Chattel Mortgages.) (See Limitations.) Non-residents. Action may be brought against non-residents to enforce liens on any property within the state; to enforce any debt against a non-resident where action is aided by attachment on prop­ erty found within the State. Personal judgment cannot in any case be rendered against defendants, not appearing unless personal service is had on such defendants within the State. Non-residents may not sell at auction unless reciprocal legislation exists in the state of their residence. . . , , .. Notaries. These officers are appointed and commissioned by the governor, upon filing a bond and paying the fee required by law. They have power to administer oaths, take depositions and the usual power of such officers concerning presentation, demand, protest, and notice of protest of negotiabl e commercial paper.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1845  Partnerships, Limited and Special. Limited and special part­ nerships are permitted, but not favored. The statutes on this subject must be strictly compiled with. ’A certificate showing prescribed details and particulars of the partnership must be signed, acknowl­ edged, and filed in the office of the clerk of the district court of the county in which the principal place of business is situated, to be there recorded and similarly recorded in each county where such partnership has a place of business. There must be an affidavit that the amount stated in the certificate has been actually contributed by each separate partner. Publication must be made of the certificate and affidavit for six weeks in two newspapers in each senatorial district in which the partnership is to transact business. Powers of Attorney. A power of attorney to convey, or in any manner affect real estate, must be acknowledged and recorded. A revocation of such power must be acknowledged and recorded in the same office wherein the original power of attorney is recorded. Receivers. In distributing property in the hands of a receiver there shall be paid in the following order; 1. Taxes or debts due the United States. 2. Taxes or debts due the State. 3. Debts owing to employes for labor, not exceeding 8100. Records. All instruments conveying or creating liens upon the real or personal property, all conditional sales and articles of adoption of a minor child, must, after having been signed and acknowledged, be recorded in the office of the recorder of deeds in the proper county or counties where the property conveyed is situated, or the minor child is. Unless so recorded, such instruments are invalid as to a bona fide purchaser or encumbrancer or as articles of adoption. Redemption. Redemption from a sheriff’s sale of real estate, whether sold .under a general or special execution, may be made by a creditor“vho has a lien on the property sold, at time after six months from date of sale by paying to the clerk of the court the amount provided by statute, being generally, the amount of the purchaser’s bid, with interest at the same rate that the judgment bears. Within the time named creditors may redeem from each other. After nine months, and within one year from the date of sale the owner of the real estate sold has the exclusive right to redeem from such sale, and, in so doing, the debtor must pay off the claims of judgment creditors, who have made redemptions as herein above stated, in addition to the amount originally bid. Replevin. In actions for the recovery of personal property, the petition must be verified; and if plaintiff desires immediate delivery of the property, he shall execute a bond for double the value of the property sought to be recovered. The defendant may stay all pro­ ceedings and retain the property by executing a bond to the plaintiff with sureties to be approved by the clerk. Sales. This State has a uniform sales law. Sales of Goods in Bulk. Sales, including exchange and assign­ ments, of the whole or major part of a stock of goods, or fixtures, or stock of goods and fixtures, in bulk, is, presumptively fraudulent, unless seven days’ notice in writing is previously sent by registered mail to each creditor of the seller, describing in general terms, the property to be sold, assigned or delivered, and the parties thereto. Both parties must, seven days prior to the sale or transfer make a detailed inventory; showing quantity and cost of price to seller and the latter must furnish under oath a list of his creditors and the amojmt due each. Security for Costs. Non-resident plaintiffs may, on motion of defendant, be required to file a bond with sureties to be approved for security of costs either in justice court or district court. .. j * Statute of Frauds. No evidence except in writing and signed by the party to be charged or by his authorized agent, is competent relative to the following contracts: 1. In relation to sale of personal property, when no part of the property is delivered and no part of the price is paid. 2. In consideration of marriage. 3. Wherein one promises to answer for the debt, default or miscarriage of another, including promises by executors to pay the debt of decedent from their own estate. 4. For the creation or transfer of any interest in lands, except leases for a term not exceeding one year. 5. Those not to be performed within one year from the making thereof. Stocks and Bonds. The sale of stocks and bonds is governed by what is termed a “Blue Sky Law.” Supplementary Proceedings. When an execution has been returned unsatisfied, plaintiff may have an order for the appearance and examination of the judgment debtor; or such order may be obtained after execution has issued upon proof by plaintiff’s affidavit or other proof that debtor has property which he unjustly refuses to apply to the satisfaction of the judgment. If any property be found by such examination it may be levied upon; if in the hands of others the court may require its delivery to satisfy the judgment, and appoint a receiver of debtors property, forbid the sale thereof and order Equitable interests in realty to be sold. Taxes. Real estate is assessed every odd year; personal property is assessed every year. All property is assessed at its actual value, and taxed at twenty-five (25) per cent of the assessed value. All road taxes and one-half of the other taxes levied are payable without interest or penalty before April 1st; the balance is payable before October 1st. Delinquent taxes bear interest at the rate of 1 per cent per month. Taxes upon realty are liens thereon; taxes upon personalty are liens upon the owner’s realty, except the home­ stead, and may be continued at such liens, if the statute is complied with, from year to year. Taxes on personalty are liens on the personal property on fon-residents, stocks of goods sold in bulk, and buildings or additions made after the assessment for taxation in the odd years. Personal property may be levied on and sold for taxes by distress and sale. Real estate is sold for uupaid taxes, after notice by publica­ tion, on the first Monday in December of each year, subject to redemp­ tion in three years from the date of sale. Trust Companies. Domestic trust companies are organized under and governed by the general corporation laws of the State. Foreign trust companies doing business in this State are governed and con­ trolled by the general statutes concerning and relating to foreign corporations doing business in Iowa. (See Corporations.) Trust Deeds. They must be executed and foreclosed, and consid­ ered as mortgages. That is, the power of sale on notice is abolished, and they must be foreclosed by equitable action. Warehouse Receipts. Any person, firm, or corporation desiring to issue elevator or warehouse certificates (or receipts must file a written declaration with the recorder of deeds in the county where his or its elevator or warehouse is situated, setting forth the particu­ lars required by statute, which declaration must be recorded by the recorder of deeds. Thereafter he or it may issue certificates for commodities actually in such elevator or warehouse, but the certifi­ cates must conform to the statutory provisions. A register of certificates issued must be kept by the parties issuing them. A violation of these provisions, issuing double certificates for the same property, or selling or encumbering property included in any ware­ house receipt, is made a criminal offense. There is also a criminal statute against issuing false warehouse receipts or certificates. Wills. Any person of full age and sound mind may dispose of his property by will, subject to the rights of homestead and exemp­ tion created by law and the distributive share in his estate given   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1846  BANKING AND COMMERCIAL LAWS—KANSAS  by law to the surviving spouse, except sufficient to pay his debt§ and expenses of administration. Wills, to be valid, must be written, witnessed by two competent witnesses, signed by the testator, or by some person in his presence and by his express direction. Sub­ scribing witnesses can derive no benefit from a will, unless there be two competent witnesses besides them. Wills executed outside of Iowa, in accordance with the laws of the State where executed or of the testator’s domicile, if in writing and subscribed by the testator are valid in Iowa. If probated in any other state or country they shall be admitted to probate in this State on the production of a copy of such will, and of the original record of probate thereof, authenticated by the attestation of the clerk of the court in which such proba­ tion was made or of the probate judge, under seal, if they have one. All wills must be probated before they can be effectual.  SYNOPSIS OF  THE LAWS OF KANSAS RELATING TO  BANKING AND COMMERCIAL USAGES Revised by Krauthoff, McClintock & Quant Attorneys at Law, Kansas City. (See Card in Attorneys’ List.)  Acknowledgments. (See Deeds.) Actions. Civil actions are conducted as required by a code of procedure. Security for costs must be given or resident plaintiffs may deposit $15 in lieu of bonds for cost. Non-resident plaintiffs may be required to give bond for costs. Administration of Estates. Probate courts in each county have jurisdiction of estates. Demands against the estate are divided into the following classes: 1. Funeral expenses. 2. Expenses of the last sickness: wages of servants: demands for medicines and medical attendance during the last sickness and expense of administration. 3. Debts due the State. 4. Judgments rendered against the deceased in his lifetime; but if such judgments are liens upon real estate and the estate be insolvent, such judgments shall be paid without reference to classification, except the first two which have precedence. 5. All demands without regard to quality which shall be legally exhibited against the estate in one year after granting letters of administration. 6. All demands thus exhibited after the end of one year and within two years. Demands not exhibited within two years are barred, except as to infants, persons of unsound mind or persons imprisoned or absent from the United States, who shall have one year after the removal of their disabilities. Foreign ex­ ecutors, and administrators with the will annexed, may sell real estate in this State in accordance with the power contained in the will, unless administration upon the estate has been granted in this State; provided that at the time of such conveyance an authenticated copy of such will has been recorded in the office of the probate court in the county in which the land is situated. Affidavits. Affidavits may be made in or out of the State by the same authority and with like authentication, as depositions. Aliens. Law prohibiting aliens from inheriting or holding real estate, repealed 1901. (See Foreign Corporations.) Arbitrations. Persons having controversies may submit them to the arbitration of any person or persons mutually agreed upon and may make such submission a rule of any court of record in the State. The parties may enter into arbitration bonds conditioned for the faithful performance of the award. Arrest. A defendant mav be arrested in a civil action upon filing an affidavit with the clerk of the court that he has removed or begun to remove his property out of the jurisdiction of the court with intent to defraud his creditors; or has begun to convert his property into cash, for the purpose of placing it beyond the reach of his creditors; or has property which he fraudulently conceals; or fraudulently con­ tracted the debt. Assignments and Insolvency. Assignments must be for the benefit of all creditors and only discharge the debtor to the amount of payments made. Attachment. At or after the commencement of an action an attachment may be had by plaintiff. The affidavit of the plaintiff, his agent, or attorney must be filed, stating the nature of the claim, that it is just, the amount affiant believes ought to be recovered, and the existence of some one or more of the following grounds: P  That defendant is a foreign corporation or a non-resident of the State (but in this case for no other claim than a demand arising upon con­ tract, judgment, or decree, unless the cause of action arose wholly within the limits of the State). 2. That the defendant absconded with the intention to defraud his creditors. 3. That the defendant has left the county of his residence to avoid a service of summons. 4. That he so concealed himself that summons can not be served upon him. 5. That he is about to remove his property or a part thereof out of the jurisdiction of the court with the intent to defraud his creditors. 6. That he is about to convert his property or a part thereof into money for the purpose of placing it beyond the reach of his creditors. 6. He has property or rights in action which he conceals. 8. Has assigned, removed, or disposed of, or is about to dispose of his property, or a part thereof, with the intent to defraud, hinder, or delay his creditors. 9. Or fraudulently contracted or incurred the debt on which the suit is brought. 10. Or that the suit is brought for damages from the commission of some felony or misdemeanor. 11. Or that the debtor has failed to pay for any article or thing delivered for which by contract he was bound to pay upon delivery. A bond in double the amount of plaintiff’s claim is required except where by the attachment affidavit defendant is shown to be a non-resident of the State. Banks and Banking. There is no constitutional provision relat­ ing to banks, except banks of issue. Other banks are organized under a general act. The charter, in addition to the requirements of the law relating to corporations, shall contain the names and places of residence of the stockholders and the amount of stock sub­ scribed by each, and may contain such other provisions, not incon­ sistent with law, as the stockholders may deem proper, and shall be subscribed by at least five of the stockholders of the proposed bank who are residents of the State of Kansas. Board of directors shall be not less than five, nor more than thirteen, a majority of whom shall be residents of the county or adjoining counties to that in which the bank is located. The word “State” shall be included in the title. The full amount of the capital stock must be subscribed before the charter is filed. The bank shall transact no business, except the election of officers, the taking and approving of their official bonds, and the receipts of payments on account of subscriptions to its capita! stock, until it has been authorized by the bank commissioner to commence business. The capital stock must be paid, in full, in cash and shall not be less than $10,000. No bank shall employ its money directly or indirectly in trade or commerce by buying and selling goods, chattels, wares, and merchandise, and shall not invest in the stock of any bank or corporation, nor make any loans on the security of the shares of its own capital, nor be the purchaser or holder of any such shares, except to prevent loss upon a debt previously con­ tracted in good faith. All such property coming into the possession of the bank in the collection of debts shall not be considered assets after the expiration of six months. Banks must have on hand in available funds the following sums: In cities having less than 5,000 population, 20 per cent of their deposits; in cities having over 5,000 population, 25 per cent, one-half of which may consist of balances due from good solvent banks located at commercial centers and at such other points as the bank commissioner may approve. .The other half shall consist of actual cash. Officers are personally liable for paying overdrafts. Not more than 15 per cent of the capital stock and surplus can be loaned to any one person, company or ■corporation. Penalties are provided for false statements and for receiving deposits when the bank is in a failing condition. Private banks are subject to the provisions of the law. The bank commissioner or deputy, must make examination of each bank at least once a year. Four reports per annum are required, and the commissioner may call for others. Banks may purchase, hold, and convey real estate under certain conditions to the extent of one third of their capital and surplus. Shareholders are additionally liable for a sum equal to the par value of stock owned and no more. . . Deposit Guaranty Fund. Any bank having an unimpaired surplus equal to 10 per cent of its capital, may participate in the guaranty fund act. Such bank must deposit with the state treasurer money or bonds of the United States, State of Kansas, or of any townsnip, school district, board of education or city within the State, to the amount of $500 for each $100,000 of its average deposits eligible to guaranty (less its capital and surplus). It shall also pay in cash an amount equal to one-twentieth of one per cent of its average deposits eligible to guaranty (less its capital and surplus). In January of each year the commissioner shall make assessments of one-twentieth of one per cent of the average guaranteed deposits of each bank until the cash fund accumulated amounts to $o00.ouu. The commissioner may make additional assessments of the same size not more than five in any one year. If a bank fails, the bank commis­ sioner takes charge and winds up its affairs. He issues to eacn depositor a certificate bearing 6 per cent interest. Any balance aue after assets are exhausted is payable out of the guaranty 'u.u. Deposits otherwise secured do not participate, nor a bank s obiiganoi as indorser upon bills re-discounted, not bills payable, nor monej borrowed from its correspondents or others. Banks are prohibited from advertising that deposits are guaran­ teed by the State but are permitted to advertise that deposits arc guaranteed by the Bank Depositors’ Guaranty Fund. Bills of Exchange. (See Notes and Bills of Exchange.) Bills of Lading. These are governed by the common law. Bulk Sale. “The sale or disposal of any part or the whole of a stock of merchandise or the fixtures pertaining thereto, ■otherwise than in the ordinary course of his trade or business, shall be void a. against the creditors of the seller, unless the purchaser receives trom the seller a list of the names and addresses of the creditors oi tne seller certified by the seller under oath to be a complete and accurate list of his creditors and unless the purchaser shall, at least seven days before taking possession of the property, or before paying theren . notify in person or by registered mail, every creditor whose nai ■ and address is stated in said list, or of whom he has knowded„e, the proposed sale.” . ,_ _ In lieu of notice may give bond twice amount debts shown o> sellers affidavit signed by two resident sureties, who justly for prop­ erty in excess of the obligation of the bond the bond to be appro by‘the clerk of the district court of the county where the property sold is located. Chattel Mortgages. A mortgage of personal property, wherethe property is not immediately delivered to the mortgagee who retain actual and continuous possession thereof, is void as against creaiio of the mortgagor and as against subsequent purchasers and mortgag in good faith, unless the mortgage, or a copy thereof is filed in tne omc of the register of deeds in the county where the property is situatea. or if the mortgagor is a resident of the state, then ot the countj which he is at the time a resident. A mortgage so filed is inv aim after two years unless within thirty days next preceding the expirati of such two years and each- two years thereafter the mortgagee, n agent or attorney, makes an affidavit exhibiting the interest oi mortgagee in the property and showing the balance unpaid on t debt, and files the same in the same manner as the mortgage, w case of default the mortgagee may sell in the manner provided m tn chattel mortgage. . . . i A mortgage of exempt personal property is invalid unless executeu jointly by husband and wife where that relation exists unless it De given for the purchase price of the mortgaged chattel.  BANKING AND COMMERCIAL LAWS—KANSAS Collaterals. Governed by the common law on Bailments and Pledge. Conditional Sales. Conditional contracts, by which the owner­ ship remains in the party proposing to sell until the purchase price is paid, are treated as chattel mortgages and must be filed in the office of the register of deeds in the same manner as such chattel mortgages but remain in force without the renewal affidavit required in chattel mortgages. Contracts. All contracts which, by the common law, are joint only, shall be construed to be joint and several. The use of private seals in written contracts (except seals of corporation) is abolished, and in suits upon written contracts, as to the performance of con­ ditions precedent, it is sufficient to allege generally that plaintiff has fully performed the contract. Conveyances. (See Deeds.) Corporations. Corporations are formed under a general statute. Prospective corporations must apply to the charter board for a charter. A $25 application fee must accompany an application. Charter fee is one-tenth of one percent of its authorized capital stock upon the first $100,000; one-twentieth of one per cent on all in excess of $100,000. Forms for applications and charters furnished by the Secretary of State. Every corporation must commence active operations within one year after filing its charter with the secretary of state; failure to do so works its dissolution. Duration of charter is fifty years, or less, as may be specified in the charter. No corporation (except railroad, banking, and building and loan), can commence business until it file with the secretary of state an affidavit made by its president and secretary setting forth that not less than 20 per cent of its capital stock has been paid in actual cash, or property equivalent thereto, but a corporation de facto exists if the 20 per cent has been paid even though the affidavit has not been filed. The name adopted must indicate the nature of the business. The corporate name must begin with the word “the" and end with the word “corporation,” “company,” “association,” or “society,” but this does not apply to banks, benevolent or religious societies. There must be at least five directors, three of whom must be residents of the State. The annual statement shall be made by each corporation for profit or on before March 31st of each year, showing a complete detailed state­ ment of the condition of such corporation, on the 31st day of December next preceding. Failure to file this report within ninety days from time fixed works a forfeiture of the charter, and a penalty of $5 for each day the report is delayed. The capital stock can be increased to an amount not exceeding three times the original amount fixed in the charter and to any further amount of bona fide paid up capital. Capital stock may also be decreased. Preferred stock can be issued if all the holders of common stock consent. Dividends can not be declared from any source other than that which results from profits. The corporation can borrow money not to exceed the amount of its capital stock. Costs. (See Actions). Corporations (except banks, insurance, building and loan companies and those not organized for profit) must pay an annual franchise tax on paid-up capital as follows: Not over $10,000, $10; over $10,000 and not over $25,000, $25; over $25,000 and not over $50,000, $50: over $50,000 and not over $100,000, $100; over $100,000 and not over $250,000, $125; over $250,000 and not over $500,000, $250; over $500,000 and not over $1,000,000, $500; over $1,000,000 and not over $2,000,000, $1,000; over $2,000,000 and not over $3,000,000, $1,500; over $3,000,000 and not over $5,000,000, $2,000; over $5,000,000, $2,500. Courts. Terms and Jurisdiction.. District courts, holding two to three terms a year in every county, have general original jurisdiction in law and equity. Regular terms of the probate court are held in each county on the first Mondayin each month and special or adjourned terms may be held as business may require. Justice’s jurisdiction in civil actions for the recovery of money, $300; to recover specific personal property not valued in excess, $300. The supreme court is the court of last resort. Creditors’ Bills. Creditors may bring an action in the nature of a creditors’ bill to marshal assets or set aside fraudulent conveyances as in other states. Days of Grace. Abolished. Deeds. No particular forms of conveyances are prescribed. As a rule the form used in other States is sufficient. As between the parties conveyances are valid without being recorded. Deeds may be valid as against attaching creditors without being recorded. The wife should join with her husband in the conveyance, and any conveyance or mortgage of the homestead without her uniting in the same is absolutely void. If the wife has never resided in the State her signature is not necessary. Grantors need not attach any seal or scroll to their signatures, and no witnesses are necessary unless grantors are unable to write. Corporations convey by deed sealed with the corporate seal and signed by president, vice-president, pre­ siding member, or trustee. The acknowledgment must be before a judge or clerk of the district court having a seal, a justice of the peace, notary public, county clerk, register of deeds, mayor or clerk of an 'incorporated city. Every notary public shall add to his official signature the date of the expiration of his commission as notary public. In cases where the acknowledgment is made out of the State it must be made before a court of record, a clerk, or other officer having the seal thereof, a commissioner of deeds for Kansas, justice of the peace or notary public, or before any consul of the United States resident in any foreign country or port. Deeds and mortgages must be recorded in the office of the register of deeds of the county in which the land is situated, or they will be void as to subsequent grantees in good faith without notice. Deeds of Trust in the nature of mortgages are not used so far as sale by the trustee is concerned. (See Trusts, etc.) Depositions. Depositions are taken upon notice to the opposite party. Courts are also authorized to appoint commissioners to take depositions. The depositions may be taken before any person author­ ized to take acknowledgments. Each witness must sign his own deposition The notice must be attached to the depositions and inclosed with them. The depositions should be commenced on the day named, and some portion of a deposition taken on each succes­ sive day Sundays and national holidays not being regarded. If taken by interrogatories and cross-interrogatories, under agreement or otherwise, each interrogatory and cross-interrogatory must be put to each witness and answered so far as he can answer it, and the answer written down. If the depositions are taken before the mayor, notary public, or commissioner appointed as aforesaid, they must be certified under his official seal. If before any officer not possessing a seal a certificate must be annexed, under the seal of the county, or the great seal of the State, that the officer by whom the depositions were taken was. at the time of taking the same, such officer as he represents himself to be in his certifictae. This should be attached to the certificate of the officer (not possessing a seal) who took the depositions. Descent and Distribution. The homestead is the absolute property of the widow and children—one-half in value to the widow, and the other half to the children, when both survive. The home­ stead can not be divided or sold by an action for partition until all the children attain majority. One-half of all real estate owned by   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1847  husband during coverture, and not conveyed by husband and wife, nor sold at judicial sale, and not necessary to pay debts goes to the wife in fee simple; except of land sold by husband whose wife never resided in the State. Remaining real estate goes to the surviving children, and living issue of prior deceased children, children taking per stirpes, in equal shares, or, if none, the whole estate goes to the widow. For want of wife or child or living issue of deceased child the whole estate goes to the parents. The rules applicable to widow of deceased husband apply to husband of deceased wife. Illegitimate children inherit from the mother, and also from the father, if his recognition has been general and notorious, or in writing. When a child would inherit from either parent, such parent will inherit from the child. Personal property descends in the same way as real estate except exempt household furniture is sole property of surviving spouse. Property descending by law or will is subject to an inherit­ ance tax, varying in percentage according to relationship and amount. (See Exemptions.)  Dower. bution.)  i  !  ! j | j J  j  i ! ) j  !  I  ! i j  I I  Dower is abolished by law. *  (See Descent and Distri­  Evidence. (See Testimony.) Executions may be ordered as soon as judgment is obtained if stay has not been granted or supersedeas given. Executions running to the sheriff of the county where they levy is to be made, may be levied on property in any county of the State and issue only out of court where judgment obtained except where abstract or transcript of justice judgment filed in district court of same county as that of the justice court, execution will issue on said judgment only out of said district court. There is no stay of execution in the district court except by supersedeas bond which may be given on appeal. In justice’s courts, by filing bond, stays of execution are granted as follows. On any judgment for $20 and under, thirty days; over $20 and under $50, sixty days; over $50 and not exceeding $100, ninety days; over $100, one hundred and twenty days. Real estate is only subject to execu­ tion issued out of district court of county wherein judgment rendered or abstract or transcript from justice of the peace filed. Executions are liens on personal property only from time of levy. Real estate sold on execution or order of sale, giving the debtor eighteen months in which to redeem. The debtor is entitled to possession of the property and rents and profits, during the period provided for redemp­ tion, except in case of waste. Receiver may be appointed to present waste and may use so much of rents and profits as are necessary to repair waste and pay costs of receivership. Surplus if any to be paid to judgment, debtor free from the lien of any judgment. Exemptions. Homestead of 160 acres of farming land, or of one acre within an incorporated town or city, with buildings thereon, unlimited in value. All household goods and wearing apparel; two cows, ten hogs, one yoke of oxen, and one horse or mule or in lieu of one yoke of oxen and one horse or mule, a span of horses or mules, and twenty sheep and their wool; necessary food for the support of such stock for one year; one wagon, two plows, drag, and other farming utensils, not exceeding $300; grain, meat, vegetables, gro­ ceries, etc., for the family for one year; the tools and implements of any mechanic, minor, or other person, kept for the purpose or carry­ ing on his business, and in addition thereto stock-in-trade not exceed­ ing $400 in value; library, implements, and office furniture of any professional man necessary for carrying on such trade. Also personal earnings of the debtor earned during three months preceding the garnishment or attachment, and three months’ pension money, where such earnings or pension money is necessary for the support of the debtor’s family, but 10 per cent of such earnings may be required to be paid in and applied on the judgment. Foreign Corporations. A foreign corporation doing business in this State must file a certified copy of its charter or articles of in­ corporation with the secretary of state and pay to the state treasurer the same fees upon the amount of capital invested or used in this state as a domestic corporation, when it receives a certificate author­ izing it to do business and is then subject to substantially the same provisions, judicial control, restrictions and penalties as a domestic corporation. Annual statements must be filed on or before March 31st, giving condition on the 31st of December preceding. If a foreign corporation fails to file with the secretary of state the state­ ment required by law within ninety days after the time provided for, its right to do business in the State is thereby forfeited. A penalty is imposed of $5 for each day this report is delayed. Foreign cor­ porations must pay an annual franchise tax on that portion of their capital represented by its property and business in Kansas on the same basis as domestic corporations. Failure of foreign corporations who transact business in Kansas, other than interstate commerce to comply with this law renders them subject to ouster and receiver­ ship proceedings on the part of the State and may be plead by a defendant in suits in the state courts of Kansas, brought by the corporation as a stay of further proceedings until such time as the cor­ poration shall have complied with the law. Fraud, (See Attachments, Arrest, and Assignments.) Garnishment in District Courts. At or after the time of beginning an action to recover damages founded upon contract, judgment or decree, or after the issuance of an execution and before it is returned, if the plaintiff cause to be filed with the clerk an affidavit stating the amount of his claim over and above all offsets, that he believes that some person, naming him, indebted to, or has property in his possession or under his control belonging to the defendants, and that such defendant has no property liable to execution sufficient to satisfy his debt, and that the indebtedness or property so held is not by law exempt from seizure or sale upon execution, the clerk shall issue a garnishment summons. In justice courts the affidavit differs from that acquired in district court actions only in that affiant states that plaintiff is in danger of losing his claim, in lieu of the allegations that the defendant has not property subject to execution sufficient to satisfy the debt. In the district courts bond in double amount claimed is required on garnishments before judgment, except where defendant is a non-resident. No bond required in justice courts. Guaranty Companies. (See Trust Companies.) Holidays. The following are legal holidays: January 1st, known as New Years Day. February 12tn, Lincoln’s Birthday. February 22nd, Washington’s Birthday. May 30th, Memorial Day. July 4th, Independence Day. First Monday in September, Labor Day.’ Oc­ tober 12th. Columbus Day (but does not affect commercial paper). December 25th, Christmas Day. If any of these days fall on Sunday the next secular or business day is a legal holiday. Legal or business proceedings had on a holiday, excepts Sundays, are valid. Husband and Wife. (See Married Women.) Injunctions. Injunctions may be granted by a district court or by the judge thereof at the beginning of an action or afterwards, in his discretion. A bond must be given to protect the defendant against any loss in case the injunction is wrongfully obtained. In the absence of the judge from the county the probate judge may grant temporary injunctions. Insolvency. (See Assignments.) Interest. Legal rate, 6 per cent, but 10 per cent may be agreed upon. Excess of 10 per cent is forfeited, and in addition thereto there shall be deducted from the amount due for principal, with lawful   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1848  BANKING AND COMMERCIAL LAWS—KANSAS  interest, an amount equal to the interest contracted for in excess of 10 per cent. The legal interest originally contracted for continues until the debt is paid, and no additional interest can be charged by way of penalty for default except from date of default. A purchaser of a negotiable note for value before maturity, without notice, takes the note free of the usurious taint. Judgments. Judgments of courts of record are liens on the real estate of the debtor within the county from the first day of the term at which the judgment was rendered; but judgments by confession and judgipents rendered at the same term during which the action was commenced are liens only from the day on which the judgment was rendered. Judgments lose their priority over subsequent judg­ ments unless execution is issued and levied within one year after judgment. A certified copy of the judgment appearing of record in the district court may be filed in the office of the clerk of the district court of any other county and the judgment will then be a lien on real estate in that county. Abstracts or transcripts of justice court judgments may be filed in the district court of the same county, after which executions issue only out of said district court on such judgments. Jurisdiction. (See Courts.) License. Agents of insurance companies are required to take out licenses from the superintendent of insurance. Cities are authorized to enact license ordinances and certain classes of business are required to take out a license. Liens. Mechanics, material-men, and laborers, both original con­ tractors, and sub-contractors, and laborers of sub-contractors ai 3 entitled to obtain liens upon real estate for labor performed or material furnished in the erection or repair of any building. Sworn statements itemized as fully as practicable as to the amount of the claim, for what and when it was rendered and by whom, giving names of con­ tractor and owner and description of property and date of last material furnished, must be filed in the office of the clerk of the court. Original contractor’s lien claim must be filed within 4 months from date of last materials, or labor furnished and others entitled to lien within sixty days after last materials or labor furnished. Lien claimants other than original contractors, must give immediate notice of filing of lien claim to owner or person in possession of the premises, where that may be done, otherwise must post notice on the premises. Supreme court has rendered notice almost unnecessary'. Action to foreclose lien must be begun within one year after filing claim. Liverystable keepers, forwarding merchants and common carriers have liens. (See Judgments.) Attorneys have lien on papers and funds in hand for general balance of compensation and have lien on moneys in hands clients adversary due client in any matter, action or proceeding, in which the attorney was employed for services therein from the time of service on the adverse party, in the manner of a summons, of written notice of the lien. Blacksmiths, horseshoers, wagon makers and garage proprietors given lien for material and labor in their work perfected by filing statement of lien within sixty days after the services in the office of the register of deeds of the county where performed—foreclosed in same manner as chattel mortgage.  Limitations of Suits. An action for the recovery of real property, sold on execution or by executors, administrators, or guardians, brought by the execution debtor, or the heirs, ward, or guardians, within five years after the deed is recorded. Other actions for recovery of real property, within fifteen years. On official bonds and contracts in writing, five years. Contracts not in writing, three years. Trespass, detinue, replevin, injuries not arising on contract, and relief on the ground of fraud, two years. Action for libel, slander, malicious transaction, or false imprisonment upon a suit for penalty or forfeiture, one year. Action for any other relief not before provided for, five years. In any case founded on contract, part payment, or an express written acknowledgement or promise, renews the contract. The statute runs from the date of such renewal. Con­ tractual limitations differing from the statutes are void. Married Women. The real and personal property owned by a woman at the time of her marriage, and any property which comes to her by descent, devise, or bequest, or gift of any person except her husband, remains her sole and separate property notwithstanding her marriage, and is not subject to the disposal of her husband or liable for his debts. Married women may sell and convey their real and personal property and enter into any contract with regard to the same in the same manner and to the same extent as a married man may in relation to his property. She may sue and be sued in the same manner as if she were single. She may carry on any trade or business, perform labor or services for her separate account, and her earnings or proceeds from labor, trade, or business remain her separate property, and may be used and invested by her in her own name. Her husband is not liable for her debts incurred in her separate busi­ ness undertakings by virtue of the marriage relation. She may also contract with her husband with the same effect as though the married relation between them did not exist. Mines and Mining. The law provides for the appointment of a mine inspector with authority to require mine owners to provide certain facilities for the health and safety of persons employed and compel proper ventilation, regulate excavations, air courses, etc. This law is quite elaborate and violations of the safety provisions of the act—resulting in injury to employees, usually results in liability even where the Kansas Workmen’s Compensation Act does not apply, on the part of the mine operator to the employees because of the positive duty resting on the operator to comply with such statutory provisions. Mortgages. A mortgage of real estate, to be valid as against subsequent bona-fide purchasers without notice, must be duly ac­ knowledged and recorded in the office of the register of deeds of the county where the land is situated. Mortgages may be valid as against attaching creditors without recording. Mortgages may be discharged on margin of record by mortgagee or attorney or assignee by duly acknowledged power of attorney or assignment in presence of register, or by satisfaction entered on the instrument when copied on the margin by the register; or by an independent release duly acknowledged and recorded. Wife must join in all mortgages except those for purchase money, except in cases where she has never been a resident of the State. Mortgages are foreclosed by suit only. By an act of the Legislature which took effect May 18, 1893, real estate sold under foreclosure of mortgage is subject to eighteenmonthsredemption. If the mortgage foreclosed is on abandoned property or not occupied in good faith and the court so finds, six months only'is allowed for redemption. This act does not apply to mortgages executed prior to the date the act took effect. When a mortgage is assigned the assignment should be acknowledged and recorded. If the assignment was executed prior to March 15, 1899, it can be recorded whether acknowledged or not, and under the laws must be recorded within four months from that date or payment to the recent owner of the mortgage without notice of the outstanding assignment, will be a complete defense to an action thereon. (For Forms, see Deeds; see Executions.) „ (For Mortgages on Chattels, see Chattel Mortgages: see Execu­ tions.) Notaries. Notaries are appointed by the Governor and serve for  : I  i | )  I j  j i i  ; •  j  j  i  four years. They give bond in the sum of $1,000 and are required to affix the date of the expiration of their commission to all certifi­ cates. Notes and Bills of Exchange. Uniform Negotiable Instrument Act took effect June 8, 1905. Partnerships. Limited or special partnerships may be formed for any legal purpose except banking or insurance. Such partnerships may consist of one or more persons who are general partners, and one or more who contribute a specific amount of capital and shall be called special partners. The special partners are not liable for the debts of the partnership beyond the amount contributed by them respectively but the names of the special partners must not be used in connection with the business. Such a partnership is formed by executing a certificate stating the name, the nature of the business, the names of the general and special partners, and their place of residence, and the amount of capital contributed by each special partner, and the period when the partnership is to commence and when it will terminate. The certificate must be acknowledged and filed and recorded in the office of the county clerk. Power of Attorney. (See Deeds.) Probate Law. (See Administration.) Protest. (See Notes and Bills.) Records. (See Deeds.) Redemption. (See Mortgages.) Replevin. The plaintiff in an action to recover the possession of specific personal property may claim the immediate delivery of the same by filing affidavit and giving bond double the sworn value of the property. Property replevined must be held by the officer taking it twenty-four hours, during which time the party from whom the property is taken may give bond to the plaintiff for not less than double the amount of the value thereof conditioned for the return of the same or its value in case it shall be adjudged the plaintiff is entitled thereto, and thereupon may have the property returned to him. Service. All service of process is made by the sheriff or by con­ stables, or by some one specially authorized in any particular case, and must be issued in the name of the state with the seal of the officer issuing the same affixed. Suits. (See Actions.) Taxes. One-half the annual levy for taxes becomes due Decem­ ber 20, and if not paid the whole amount becomes due and there is a penalty of five per cent added. If the whole amount is paid there is a rebate of 5 per cent on the last half. If not paid by June 20 of the succeeding year, another 5 per cent penalty is added. When the tax upon real estate is delinquent it is sold for taxes on the first Tuesday in September following. After sold it bears interest at the rate of 15 per cent per annum and the same rate upon subsequent taxes paid and indorsed on the tax certificate. The tax lien attaches to real estate on November 1, in the year in which the tax is levied, After land is sold for taxes, it may be redeemed within three years from date of sale. The interest of a minor may be redeemed at any time within one year after he attains his majority, and idiots and insane persons may redeem within five years after the sale. Trust Companies. Trust companies may be organized with a capital of not less than $100,000, and may receive moneys in trust and execute any trust committed to them, either by any person or by order of any court, and may execute or guarantee any bond required by law to be given in any proceeding in court, and act as agent for the investment of money, and for the purpose of issuing, registering, transferring or countersigning certificates of stock, bonds or other evidences of debt, act as guardian and guarantee the fidelity and per­ formance of duty of persons holding public offices or private trusts, and certify and guarantee title to real estate and sell all kinds or negotiable paper, and receive deposits from banks and other trust companies or public officers. They are required to keep on hand 25 per cent of deposits subject to check and 10 per cent of time deposits, in the same manner as state banks. Each director must be a stock­ holder in the sum of not less than $1,000. Trust companies are under the supervision of the bank commissioner and subject to his examination. Trusts and Powers. All trusts concerning lands must be created in writing except such as arise by implication of law. Warehouse Receipts. Practically the Uniform “Warehouse Receipts Act.” Wills. Any person of full age and sound mind and memory, hav­ ing an interest in real or personal property, may give and devise the same to any person by last will and testament lawfully executea. subject, nevertheless, to the rights of creditors and the estate given a spouse by statute. Wills must be in writing, signed at the end by the testator, or another in his presence and by his express direction, and subscribed in his presence by two or more competent witnesses who saw him subscribe or heard him acknowledge it. \\ ilis executea without the State in the manner prescribed by the law either ot tne place where executed or of the testator’s domicile or of the State oi Kansas are declared legally executed. Compliance with these requirements should appear in the witnessing clause. A will executea, proved, and allowed in another State, in the court of original probate, according to the laws of that State, may, relative to property in this State, be admitted to record in the probate court of the county in which such property is situated, by producing an authenticated copy of the will and order of probate admitting it to probate by the proper court of the county and State of which deceased died a resident. Every will, when admitted to probate, shall be filed in the office oi the probate court and recorded.  BANKING AND COMMERCIAL LAWS—KENTUCKY  SYNOPSIS OF  THE LAWS OF KENTUCKY RELATING TO  BANKING AND COMMERCIAL USAGES Prepared and Revised by Moorman & Woodward, Esc., Attorneys at Law, Louisville. (See Card in Attorneys' List.)  Acknowledgments. Deeds executed within the State may be acknowledged before the clerk of a county court or a notary public, or may be acknowledged before and proven by two witnesses. Deeds executed without the State and within the United States must be acknowledged before the clerk of a court or his deputy, notary public, mayor of a city, secretary of state, commissioner of deeds, or judge of a court; if executed without the United States must be acknowledged before a foreign minister, consul, or secretary of legation of the United States, or the secretary of foreign affairs, or judge of a superior court of the nation where the deed shall be executed, attested in either case by the officer’s seal of office. When the acknowledgment is taken, the officer may simply certify that the deed was acknowledged before him, and when it was done. * Actions. Actions are commenced by filing in the clerk’s office of the proper court a petition setting forth the cause of action and caus­ ing a summons or a warning order to be issued thereon. Non-resi­ dents and corporations, other than banks, created by laws of this State, are required to give security for costs. Administration of Estates. Personal estates of deceased persons must be administered by the executors named in the will, or if these refuse to qualify, or none are named, then by an administrator ap­ pointed by the county court of the county in which the decedent resided at the time of his death. Administrators and executors are required to give bond for the faithful performance of their duties and with surety unless otherwise directed by the will. They are required to file an inventory of the estate within three months and to make settlement within two years from the date of qualification. Affidavits. An affidavit may be read to verify a pleading, to prove the service of a summons, notice, or other process, in an action; to obtain a provisional remedy, an examination of a witness, a stay of proceedings or a warning order; or, upon a motion. An affidavit may be made: 1. In this State, before a judge of a court, or a justice of the peace, notary public, clerk of a court, or master-com­ missioner. 2. Out of this State, before a commissioner appointed by the governor of this State; or before any other person empowered by a commission directed to him by consent of the parties or by order of the court; or before a judge of a court, a justice of the peace, a mayor of a city, or notary public. Appeals. Appeals may be taken from a justice’s court to the quarterly court regardless of the amount in controversy; from the quarterly court to the circuit court when the value in controversy, exclusive of interest and costs, exceeds $25; from the circuit court to the court of appeals as a matter of right in all cases in which the title to land, or the right to an easement therein, or the right to enforce a statutory lien is directly involved, and in all cases when the value in controversy, exclusive Of interest and costs, amounts to $500 or more but when such amount in controversy exceeds $200 and is less than $500, the party deserving the appeal, may upon payment of the tax and filing the record in the clerk’s office of the Court of Appeals, enter a motion that the appeal be granted. If the court upon exam­ ination of the record decides the appeal should not be granted, the motion1 shall be overruled without a written opinion, and no petition for a rehearing will be entertained, but if the court should be of opinion the ends of justice require the judgment be reversed then the appeal will be granted and a written opinion will be filed. No appeal lies to the court of appeals from any judgment of a quarterly, city, police, fiscal or justice’s court, nor from any judgment of the county court. Arbitration. All controversies which might be the subject of a suit may be submitted to the decision of one or more arbitrators, or two and their umpire. The submission may be in writing or by entry of record and the agreement of submission shall be binding on the parties thereto, if it states the matter to be submitted and who are to be the arbitrators. Each arbitrator and the umpire, if one be chosen, shall take an oath to decide the matter in controversy fairly and impartially according to law, justice and the equity of the whole case. The award must be in writing signed by each arbi­ trator and the umpire, if any, and shall be a final settlement of the controversy between the parties. A copy of the award must be given within a reasonable time and shall be binding upon both. Arrest. An order for the arrest of the defendant shall be made by the court in which the action is brought or pending, at its com­ mencement, or at any time before judgment, it an affidavit of the plaintiff be filed in his office showing: 1. The nature of plaintiff s claim. 2. That it is just. 3. The sum or value which the affiant believes the plaintiff ought to recover. 4. That the affiant believes, either that the defendant is about to depart from this State and with intent to defraud his creditors has concealed, or moved from this State, his property, or so much thereof that the process of the court after judgment can not be executed; or that the defendant has money or securities for money, or evidences of debt, in the possession of himself, or of others for his use, and is about to depart from this State without leaving property therein sufficient to satisfy plaintiff’s claim. Assignments and Insolvency. Subject to National Bankrupt Law Every voluntary assignment made by a debtor to any person in trust for his creditors shall be for the benefit ot all the creditors of the assignor, in proportion to their respective claims, after the pay­ ment of the exnenses of the trust; except that property conveyed bv the“deed of assignment and upon which there is a valid lien, shall be applied[ first^o^thT discharge of the lien debt; and except that   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1849  debts due by the assignor as guardian, committee, trustee of an express trust created by deed or will, or as personal representative, shall be paid in full before the general creditors receive anything. The intent of the assignor in making the deed of assignment shall not invalidate the deed, unless he be solvent, and it appear that the assignment was made to hinder or delay creditors. The deed vests in the assignee the title to all the estate, real and personal, belonging to the assignor at the time of making the assignment, except that property exempt by law shall not pass unless embraced in the deed. If the assignor, before making the deed, shall have made a preferential or fraudulent transfer, conveyance, or gift of any of his property, or fraudulent purchase of any property or the name of another, the property so fraudulently transferred, conveyed, or purchased shall vest in the assignee, and it shall be his duty to institute such pro­ ceedings as may be necessary to recover same. If, upon demand, he refuses to do so, any creditor may, and the property so recovered shall become a part of the estate, and be distributed as other assets. If creditors representing one-half in number and two-thirds of the amount of debts against the estate shall so request in writing, the court shall remove the assignee and appoint another in his stead. Attachments. The writ may issue against a defendant who is a foreign corporation or non-reisdent of the State; or has been absent from State four months; or has left the State with intent to defraud creditors; or has left his county to avoid service of summons; or so conceals himself that summons cannot be served; or is about to remove, or has removed his property or material part out of the State not leaving enough to satisfy claim of plaintiff or defendant’s creditors; or has disposed or is about to dispose of or sell his property, or permitted to be sold or disposed of with fraudulent intent ot cheat, hinder or delay creditors. Also in action for money due upon con­ tract judgment or award, if defendant have no property in State subject to execution, or not enough to satisfy plaintiff and collection will be endangered by delay in obtaining judgment and return of nulla bona. Also in action for personal property ordered to be delivered to plaintiff which as part thereof has been disposed of, removed, or concealed, so that order of delivery can not be executed. Affidavit as prescribed by civil code and bond required, except no bond required in action upon nulla bona return. Banks. It is unlawful for any person or persons, either as individuals or co-partners to engage in or conduct the business of private banking in this commonwealth. Corporations may be organ­ ized to conduct both a banking and trust company business.®!; The boards of directors of banks and trust companies doing business in this State have full power and authority to fix the hours of opening and closing of said banks and trust companies, and may provide that on Saturday of each week such hour of closing be as early as twelve (12) o’clock noon. A Department of Banking, providing for a Banking Commissioner, deputy commissioner and examiners of State banks, and prescribing their duties and for the examination of all financial institutions organized and doing business under the laws of the State was created by a law effective!July 1st, 1912. Chattel Mortgages and Deeds of Trust. No deed of trust or mortgage, conveying a legal or equitable title to real or personal estate, shall be valid against a purchaser for a valuable consideration, without notice thereof or against creditors, until such deed shall bo acknowledged or proved according to law, and lodged for record. It is a penal offense, punishable by fine and imprisonment, for any per­ son to sell any personal property, on which there is a mortgage of record, with the intent to prevent the foreclosure of the mortgage and a sale of the property. Checks. The issuing of checks in this State upon banks where the drawer has not sufficient funds on deposit to pay same is now a criminal offense. If amount under $20.00 it is a misdemeanor, and the penalty $100.00 or jail confinement one to thirty days, or both such fine and imprisonment in discretion of the Court or Jury. If the check be for $20.00 or more, it is a felony and confinement in penitentiary for not less than one or more than two years, but if the drawer of the check shall pay same within twenty days after receiving notice of the dishonor of the check, he shall not be prose­ cuted; or if the prosecution has been begun, it shall be dismissediat cost of the maker of the check. Contracts. A seal or scroll is in no case necessary to give effect to a deed or other writing. All unsealed writings stand upon the same footing with sealed writings, having the same force and effect, and the same actions may be founded upon them. The State or county seal, or the seal of a court, corporation, or notary to any writing has not, however, been dispensed with. Conveyances. (See Acknowledgments.) Corporations, formed under the general laws for transaction of any lawful business. Special regulations prescribed for foreign cor­ porations doing business in the State, and for banking, building and loan, trust, insurance, and railroad companies. Cumulative voting prescribed. Stockholders in banks, trvst companies, guaranty com­ panies, investment companies and insurance companies are liable equally and ratably, and not one for the other, for all contracts and liabilities of corporation to extent of thej amount of their stock -at par value in addition to amount of suchlstock; but persons holding stock, as fiduciaries, are not personally*liable, but estates in their hands are in same manner and to same extent as other stockholders, and no transfer of stock operates as fa release, of any such liability, existing at time of transfer, provided action to enforce the liability be commenced within two years from time to the transfer. Articles acknowledged and recorded like deeds in county in which principal place of business is situated, and a copy thereof filed and recorded in the office of the secretary of State. After such filing and recording, and payment to State of license tax of one-tenth of 1 per cent on its capital stock, corporation is deemedforganized; but, before trans­ acting business other than with its own stockholders, at least 50 per cent of stock must in good faith be subscribed, payable at such times as board of directors may require. Courts. General civil and criminal jurisdiction is vested in cir­ cuit courts which hold terms in eachfcounty as provided by statute. Credits. By an Act approved March 14, 1914, it is provided that a person who shall knowingly in person or through any agency make any false statement in writing with intent it shall be relied upofl, respecting his financial condition, or means or ability to pay, for the purpose of procuring delivery of personal property, the pay­ ment of cash, the making of a loan or credit, or extension of credit, and procures upon faith thereof either or any of the things or benefits mentioned, shall be guilty of a felony and upon conviction, shall be confined in the penitentiary not less than one nor more than five years. Days of Grace. (See Notes and Bills of Exchange.) Depositions may be taken in all equitable actions, and in ordinary or common law actions, where witness resides twenty miles or more from place where court is held, or is absent from State, and in many other cases enumerated in the statute where the witness is privileged. Depositions are taken either on notice to opposite party or upon written interrogatories. The ordinary method of taking is upon notice, but where place of taking is more than one day’s travel by ordinary methods and more than one hundred miles from the place of sitting of court, the party receiving notice may require deposition to be taken upon interrogatories by giving notice to that effect to   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1850  BANKING AND COMMERCIAL LAWS—KENTUCKY  adverse party or his attorney upon same day, or day following one upon which first notice was served. Except in divorce cases, depo­ sitions are required to be taken upon interrogatories, if all parties against whom they are to be read have been constructively sum­ moned and have not appeared, or be dfendants, or under disability other than coverture or infancy and coverture combined. Ih several other cases enumerated in the civil code, the court may require depositions to be taken upon interrogatories, and they may always be so taken by consent of all parties. Officers authorized to take depositions in this State: An examiner appointed by judge of cir­ cuit court of this district, a judge or clerk of a court, justice of peace, or notary public. Depositions may be taken out of this State before a commissioner appointed by governor of this State or before a judge of a court, a justice of peace, mayor of city, notary public, or any other person empowered by a commission issued to him by consent of the parties or by order of court. If deposition is taken upon interrogatories neither party is allowed to be present, either in person or by agent attorney. The officer’s certificate must state when and where the deposition was taken; that the witness was duly sworn before giving it, and that it was written and subscribed by him in officer’s presence, or was written by officer in presence of witness and read to and subscribed by witness in presence of office.-. Descent and Distribution of Property. The real estate of a person dying intestate shall descend in parcenary to his kindred, male and female, in the following order, viz: (1) To his children and their descendants; if none, then (2) to his father and mother equally if both be living; if either be dead, the whole estate descends to the one living; if both be dead, then (3) to nis brothers and sisters and their descendants; if none, then (4) one moiety of the estate shall pass to the paternal and the other to the mtarenal kindred, in the following order: (5) to the grandfather and grandmother, or which­ ever may be living; if both are dead, then (6) to uncles and aunts and tneir descendants; if none, then (7) to great grandfather and great grandmother, and so on in other cases without end, passing to the nearest lineal ancestors and their descendants. (8) If there is no kindred to one of the parents, the whole shall go to the kindred of the other. If there is neither paternal nor maternal kindred, the whole shall go to the husband or wife of the intestate, or if he or she be dead, then to his or her kindred as if he or she had survived the intestate and died entitled to the estate. When any or all of a class first entitled to take are dead, leaving descendants such descend­ ants shall take per stirpes, that is to say, by representation, the shares of their respective deceased parents. Collaterals of the half blood shall inherit only half so much as those of the whole blood. In making title by descent, it shall be no bar to a party that any ancestor, through whom he derives his descent from the intestate, is or has been an alien. Bastard can inherit in the descending line only from the mother and her kindred, and can transmit inheritance in the ascending line only to the mother and her kindred. Dower. (See Husband and Wife.) ” Executions may issue upon judgment any time until collection of it is barred by limitation, but no execution shall issue on any judgment, unless ordered by the court, until after ten days from rendition. Execution constitutes lien on property of debtor from time it reaches hands of proper officer. Execution may be replevied for three months, any time before sale under same, by defendant giving to the officer an obligation (replevin bond) payable to plaintiff, with good security for the amount thereof, interest and costs. A judgment to enforce a lien cannot be replevied. No replevy allowed upon judgment against any collecting officer, attorney at law, or agent, for a delinquency or default in executing or fulfilling duties of his office or place, or for failing to pay over money collected by him in such capacity, nor against a principal by his surety, nor upon a debt due by obligation having the force of a judgment, nor upon judgment for specific property, or for the property, or its value. If land sold does not bring two-thirds of appraiser’s valuation, defend­ ant and his representatives have right to redeem within a year from the day of sale, by paying purchaser or his representatives original purchase money and ten per centum per annum interest. Exemptions. The following property of persons with a family resident in this Commonwealth, shall be exempt from execution, attachment, distress, or fee bill, namely: Two work beasts, or one work beast and one yoke of oxen; two plows and gear; one wagon and set of gear, or cart or dray; two axes, three hoes, one spade, one shovel; two cows and calves; beds, bedding and furniture sufficient for family use; one loom and spinning wheel and pair of cards; all the spun yarn and manufactured cloth manufactured by the family necessary for family use; carpeting for all family rooms in use; one table; all books not to exceed seventy-five dollars in value; two saddles and their appendages; two bridles; six chairs; or so many as shall not exceed ten dollars in value; one cradle; all the poultry on hand; ten head of sheep, not to exceed twenty-five dollars in value; all wearing apparel; sufficient provisions, including breadstuff and animal food to sustain the family for one year; provender suitable for live stock, if there be any such stock, not to exceed seventy dollars in value; and if such provender be not on hand, such other property as shall not exceed such sum in value; all washing apparatus, not to exceed fifty dollars in value; one sewing machine, and all family portraits and pictures; one cooking stove and appendages, and other cooking utensils not to exceed in value twenty-five dollars; ninety per centum of the salary, wages, or income earned by labor, of every person earning a salary, wages, or income of seventy-five dollars or p .ess per month, provided that the lien created by service of garnish­ le ment, execution, or attachment, shall only affect ten per centum of such salary, wages, or income, earned at the time of service of process; of the salary, wages, or income earned by labor, of very person earning a salary, wages or income in excess of seventy-five dollars per month, sixty-seven and one-half dollars per month and no more shall be exempt. Tools of a mechanic, not exceeding one hundred dollars in value libraries of ministers of the Gospel, professional libraries of lawyers professional libraries and instruments of physicians and surgeons, not to exceed in value five hundred dollars. In addition to personal property there is for actual bona fide housekeepers with a family resident in this Commonwealth a homestead exemption of so much land including the dwelling house and appurtenances owned by debtor as shall not exceed in value one thousand dollars. Uns does not extend to a mortgage on or purchase money due tor the land or for debts or liability existing prior to the purchase of the land, or of the erection of the improvements thereon. Personal property or money on hand or in bank to the amount ot $750.00 shall be exempt from distribution and sale and shall be set apart by the appraisers of the estate of an intestate to his widow and children or if no widow, to his infant children or child sui \ iving hiin. The appraisers shall state in their appraisement the money or the articles and value of each set apart by them to the widow, or infants, separately to the articles appraised for sale, but if the widow be present at the time of the appraisement, or any one authorized by her in writing she may make her selection out of the property appraised to the amount of said $750.00 and said appraisers shall so report. The provisions of this section shall apply to cases where the husband dies testate, and tne widow renounces the provisions of the will in the time prescribed by law. Holidays. The 1st day of January, the 22d day of February, the 30th day of May, the 4th day of July, the first Monday in September  [  |  j ' ■  j | i  I |  j I  I  i j [ I  (Labor Day), the 12th day of October (Columbus Day), the 25th day of December of each year, and all days appointed by the president of the United States, or by the governor of this State, as days of fasting and thanksgiving are declared holidays, and shall be treated as Sun­ day. If any of those days named as holidays shall occur on Sunday, the next day thereafter shall be observed as a holiday. Husband and Wife. By an act which took effect June 12, 1894, the following important changes were made in the common law of coverture which theretofore prevailed in Kentucky. Marriage gives to the husband during the life of the wife no interest in any of the wife's property. She has full power to contract and to bind herself and her property, except that she can not bind herself to answer for the debt, default, misdoing of another, except as to property set apart for that purpose by mortgage. She may sell and dispose of personal property as if unmarried, but may not sell or convey real estate unless her husband unites in the contract, or conveyance unless empowered to do so by decree of court, in case of insanity, conviction of felony, or abandonment by the husband. After the death of either husband or wife the survivor shall have a life estate in one-third of all the realty of which the decedent was seized in fee simple during the coverture unless such right shall have been for­ feited or relinquished. Such survivor has also one-half the personalty of the decedent left after the payment of debts. Abandonment and living in adultery by either party, or divorce works a forfeiture ’ of these rights. Interest. The lawful rate of interest is 6 per centum per annum, and contracts for a greater rate are void as to the excess of interest. Judgments. A judgment does not constitute a lien on property on this State. All judgments bear interest from their dates. (See Executions and Limitations.) Limitations. The following are the periods within which actions must be brought, the time commencing to run from the accrual of the cause of action. Fifteen years: Actions to recover real property; actions upon judgments and written contracts, except negotiable instruments. Seven years: Actions by senior patentees against junior parentees, who have held possession for seven years. Five years: Actions upon verbal contracts; upon a liability created by statute; actions for trespass to real or personal property or for dam­ ages for withholding same; for the specific recovery of personal property; actions upon negotiable instruments, though as to the makers of an undiscounted note, it is fifteen years and as to sureties seven years; actions upon accounts between merchants, and actions for relief from fraud or mistake. Two years: Actions upon merchant’s accounts for goods sold. One year: Actions for injury to person or character and for breach of promise of marriage. Notes and Bills of Exchange. An act relating to negotiable instruments became a law June 13, 1904. Section 1 declares that an instrument to be negotiable must conform to the following requirements. (1) It must be in writing and Signed by the maker or drawer. (2) Must contain an unconditional promise or order to pay a certain sum in money. (3) Must be payable on demand, or at a fixed or determinable future time. (4) Must be payable to the order of a specified person or to bearer. (5) Where the instrument is addressed to a drawee, he must be named or otherwise indicated therein with reasonable certainty. Days of grace are abolished. The signature of any party may be made by an agent duly authorized in writing. Every negotiable instrument is payable at the time fixed therein; when the day of maturity falls upon Sunday, or a holiday, the instrument is payable on the next succeeding business day. Powers of Attorney. Powers of attorney to convey real or per­ sonal property may be acknowledged, proved and recorded in the proper office in the manner prescribed for recording conveyances. It the conveyance made under a power is required by law to be recorded or lodged for record to make the same valid against creditors and pur­ chasers, then the power must be lodged or recorded in like manner. Protest. Where any negotiable instrument has been dishonored it may be protested for non-acceptance or non-payment as the case may be; but protest is not required, except in the case of foreign bills of exchange. It is the safer practice to protest in all cases, because in all cases notice of dishonor is necessary to charge parties secondarily liable. Taxation. Taxes due the State by banks and trust companies are payable directly into the State treasury on or before the first day ot July succeeding reports by their chief officers required to be made to auditor of public accounts, and taxes to counties, cities, towns and districts are paid at the time fixed by law for payment of like taxes. Wills. Any person of sound mind and over twenty-one years of age may make a will. Wills must be in writing with the name of the testator subscribed thereto either by himself or by some other person in his presence and by his direction. If not wholly written by the testator the subscription must be made or the will acknowledged by the testator in the presence of two witnesses, who shall subscribe their names in the presence of the testator. The will of a person domiciled out of this State is valid as to personalty, if executed accord­ ing to the law of the domicile; but to be valid as to lands, it must be executed as required by the law of this State. The county court has exclusive original jurisdiction over the probate of wills.  BANKING AND COMMERCIAL LAWS—LOUISIANA SYNOPSIS OF  THE LAWS OF LOUISIANA RELATING TO  BANKING AND COMMERCIAL USAGES Revised by Messrs. Merrick, Gensler & Schwarz, Attorneys at Law, New Orleans, (See Card in Attorneys’ List.)  Accounts. (See Acknowledgments.) Acknowledgments of deeds executed within the State may be made before a judge, notary public, parish recorder or his deputy, in the presence of two witnesses. These witnesses must be over fourteen years of age. In other States, before a commissioner of Louisiana, or any officer authorized to take depositions in the State where he resides, but the» official character of such officer must be properly verified. A Louisiana commissioner may certify to the official posi­ tion of any public officer in the State for which he is appointed. A deed to be authentic and to be admissible in a court of justice with­ out other proof of signature, must be acknowledged and signed before a notary or commissioner of deeds. In other states any oath or acknowledgment made before a notary public, duly appointed in such states, when certified under the hand and official seal of such notary, shall have the same force and effect without further proof of the signature, seal and official character of such notary, as if taken or made by or before a Louisiana commissioner residing in such State. Act 140 of 1896. In foreign countries every deed, conveyance, mort­ gage, sale, etc., made or taken before any ambassador, minister, charge d’affaires, secretary of legation, consul-general, consul, viceconsul, or commercial agent, and every acknowledgment, attestation, or authentication of any of said instruments, oaths, etc., made by any of said officers under their official seals and signatures shall have the full force and effect of an authentic act executed in this State. No witnesses necessary. Party appearing before any of said officers need not be a resident of the place where said officer is located. Notar­ ial copies of original when deposited in this state in a notary’s office have full force and effect of authentic copies of acts executed in this State. [Act 164 of 1898.] Actions. Commenced by petition setting forth cause of action, articulately in numbered paragraphs, signed by plaintiff or his attorney and duly sworn to. Plaintiff must give resident security for costs or make deposit to cover same if demanded. (See Act 300 of 1914 regulating pleadings and practice.) After filing of petition, defendant is cited to appear ten days after receipt of citation in District Courts and Justice of Peace courts outside of city of New Orleans. In city courts of New Orleans, defendant must appear three days after receipt of citation. Neither day of service nor day on which answer must be filed is included in delay. If defendant fails to appear, judgment by default is rendered against him. In district courts such judgment is confirmed two judicial days after preliminary entry of default. In Justice of Peace courts judgment of default is confirmed the same day as that on which default is entered. Administration of Estates by executors, administrators, or tutors who are ex-officio administrators—also by dative executors— where there is no heir present or agent of heir, public administrator takes charge. A non-resident executor of a will must in all cases give bond; a resident does not unless required by creditors. Administra­ tors and executors of other states must open succession of deceased in the courts of this State, and be recognized as such here before they can sue or be sued or transfer property in this State. Stock in local corporations may be transferred by non-resident, executors, etc., without the necessity of securing an order from the local court, but no transfer can be made until the inheritance tax is adjusted. No debts can be paid by administrator without authorization of probate court The administrator or executor presents to the court an account or tableau of distribution setting forth the payments and disbursements he proposes to make. Parties interested are notified by publication to show cause within ten days why the account so filed should not be approved. Any party interested may oppose the account by opposition in writing at any time within the said ten days In absence of opposition account is homologated upon production of satisfactory evidence by administrator or executor, and the funds ordered distributed in accordance therewith. Claims against estates should be presented in writing to the admin­ istrator or executor. Should he approve the same in writing, no further action is required except to see that the claim is placed upon his account when filed. Should he decline to recognize the claim, creditor may file suit against succession representative and obtain a judgment to be paid in ordinary course of administration. If there is no danger of prescription, creditor may await filing of account and then oppose same of claim, not included. Affidavits. (See Acknowledgments.) Aliens. There is no law excluding them from buying or holding lands. They are only excluded from voting. Arbitration Agreements to submit to arbitration recognized by law Arbitrators must be sworn, otherwise decision is not binding. State board of arbitration of labor troubles established. [Act 139 Of 1894.] Arrest for debt may be made on affidavit that the debt is really due and that petitioner verily believes that debtor is about to remove from the State permanently, without leaving in it sufficient property to ^tisfyhte demand; and that he does not take his oath with inten­ tion of vexing debtor, but only in order to secure his demand. Debtor mav he discharged liy disproving facts; by giving bond, by making surrender by delivering to sheriff property sufficient to satisfy demand. Arrest of the debtor only secures his presence to answer the suit; he cannot be held for the payment of the debt Minors, interdicted person and women not subject to arrest for debt. Assignments and Insolvency. State insolvent laws superseded by National Bankruptcy act. Attachment Writs of attachment issue on application of'credi­ torunder™a?h when the debtor resides put of the State; when he conceals himself to avoid being cited; when he has mortgaged assigned conceals iiini to mortgage, assign, or dispose of his propSrtv1Srmhts or credits or sonic part thereof, with intent to defraud hiFcredffom or give an nfa^prefercnce to some of them; and when he has converted or is about to convert, his property into money or eiddences of debt with intent to) place >t ^vondffie reac^of his Tlhe^tfte Credited must 'furnish bond equal‘to the amount claimed to be due with at least one solvent surety, residing within the^uriscUction of the court, conditioned for payment to any party injured by issuance of writ of all damages sustained by him in case   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1851  it is decided that the attachment was wrongfully obtained. (Act No. 7, 1888.) Bond for 8250 is sufficient if debtor resides outside of state but bond may be increased to amount of claim upon order of court at demand of debtor. Garnishment may be had as an accessory either to a writ of attachment or fieri facias. Banks. Banking corporations organized under banking laws : adopted in 1855, amended in 1888, in 1892, and in 1902. Savings, ! deposit, and trust companies provided for by Act 150 of year 1888’, amended by Act 95 of 1892, which is now amended by Act 189 of 1902. The number of persons organizing must be five or more. No special act of incorporation can be passed. By Act 189 of 1902, the general banking act of 1855 and the amendatory acts of 1888 and of 1892 are amended as follows: 1. Period of time must be fixed in act not to exceed ninety-nine years. 2. Banks can not hold real estate for longer time than five years, except such as necessary for the transaction of their business, or except that held as agent or trustee. 3. All managers and directors shall be citizens of Louisiana 4. Safe deposits and trust banks without power to issue bank notes may be organized under this law with a capital of 850,000 or more,’ of which capital at least 810,000 shall be paid up before commencing business. In incorporated towns with less than 20,000 inhabitants must have cash capital of not less than 830,000, which must be paid up before can commence business. It may be made a receiver trustee, assignee or syndic, and execute trusts of every description’ Money or other valuables deposited by married women or minors may be drawn out without the authority of their husbands or tutors Under Act 45 of 1902, banks organized to do a savings, safe deposit and trust banking business must be composed of more than five persons, may be organized for not longer than ninety-nine years may hot hold real estate for longer period than ten years, except such as is held as agent or. trustee, or necessary for transaction of their business; may accept and execute trusts or agencies of all descrip­ tions. may be appointed by any person or by court executor, admin­ istrator, syndic, receiver, curator, tutor, trustee or assignee. Capi­ tal stock considered as security for faithful performance of duty, though court may require other security, and may require the state examiner of banks to investigate the affairs and management of the bank. Such banks can not issue notes and must have a capital not less than $100,000, which must be paid up in cash. (See Act 12] of 1910, amending Act 45 of 1902 as to capital required in cities of less than 30,000.) (See also Act 179 of 1902, and amendment thereof, Act 140 of 1906 and amendment thereof. Act 152 of 1910 and amend­ ment thereof, Act 96 of 1912.) Act 238 of 1910, amending Act 45 of 1902, provides for branches. Act 112 of 1910 creates a State Banking Department having supervision over all state banks. Amendl edby Act 48 of 1912. Chattel Mortgages. A provided for by Act 198 of 1908, any ’ kind of movable property may be mortgaged for debts, for money loaned, future advances or to guarantee contractural obligations. , Tlie act of mortgage must be passed before a Notary Public and two witnesses and must be recorded in Parish where property is situated ! and Parish where mortgagor resides in order to affect third persons i without notice. Chattel so mortgaged cannot be transferred from I one parish of the State into another without written consent of • i mortgagee. Collaterals must be delivered to be effectual. Act 9 of 1914 I makes it a felony for a customer of bank to wrongfully dispose of ! collateral security pledged to bank. Uniform Bills of Lading law j obtains. (Act 94 of 1912.)  Conditional Sale. Act 119 of 1918 makes lawful a conditional ] sale of tank cars providing for retaking of car by conditional vendor without right of redemption being given to vendee, all payments of such date of retaking being forfeited.  Conveyances. All agreements affecting real property must be in writing, and transfers and mortgages, etc., must be recorded in the place where the property is situated to affect the rights of third persons. Deeds are made under private signature or by act passed before a notary public in the presence of two witnesses. Both vendor and vendee sign, though signature of vendee is not essential, as any act of acceptance will answer. The notary in Parish of Orleans pre­ serves the originals of deeds passed before him and certified copies given by him are received as evidence in the courts. Every notarial deed should contain (1) date of act and place where it was passed, (2) names and surnames and qualities of contracting parties, (3) descrip­ tion of the property, etc., (4) price of transfer and terms and conditions. I (5) The marital status, of all parties must be given. When a married I woman executes a deed she must be authorized by her husband. The I husband acts alone in the sale of community property; the signature of the wife being unnecessary. Corporations. Any number of persons, exceeding six. may form themselves into corporations for literary, scientific, religious, and charitable purposes; for works of public improvement, and generally all works of public utility and advantage; and any number of persons, not less than three, may form themselves into a corporation for the purpose of carrying on mechanical, mining, or manufacturing business, except distilling or manufacturing intoxicating liquors, with a capital not less than $5,000 or more than $1,000,000. Any number of per­ sons, not less than three, may form themselves into a corporation on complying with the general corporation laws, for the purpose of carry­ ing on any lawful business or enterprise not otherwise specially pro­ vided for, except stock-jobbing. Fifty per cent of capital stock must be subscribed before filing articles of incorporation and 50 per cent of all stock subscribed must be paid in before corporation engages in business and the remainder in twelve months under penalty of dissolution. The legislature can not pass a special act conferring corporate powers. Corporation committing a trespass or damage may be sued at place where it occurred. (Act 22 of 1894.) All corporations hereafter organized must have their charters, etc., recorded in the office of the secretary of state. (Act 59 to 1898.) (See act 154 of 1902 for formation of corporations for works of public improvement.) Act 120 of 1902 provides for organization, etc., of local and foreign building and loan or homestead associations. Three or more persons may form a corporation to carry on any business specified in charter that would be lawful for any individual to carry on. May carry on any named business or different branches of business, whether related or not. Must have capital of not less than $3,000. (Act 78 of 1904). No corporation can declare dividends out of its capital stock, under penalty of forfeiture of its charter. Meetings of corporations must be held at domicile (Act 63 of 1910). Foreign Corporations may be licensed and taxed by a mode differ­ ent from that provided for home corporations. No domestic or for­ eign corporations shall do any business in this State without having one or more known places of business and an authorized agent or agents in the State upon whom process may be served. All corpora­ tions (except mercantile corporations) domiciled out of the State and doing business in the State in default of filing with the secretary of state a declaration of the place of its locality or domicile together with the name of its agent in the State upon whom service of process may be made, may be sued upon any cause of action in any parish where the right of action arises. Foreign corporations must file in office of secretary of state a written declaration setting forth and containing the place or locality of its domicile, the places in the State where it is doing business, and the   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1852  BANKING AND COMMERCIAL LAWS—LOUISIANA  name of its agent or other officer in this State upon whom process may be served. (Act 54 of 1904 amended by Act 284 of 1908. Act 284 of 1908 amended by Act 243 of 1912. See Act 194 of 1912.) Act 267 of 1914 relating to corporations repealed several previous acts and undertakes to embody in one act all essen­ tial details with respect to the organization, power and duties of trading corporations, foreign and domestic. (As to non­ trading corporations see Act 259 of 1914.) Courts. Terms and Jurisdiction. In parishes other than Orleans; Justices’ courts—exclusive jurisdiction up to $50, and concurrent with the district courts, between $50 and $100. 2. District courts— concurrent with justices’ courts, between $50 and $100; exclusive for all civil matters over $100, and in all probate matters and appellate jurisdiction in all civil matters in justices' courts. In Orleans parish; 1. City courts—exclusive jurisdiction up to $100. 2. Civil district courts—exclusive over $100. Justices and city courts open at all times. In parishes other than Orleans, district courts shall hold con­ tinuous sessions during ten months of the year. In parish of Orleans, civil district court sits from October 15th to end of June, but shall remain open on all legal days during the whole year for granting inter­ locutory orders, issuing writs, trials of rules to quash same, trying proceedings instituted, or on appeal therein by a landlord for the possession of leased property, partition proceedings, and for such special probate and insolvency business, as the courts en bano may by rule determine. On all amounts up to $2,000, inclusive, an appeal may be taken to the court of appeals, from the city and district courts respectively, and on all amounts over $2,000, to the state supreme court. An appeal lies on both law and facts. Appeals from the city courts shall be tried de novo. Days of Grace. Abolished. Depositions. To take testimony of witness residing out of parish or State it is necessary to file motion duly sworn to showing non-resi­ dence and materiality of evidence. Written interrogatories are pre­ pared and served on opposite party, or his counsel, who has three days in which to cross. Commission then issues, directed to some proper officer, with interrogatories and cross interrogatories annexed, who must cause witness to appear before him to answer under oath the direct and the cross interrogatories. He should reduce answer to writing, read same to witness and cause witness to sign same. The officer then prepares a process verbal of the whole, attaches it to the commission, interrogatories, etc., and should return same to the court issuing the commission within the time fixed therein for taking the deposition. The deposition of a fugitive from justice is not admissible in evidence. (Also see Act 176 of 1910.) Descent. If one dies leaving no descendants, but a father and mother and a brother and sister, or descendants of these last, the succession is divided into two equal parts, one goes to father and mother, the other to brothers and sisters or their descendants. If either father or mother of deceased dies before him, the portion which would have been inherited by such deceased parent foes to the. brothers and sisters of the deceased, or their descendants, if deceased left neither descendants nor brothers nor sisters, nor descendants from them, nor father nor mother, but only other ascendants, they inherit to the exclusion of all collaterals. If ascendants in paternal and maternal lines are all of the same degree, the estate is divided into two parts, one goes to ascendants on the paternal and the other to ascendants on the maternal side. If there is in the nearest degree but one ascendant in the two lines such ascendant excludes all other ascendants of a more remote degree. If one dies leaving no descen­ dants, and his father and mother survive, his brothers and sisters, or their descendants, take half of his estate. If the father or mother only survive, brothers and sisters, or their descendants, take threefourths. If one dies leaving no descendants nor father nor mother, his brothers and sisters, or their descendants, take all the estate. The partition of the half, the three-fourths, or the whole of a suc­ cession falling to brothers and sisters as above set forth, is made equal if they are of the same marriage, if of different marriages the succession is equally divided between the paternal and maternal lines of the deceased. If deceased died without descendants, leaving neither brothers nor sisters, nor descendants from them, »nor mother nor father, nor ascendants in the paternal or maternal lines, his succession passes to his other collateral relations, the one nearest in degree excluding the others. When the deceased has left, neither lawful descendants nor lawful ascendants, nor collateral relations, the law calls to his inheritance either the surviving husband or wife, or his or her natural children, or the State. If natural mother left no lawful children or descendants, her natural children, acknowledged by her, inherit to the exclusion of her father and mother and other ascendants or collaterals of lawful kindred. Natural children inherit from their natural father, who has acknowledged them, when he has left no descendants nor ascendants, nor collateral relations, nor surviving wife, and to the exclusion only of the State. Donations inter vivos or mortis causa cannot exceed two-thirds of the property of the disposer if he leaves at his decease a legitimate child, one-half if he leaves two children, and one-third if he leaves three or more. An inheritance tax is levied upon all inheritances, legacies and dona­ tions, provided no direct inheritance or donation to an ascendant or descendant below $10,000 shall be taxed. Tax is 2 per cent on direct inheritances and donations to ascendants or descendants or surviving wife or husband and 5 per cent for collateral inheritances and donations to collaterals or strangers. Bequests to educational, religious or charitable institutions are exempt. Inheritance tax not due when property inherited, bequeathed or donated shall have borne its just proportion of taxes prior to time of such donation, bequest, or inherit­ ance. R. C. C. 915 amended to read “In all cases when either hus­ band or wife shall die leaving no descendants, nor ascendants and without having disposed by last will and testament of his or her share in the community property, such undisposed of share shall be inherited by the survivor in full ownership.” (Act 57 of 1910.) Divorce. (See Separation from Bed and Board.) Dower. (See Married Women.) Employers Liability Act. There is a general Employers Liability Act in the State setting forth special compensation for various injuries. Execurion. Property taken under a writ of fieri facias must be advertised and appraised, and can not be sold for less than two-thirds of the appraised value, until it has been re-advertised. Advertise­ ments of movables three times in ten days—of real estate once a week for thirty days. If two-thirds of appraised value is not bid, property must be re-advertised for fifteen days, and sold op a credit for twelve months for whatever it will bring. There is no redemption of property sold under execution or mortgage. No stay of execution is given except on appeal, and execution may issue at any time after the delay for appealing suspensively has expired. Act 113 of 1906 authorizes sheriffs and constables to put purchaser of seized property in possession. Exemptions. To head if family, real estate is owned and occupied as a residence, together with certain furniture, stock, implements, provisions, etc.; the property not to exceed $2,000, and provided the person claiming the benefit of the homestead execute a written declara­ tion of homestead (Acts 1880, No. 114), and no exemption if wife has separate property worth over $2,000. No registry required in parishes other than Orleans. (Operative Jan. 3, 1899.) Widow or minor children surviving is entitled to $1,000 out of deceased hus.  |  [ | j  !  |  | I  i  , I i j  [ i |  J  |  j  band’s estate, if in necessitous circumstances, by preference over even a first-mortgage creditor. Sheriff or constable can not seize linen and clothes of debtor or his wife, nor his bed, nor those of his family, nor his arms and military accoutrements, nor tools and instru­ ments and books, sewing machines necessary for the exercise of his or her calling, trade, or profession, by which he makes a living, the right of personal servitude, of use and habitation, of usufruct to the estate of a minor child, the income of total property, money due for salary of an officer, wages or recompense for personal service (laborers’ wages) cooking stove, plates, etc., family portraits, musical instru­ ments played on by family. (Acts 1876, No. 79.) Fraud vitiates all contracts. Action barred by one year imitation to annual sale on account of fraud. For fraud on part of purchasers of goods see Act 114 of 1912 amending Act 94 of 1896. Garnishment. Wages earned out of this State and payable out of this State, shall be exempt from attachment or garnishment in all cases where cause of action arose out of this State, and it shall be the duty of garnishees in such cases to plead such exemptions unless the defendant is actually served with process. (Act 165 of 1904.) (See Attachment.) Holidays. Sundays, January 1st, January 8th, February 22d, Good Friday, June 3rd, to be known as Confederate Memorial Day, July 4th, the first Monday of September, to be known as Labor Day, October 12th, Christopher Columbus Day, November 1st, Thanks­ giving Day, as designated by the President of the United States, December 25th, and all general election days, whether Presidential, Congressional, State, municipal or parochial, in the localities where said elections are held; and in the Parishes of Orleans, St. Bernard, Jefferson, St. Charles, and St. John the Baptist, Mardi Gras, and also in cities and towns when the population shall exceed 10,000, and in the Parishes of St. Bernard, Jefferson, St. Charles, and St. John the Baptist every Saturday from twelve o’clock noon until twelve o’clock midnight, to be known as a half holiday; and in all cities and towns whose population exceed 10,000, whenever January 1st, January 8th, February 22d, June 3d, July 4th, November 1st, December 25th shall fall on a Sunday the succeeding day shall be a legal holiday. Husband and Wife. (See Married Women.) Interest. Legal rate is 5 per cent, but 8 per cent may be agreed upon in writing. If higher than 8 per cent is charged, it is reducible to 8 per cent. If paid, it may be sued for and recovered within two years. Judgments recorded in the office of the parish recorder become mortgages from date of record upon all real estate of the debtor, and may be thus recorded in any parish where debtor owns real estate. They are valid for ten years, when they must be renewed. Liens or Privileges. The following have special privileges, viz.: 1. Lessor’s privilege. 2. Privilege of the creditor on the thing pledged. 3. Privilege of a depositor on the price of a thing deposited. 4. Privilege for expenses incurred in preserving thing. 5. Privilege of the vendor of movable effects so long as they are in the possession of the vendee. 6. Privilege of the innkepeer on the effects of the traveler. Privileges resting upon immovables are as follows, viz.: 1. The vendor on the estate by him sold, for the payment of the price or so much of it as is unpaid, whether it was sold on or without a credit. 2. Architects, undertakers, bricklayers, painters, master builders, contractors, sub-contractors, journeymen, laborers, cartmen, and other workmen employed in constructing, rebuilding, or repairing houses, buildings, or making other works. 3. Those who have supplied the owner or other person employed by the owner, his agent, or sub-contractor, with materials of any kind for the con­ struction or repair of an edifice or other work, when such materials have been used in the erection or repair of such houses or other works. (Art. 3252.) Privilege on crops to be recorded (Act of 1890.) The vendor of an agricultural product of the United States has a five days’ privilege for unpaid purchase price in preference to all others. Privilege granted employes in saw mills, etc. (Act 145 of 1888, amended by Act 52 of 1910 and Act 23 of 1912. Widow and children left in necessitous circumstances are entitled to an amount in husband’s or father’s succession sufficient to make $1,000 inclusive of property already possessed by them. This privilege primes all others except vendor’s privilege, that for expenses of selling property and con­ ventional mortgages, representing money actually loaned for not less than one year as not exceeding 6 per cent for interest, discount and charges. Limitations to Suits. Prescription — Accounts stated and acknowledged in writing are prescribed only by ten years. . (Act of 1888.) Personal actions one year. Action for torts of all kinds; for injury to or non-delivery of merchandise shipped on vessels; for fees of justice, notary, or constable; for innkeepers’ accounts; for accounts of retailers of liquors; for wages of laborers or sailors; for freight; and for tuition by month. Three years: Action for arrearages of rent charges, or hire of movables or immovables or money lent; for salaries of overseers, clerks, or tuition by quarter or year; for fees of physicians apothecaries, attorneys, sheriffs, clerks, and recorders; on open accounts of merchants, whether wholesale or retail, and others. Four years: Actions by minors against their tutors, counting four years from majority. Five years: Action on bills of exchange or promis­ sory notes, counting from maturity, and for nullity of contracts or wills; for recision of partitions; to set aside public and judicial sales for informalities. Ten years: All other actions; the right to a usu­ fruct or servitude, all judgments, whether rendered within or without the State, but judgments may be revived before lapse of ten years, and are then good for ten years from date of revival. Prescription does not run against minors or persons under interdiction. Husband and wife can not prescribe against each other. Limited Partnerships. (See Partnership.) Married Women. Act 94 of the Legislative Session of 1916 pro­ vides that a married woman of this State shall be competent to con­ tract and bind and obligate herself personally and with reference to her separate and paraphernal property, and to appear in Court and to sue and be sued to the same extent and in the same manner as though she were a gemme sole; provided that nothing herein con­ tained shall be deemed or construed to affect in any way the statutes of this State, establishing and regulating the matrimonial community of acquets and gains, and prescribing what shall be deemed com­ munity and what be deemed separate property of the other spouse. Revenues of all separate property administered by the husband, and all property acquired by either husband or wife after marriage, except by donation or inheritance constitute part Of community, unless bought with the separate means of either and as a separate acqui­ sition. Wife has no dower in her husband’s real estate. The wife can have no claim upon the property of the husband to the prej­ udice of third parties, unless recorded. Where one of the spouses is agent for the other, he or she may be witness for the other in a matter connected with that transaction, otherwise husband or wife cannot testify in favor or against the other even though both litigants consent. After dissolution of marriage by death or divorce the sur­ vivor is entitled to one half of all property remaining after payment of debts, acquired during marriage, and in case of death, the usufruct of the other half, unless this half is disposed of by will of deceased spouse. Wife cannot be a witness to husband’s will. (See “Liens and Privileges.”)  BANKING AND COMMERCIAL LAWS—MAINE Monopolies or Trusts are regulated and rights are given against them similar to those existing under Federal Law. The state author­ ities may take action and the individual may recover threefold damages sustained. See House Bills Nos. 7 and 8, extra session 1915, approved June 10, 1915. Mortgages can be foreclosed at any time after maturity of the debt, by instituting a regular suit and obtaining judgment thereon, or if the act imports a confession of judgment in favor of the holder, he can apply to the court, for an order directing the sheriff to seize and sell the property. All mortgages must be recorded before they can have any effect as against third parties. Trust deeds are not legal, and chattel mortgages are unknown to the laws of Louisiana except as stated under heading “chattel mortgages.” There is no redemp­ tion of property sold under mortgage. All tacit mortgages have been abolished since 1870. In making sales or giving a mortgage upon his property, it is not necessary for the husband to obtain the signature of the wife. A mortgage resulting from recording a judgment can not have that effect until after adjournment of court. [Act 1888.] Lessees obligated to erect buildings, etc., upon leased property, can mortgage the lease, together with the improvements, etc. (Act 21 of 1908.) Leases and contracts to explore for oil, gas and minerals may be mortgaged (Act 232 of 1910). Negotiable Instruments. “Negotiable Instrument Act” (No. 64 of 1904) changes in many respects the laws formerly applicable to bills and notes. Under it, days of grace, which formerly were custom­ ary, are abolished. Instruments are payable to bearer if made payable to the order of a fictitious or non-existing person, when such fact is known to the one making it so payable; when name of payee does not purport to be name of any person; or when the only or last indorse­ ment is in blank. When there is a discrepancy between the words and the figures of an instrument, the sum denoted by the words is the sum payable. Two or more persons signing instrument contain­ ing words, “ I promise to pay,” are jointly and severally liable thereon. Presentment for payment is unnecessary to bind party primarily liable, but is necessary to charge drawer or indorser. Notice of dis­ honor must be given to drawer and indorser when instrument has been dishonored by non-acceptance or non-payment, otherwise they are discharged. A bill of exchange does not operate an assignment of funds in hands of drawee available for payment thereof, and drawee is not liable till he accepts same. Holder may require acceptance to be written on bill, and if refused, may treat the bill as dishonored. An acceptance written on paper, other than a bill, and an uncondi­ tional written promise to accept a bill before it is drawn, binds the acceptor only in favor of a purchaser for value on faith thereof. Drawee has twenty-four hours to decide whether he will accept or not. A drawee who destroys a bill presented to him for acceptance, or who fails to return the bill within twenty-four hours, is deemed to have accepted the same. Where a signature is so placed upon a negotiable instrument that it is not clear in what capacity the person making same intended to sign, he is deemed an indorser. Foreign bills must be protested for non-acceptance or non-payment. Where a bill does not appear on its face to be a foreign bill, protest thereof in case of dishonor is unnecessary. A check must be presented for payment within a reasonable time or drawer will be discharged from any loss caused by delay. Bank is not liable to holder of a check until it accepts or certifies same. When the last day to do an act required or permitted to be done under the act falls on a Sunday or legal holiday, it may be done on the next succeeding secular or busi­ ness day. When day of maturity falls on a Sunday or a holiday, the instrument is payable on next succeeding business day. Instruments falling due on Saturday are to be presented for payment on next succeeding business day, except that instruments payable on demand may, at option of holder, be presented for payment before 12 o’clock noon on Saturday when that entire day is not a holiday. If the day or days next succeeding the protest for non-acceptance or non-pay­ ment shall be days of public rest or legal holidays or legal half holi­ days, then the day next following shall be computed as the first day after the protest. “Service of citation shall not be waived, nor judg­ ment confessed, by any document under private signature executed prior to the maturity of the obligation sued on.” [Article 91, Con­ stitution 1898.] Acceptance must be in writing and signed by drawee. It must not express that drawee will perform his promises by any other means than payment of money. (Act 189 of 1908.) Partnership, Limited and Special. Stipulations that one shall participate in the profits and shall not contribute to losses is void, both as regards partners and third persons. Partnerships are divided as to their object into commercial and ordinary partnerships. Com­ mercial partnerships are such as are formed: 1. For the purchase of any personal property, and the sale thereof either in the same state or changed by manufacture. 2. For buying or selling any personal property whatever, as factors or brokers. 3. For carrying personal property for hire, in ships or other vessels. Ordinary part­ nerships are all such as are not commercial. There is also a species of partnership which may be incorporated with either of the other kinds, called partnership in commendam. It is formed by contract, by which one person or partnership agrees to furnish another person or partnership a certain amount, either in property or money, to be employed by the person or partnership to whom it is furnished, in his or their own name or firm, on condition, of receiving a share in the profits, in the proportion determined by the contract, and of being liable to losses and expenses to the amount furnished and no more. Partner in commendam cannot bind other partners by his act. Part­ nership in commendam must be made in writing; must express amount furnished or agreed to be furnished; the proportion of profits which partner is to receive and expenses and losses he is to bear, must state whether it be received in goods or money, etc.; must be signed by parties in presence of at least one witness and recorded in full within six days in mortgage office. If branch houses are established the con­ tract must be recorded in parish where branches are located. If partner in commendam allow his name to be used, or if he take any part in the business of the partnership ho will be liable as a general partner. Ordinary partners are not bound m solido for debts of partnership, and no one of them can bind his partners unless they have given him power to do so; each is bound for his share of the debt in proportion to the number of partners. Commercial partners are each liable for the entire debts of the partnership. Powers of Attorney. May be written or oral. May be either general for all affairs or special for one affair only. One conceived in general terms confers only power of administration; to sell mortgage or do any other act of ownership, the power must be express and There is no special probate court. District courts are vested with probate jurisdiction. . Successions are opened upon petition of interested persons in the parish where the deceased resided, if hp had -1 domicile or fixed place of residence in the state; m the parish whe're^eMH h^landed property, if he had1 neither.^micile nor nbpp nf residence in the state; or in the parish in which it appears from the Inventory that his principal property was situ^ed, if he left property in several parishes; in the parish wheie he died, if he had no certain domicile Lor any fixed properly.11( presumptive heir does not begin legal proceedings to state^helher after death of "de cujus,” creditors may demand thathe> state whether he accepts or rejects succession, or if no heirs appear that a nwator ad hoc be appointed to settle the estate. Ihe judge appoints an administrator when deceased leaves no will. Administrators must Probate Law.  118   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1853  render annual accounts, and are allowed 2>£ per cent on the inven­ tory as commissions. Attorneys at law are appointed to represent absent heirs. Properties acquired during marriage are presumed to be community property, and surviving spouse is owner of one-half. When either husband or wife dies, leaving no ascendants or descend­ ants, and without having disposed by will of his or her share in the community, the survivor holds such share in usufruct during his or her natural life. (See Successions.) Protest. (See Negotiable Instruments.) Separation from Bed and Board. May be claimed reciprocally for: 1. Adultery. 2. When spouse condemned to infamous pun­ ishment. 3. Habitual intemperance, excesses, cruel treatment, or outrages, when such renders living together insupportable. 4. Public defamation of one spouse by the other. 5. Abandonment. 6. Attempt of one spouse against life of other. 7. When one spouse charged with infamous offense actually fleof from justice. Judgment of Divorce. “A vinculo matrimonii” can be obtained immediately for first two causes. For other causes it is necessary first to obtain judgment of separation “a mensa et thoro.” After judgment of separation from bed and board, if there has been no reconciliation, party in whose favor judgment is rendered can obtain final divorce one year after finality of judgment of separation. Party against whom judgment is rendered must wait two years. When marriage is celebrated outside of state parties cannot obtain divorce in state on grounds occurring outside of state. Taxes. Taxes on real estate cannot be enforced until the expira­ tion of the year for which they are levied and after legal notices to delinquents and advertisement. Lands sold for taxes are redeemable within one year, by the owner, his agent, or heirs, or any creditor, on payment of the purchase money, with 20 per cent interest and costs, and all subsequent taxes paid. Lands sold for taxes due prior to 1880 are not redeemable. State taxes are 8 mills on the dollar, and parish taxes are exceeding 10 mills; city of New Orleans tax 22 mills on the dollar. Delinquent state taxes bear interest at 2 per cent a month, city taxes, 10 per cent a year. Wills. There are four different kinds of wills, viz.: The olo­ graphic, nuncupative by public act, nuncupative by private act, and mystic (or sealed) will. The olographic will must be wholly written, dated, and signed by the testator, and may be made within or with­ out the State. Nuncupative will by public act as written by a notary in presence of three witnesses, over the age of 16 years complete, not insane, deaf, dumb or blind, residing in the place where will is executed, or five witnesses not residents of the place, at the dictation of the testator. Nuncupative will by private act and mystic wills are subject to many formalities which may be best obtained by refer­ ence to Civil Code Arts, 1581-1587 both inclusive. All persons of sound mind over sixteen years of age may dispose of their property by will. Wills executed without the state given force and effect provided same be in writing and subscribed by testator and follows form of place where executed, or of testator’s domicile. (See act 176 of 1912.)  SYNOPSIS OF  THE LAWS OF MAINE RELATING TO  BANKING AND COMMERCIAL USAGES Revised by Sydney B. Larrabee, Attorney at Law, Portland. (See Card in Attorneys’ List.)  Acknowledgments. (See Deeds.) Actions. At law begun by writ, under common law practice: but containing declaration. Suits in equity are begun by bill of com­ plaint, filed with clerk of court and subpoena issued by him, or may be inserted in writ of attachment and served by copy of bill and writ. On motion non-resident plaintiffs required to give security for costs. Administration of Estate. (See Estates of Deceased Persons.) Affidavits. Affidavits may be made before a notary public or justice of the peace. In some court matters authority of magistrate must be proved by certificate of clerk of a court of record. Aliens. Aliens may hold and convey real estate and personal property. Wills of aliens may be proved and allowed in this State. Widow' of a citizen of United States who was an alien when she married him has right of descent in his estate (but see Married Women).  ft   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1854  BANKING AND COMMERCIAL LAWS—MAINE  Arbitration. Judge of probate court may authorize executors or administrators to adjust by arbitration claims for or against the estates represented by them. All controversies which may be the subject of personal action may be submitted, by the parties, to referees for arbitration. Majority of referees may make report to Supreme or Superior Courts. Arrest. (See Executions.) Tn actions ex delicto, on mesne proc­ ess and execution, as of course without affidavit or order: in actions ex contractu, on mesne process, upon affidavit of the creditor, his agent, or attorney, that he has reason to believe and does believe that the debtor is about to depart and reside beyond the limits of the State and carry with him means of his own more than are neces­ sary for his immediate support, and that at least $10 is due on the claim; on execution, only after supplementary proceedings and fraud proven, but if contract judgment or action existing March 17, 1887, arrest on execution. Debtors arrested on mesne process or execution may disclose, give up property not exempt from attachment and be discharged from arrest, or may give bond and disclose according to its terms. No arrest in actions ex contractu for less than $10, and none of married women in civil actions. Assignments. Common law assignments for the benefit of creditors may be made, and after four months will be good against bankruptcy proceedings. Assignments of wages must be recorded in town clerk’s office. Attachment. All property not exempt attachable on mesne proc­ ess as of course without affidavit; security for costs by indorser of writ only if creditor is non-resident; lien by attachments in the order in which they are made continue for thirty days after judgment (extended where execution is delayed, appeal from taxation of costs is taken, or decision of law court certified down in vacation), within which time levy may be made. Personal property may be appraised and sold on mesne process to avoid expense, depreciation or loss, on request of either party and proceeds held by officer in lieu of the property, foreign attachment (garnishment), known as trustee process, attaches property by or debt due from trustee unless; 1. Due on negotiable paper. 2. Money collected on process by officer. 3. In hands of public officer. 4. Due on contingency. 5. Trustee liable to execution on same. 6. Twenty dollars wages, for personal labor of the debtor, wife or minor child within one month, and $10 exempt in all cases. 7. In certain cases money due on life and accident policies, and from fraternal beneficiary associations. (See Creditors’ Bills.) Banks. Savings bank business and discount banking permitted only under special charter, and under state supervision. Trust com­ panies may be organized under general statutes on obtaining approval of state bank examiner. General statutes relating to discount bank­ ing repealed by Laws 1903, c. 166. Foreign banking associations hav­ ing a branch here pay a tax of three-fourths of one per cent per annum on the amount of business done in this State. Savings banks have no capital, and do business only for the benefit of depositors, under statute regulations restricting investments, requiring reports under oath and examinations by bank examiner. Must not pay over 2 1-2 per cent dividend semi-annually. Franchise tax is five-eighths per cent, regulated to favor home investments. Use of the words “bank,” “trust company,” and similar words in designating a business, for­ bidden, except by corporations organized as above or under laws of United States. Corporations, if licensed by bank commissioner may receive savings deposits from their employees. Dealers in securities must be registered with bank commissioner and are subject to certain regulations. Collaterals. (See Mortgages.) Conditional Sales, Consignments. No agreement that personal property bargained and delivered to another shall remain the property of the seller until paid for, is valid unless in writing and signed by the person to be bound. Such agreement, in whatever form it may be, is not valid except as between original parties, unless recorded in the office of the clerk of the town in which the purchaser resides at the time of the purchase. This does not apply to goods consigned for sale. Conveyances. (See Deeds.) Corporations. Three or more persons may form a corporation to carry on any lawful business excepting banking, insurance, construct­ ing and operating railroads, savings banks, trust companies, or cor­ porations intended to derive profits from the loan or use of money, and safe deposit companies, but corporations may be formed under the general law for the construction and operation of railroads ourside the State of Maine. Corporations for other purposes, excepting for municipal purposes, and where the objects of the corporation can not be attained without special acts, are also formed under general laws. Organization becomes void unless corporation begins business within two years. Corporation may capitalize to an unlimited amount and may increase or decrease the amount of their capital or the par value of the shares. No portion of capital is required to be paid in; stock may be issued for property or for services and in absence of fraud the judgment of the directors as to the value of such property or services is conclusive, the stock thereupon becoming fully paid. Only original subscribers and takers of stock are liable on same to extent of unpaid par value and then only for debts contracted during their ownership of stock, and action to enforce such liability must be commenced within two years and can be maintained only by a judg­ ment creditor of the corporation who shall have begun proceedings to obtain such judgment against the corporation during the owner­ ship of such stock or within one year after its transfer by such stock­ holder is recorded on the corporation books. Directors must be stockholders or members of another corporation which is a stockholder If corporation fails for six months to elect directors, court may appoint. Corporations must pay to the State upon organization, a fee as fol­ lows: Where the capital stock is $10,000 or less, $10; exceeding $10,000 and up through $500,000, $50; above $500,000, $10 for every $100,000 of capital. Other fees for organization are: attorneygeneral’s fee $5; register of deeds $5, secretary of state $5. The annual franchise tax is as follows: $5 provided authorized capital does not exceed $50,000; exceeding $50,000 and up through $200,000, $10; exceeding $200,000 and up through $500,000, $50; exceeding $500,000 and up through $1,000,000, $75; and the further sum of $50 per $1,000,000 or any part thereof in excess of $1,000,000. Cor­ porations which have suspended business temporarily and have been excused from filing returns of amount of capital stock, etc., are not liable for franchise tax. Meetings of stockholders must be held within the State. Clerk must be resident and keep stockholders’ records in the State. His records are open to inspection by stockholders but not by mere creditors. With the exception of bankipg corporations no public reports are required except one to the secretary of stste showing names and residences of officers and amount of capital stock. Delivery of certificate of stock to bona fide purchaser or pledgee for value together with written transfer of same or written power of attorney to sell, assign, and transfer same, signed by owner of cer­ tificate, transfers title against all parties. Foreign corporations have practically same rights as domestic, but are required to file copy of charter with secretary of state, also a copy of the by-laws( and are also required under severe penalties to file certificate showing among other things the names of officers, amount of capital stock authorized, amount issued and amount paid in; also must file certificate showing any change in above particulars. Such corporations must also appoint  ! a resident of Maine, having an office or a place of business in the state, to be its attorney on whom process may be served in any legal proceeding. Corporations may dispose of their franchises on majority vote of the stockholders; may sue and be sued, and have generally the powers of individuals. Public service corporations are subject to a Public Utilities Commission. Courts. Terms and Civil Jurisdiction. Supreme judicial court: Two or three terms a year in each county; unlimited jurisdiction except as specified below; full jurisdiction in equity; appellate jurisdiction en banc on question of law, from trial terms and superior courts. Superior courts: In Cumberland County except equity, real actions, extraordinary legal remedies and some others; exclusive jurisdiction with exceptions to $500 and in divorce, concurrent jurisdiction above $500; sits first Tuesday of every month, except June, July, and August, Kennebec County; exclusive jurisdiction, with exceptions to $500; concurrent in habeas corpus and divorce; sits second Tuesday of January and first Tuesday of April and September at Augusta; second Tuesday of June and November at Waterville. Courts of probate: Usual jurisdiction concurrent in equity of probate matters, j Municipal courts and trial justices: Exclusive jurisdiction of forcible entry and detainer and in other cases up to limited amount; appeals i to superior court where established, and elsewhere to supreme j judicial court. Creditors’ Bills. Bill in equity may be maintained to reach t property of debtor which cannot be reached by process at law, and i is not exempt from attachment; also property conveyed in fraud of j creditors and property secreted so that it is not replexiable. Days of Grace. (See Negotiable Instruments.) Deeds. Any owner of real extate having right of entry may con[ vey it by deed. No estate greater than tenancy-at-will can be created except in writing. Deeds must be acknowledged by a grantor or J one of them or by attorney in fact, executing the same, before a justice ( of the peace, notary public having a seal, or woman qualified to take acknowledgments; outside the State, and in the United States, before : a clerk of a court of record having a seal, notary public, or commis­ sioner of deeds for this State, and in a foreign country before a notary public, or a consul or minister of the United States, but if magistrate acting outside of State has no official soal, his authority and the genuineness of his signature must be authenticated by the clerk of a court of record in county where he resides. Unacknowledged deeds cannot be recorded. No special form of acknowledgment required. Deeds must be recorded to be valid against parties without notice of the conveyance. Deeds must be under seal, but witness is not required for validity although usual to have one. Leases for more than seven years must be recorded. Trusts concerning real estate can be created only, in writing, except those arising by implication of lawDepositions. Depositions may be taken by disinterested justice of the peace or notary public; may be taken when deponent is unable through age, infirmity, or sickness to attend at place of trial; when deponent resides out of, or is absent from the State; when deponent resides in town other than that in which trial is to be held, etc. Depo­ sitions so taken may be used in all civil suits or causes, petitions for partition of land, libels for divorce, prosecutions for the maintenance of children, petitions for opinions in trial before courts of arbitrators, referees and county commissioners, and in cases of contested senatorial or representative elections. Depositions or affidavits may also be taken in applications for pensions, bounty, or arrears of pay under any law of the United States. Courts may issue commissions to take depositions out of the State, or they may be taken out of State by a justice, notary, or other person empowered, but in the latter case it is within the discretion of the courts to admit or reject them. Descent and Distribution of Property. (See Estates of De­ ceased Persons.) Dower. Abolished by laws of 1895, chap. 157, taking effect as to persons not then married, May 1, 1895; as to others, Jan. 1, 1S97. Wife or husband may bar the right by inheritance to one-third or one-half, as the case may be, of realty by joining in the other’s deed, or by sole deed, or by ante-nuptial settlement, or by jointure. Either refusing to join in other’s conveyance (or if incapacitated with no guardian in this state, other being a non-resident) may be barred of inheritance upon application to supreme judicial court and decree after hearing. (See Estates of Deceased Persons.) Estates of Deceased Persons. Eighteen months after notice of appointment allowed creditors to present claims and suit must be begun and service of process made within twenty months after such notice of appointment. Allowance to widow and minor children, made by court from estate. Non-resident executor or administrator must appoint attorney. Time of demand or notice extended for absent creditor if further assets, but prior payments not disturbed thereby. No administration granted after twenty years. The real and personal estate of a person deceased intestate (excepting wild lands conveyed by him) being subject to the payment of debts descends according to the following rules: 1. If he leaves a widow and issue, one-third to the widow. If no issue, one-half to the widow. And if no kindred, the whole to the widow. And to the widower shall descend the same shares in his wife’s real and personal estate. There shall likewise descend to the widow, or widower, the same share in all such real estate of which the deceased was seized during coverture, and which has not been barred, or released, as herein provided. In any event, one-third shall descend to the widow or widower free from the Pay­ ments of debts. 2. The remainder of which he dies seized, and lj no widower, or widow, the whole, together with all wild lands shall descend in equal shares to his children, and to the lawful issue of a deceased child by right of representation. If no child is living at the time of his death, to all his lineal descendants: equally, if all are the same degree of kindred; if not, according to the right of repre­ sentation. 3. If no such issue, it descends to his father and mother in equal shares. 4. If no such issue, or father, it descends one-half to his mother. If no such issue or mother, it descends one-half to his father. In either case, the remainder, or if no such issue, father or mother, the whole descends in equal shares to his brothers and sisters, and when a brother or sister has died, to his or her children or grandchildren by right or representation. 5. If no such issue, father, brother or sister, it descends to his mother. If no such issue, mother, brother or sister, it descends to his father. In either case, to the exclusion of the issue of deceased brothers and sisters. 6. It no such issue, father, mother, brother or sister, it descends to his next of kin in equal degree; when they claim through different ancestors, to those claiming through a nearer ancestor, in preference to those claiming through an ancestor more remote. 7. When a minor dies unmarried, leaving property inherited from either of his parents, it descends to the other children of the same parent, and the issue ot those deceased; in equal shares if all are of the same degree of kindred; otherwise, according to the right of representation. 8. If the intestate leaves no widower, widow or kindred, it escheats to the State. An illegitimate child is an heir of its parents who intermarry; also of its mother, also of its father, who adopts it or acknowledges it before a magistrate; and in any case where the child is treated as an heir it inherits from the lineal and collateral kindred of the parent, and they from it. (See Wills.) Executions issue after twenty-four hours from rendition of judg­ ment, returnable in three months, renewable within ten years after.  BANKING AND COMMERCIAL LAWS—MAINE No stay except by order of court for cause and one year against absent defendants unless bond filed: levied on real estate by appraisal and extent, also on real estate and interests in the same and franchises and personal property by sale: money and, by consent, circulating notes applied directly. Real estate sold on execution may be re­ deemed in one year. Attaching creditor may within forty-eight hours after notice redeem personal property of debtor which is subject to mortgage pledge, or lien; may also redeem real estate subject to mortgage or other lien. Special provisions for redemption of certain other special classes of property, such as buildings on leased lands, franchises, etc. Exemptions from Attachment and Execution. Homesteads, not exceeding in value $500, when duly registered; debtor’s apparel, necessary furniture for family, not exceeding in value $100; bed and bedding for each two persons; family portraits, bibles, school books in use; State statutes; library, $150; regular pew; cook stove and iron warming stoves; charcoal, twelve cords of wood, five tons an­ thracite coal, fifty bushels bituminous coal, $10 worth of lumber wood, or bark; produce of farms till harvested; barrel of flour, thirty bushels of corn and grain, potatoes for family, one-half acre of flax and manufactures therefrom for family; tools of trade, and materials and stock, $50; sewing machine, $100; pair working cattle, or pair mules, or one or two horses, $300; hay to keep them: harness for each horse and mules, $20; horse sled or ox sled, $20; domestic fowl, $50; two swine, one cow and one heifer, if no oxen, horse or mule, two cows; ten sheep, their wool, their lambs until one year old; hay to keep them and cattle; plow, cart, truck or express wagon, harrow, yoke with bows, ring and staple, two chains, mowing machine; fishing boat of two tons; debtor may elect if he has more than is exempt. Life and accident policies are exempt from creditors, except any excess of $150 per year premium paid within two years, except suits for necessaries. (See Attachment.) Foreign Judgment. Action of debt lies on a foreign judgment and record of it is prima facie evidence of indebtedness. Is conclusive except for fraud when given by court having jurisdiction of parties and subject matter. Fraud. Usual common law rules as to what constitutes fraud, fraudulent representations, etc.; also statutory penalties for fraud, cheats, etc. Court of equity has power to afford relief. Statutory provisions to prevent sale in bulk of part or whole of stock of mer­ chandise in fraud of creditors. Frauds and Perjuries. No action shall be maintained upon any contract to charge an executor or administrator upon any special promise to answer damages out of his own state; nor to charge any person upon any special promise to answer for the debt, default, or misdoings of another; nor to charge any person upon an agree­ ment made in consideration of marriage nor to charge any person upon any contract for the sale of lands, tenements, or hereditaments, or of any interest therein; nor to charge any person upon any agree­ ment that is not to be performed within one year from the making thereof; nor to charge any person upon any contract to pay a debt after discharge therefrom under bankrupt laws of the United States or assignment or insolvent laws of this State; unless the promise, contract, or agreement or some memorandum thereof is in writing and signed by the party to be charged, or his agent. No action shall be maintained on a minor’s contract unless ratified by him in writing after becoming twenty-one years of age, except the contract be for' necessaries or real estate where he has received title and obtained benefit. No contract for sale of gopds, etc., of $30 or more in value is valid unless purchaser accepts or receives a portion of the goods or gives something to bind the bargain, or in part payment thereof, or some memorandum is made and signed by party charged or his agent. Contracts whereby one becomes agent for sale of lands become void in one year unless time for termination definitely stated. Garnishment. (See Attachment.) Husband and Wife. Each may hold and deal with property individually, subject to right of descent in real estate. (See Estates of Deceased Persons.) Husband not liable for debts of wife con­ tracted before marriage, nor afterward in her own name, nor for her torts. Equity Court has special jurisdiction of disputes between husband and wife relating to property. After petition to and decree by probate court either may convey real property as if sole, and other is barred of all right by descent where deserted without just cause or if actually living apart for just cause, and desertion or living apart has continued one year. Interest. Six per cent or any other rate agreed upon in writing; judgments sa ne rate; accounts and debts not on time bear interest from demand. Special rate in time notes does not continue after maturity unless so provided; nor after judgment in any case; no usury laws On loans for less than $200, secured by mortgage or pledge of personal property, the rate shall not exceed 3 per cent per month for first three months, and 15 per cent per annum thereafter Loans negotiated in this state by agent of non-resident borrower with intent to evade usury laws of state where borrower resides are voidable. Judgments At law by general order at end of term on all cases where verdict or default, unless stayed by proceedings for new trial, or continued for judgment by plaintiff; m equity, only by decree signed bv justice. J No lien except by virtue of attachment on mesne process (q. v.) and where specially provided by law. Liens (Voluminous Statute Provisions, for Mechanics, Material Men, Ilotel and Boarding-House Keepers, Stable Keepers, Agister, etc ) l imitation of Actions. Six years; debt on unsealed contract or liabiUtyTexcept judgments); actions upon judgments out of State of court not of record! for arrears of rent; of account, assumpsit, or  lihel and penalty. One year: escape, scire facias and on recognizance Eighteen months: stolen bonds and coupons, except bv owner T^nty years: witnessed notes, bank bills, specialties redaction, other judgment and M begun when writ was made Incapacity of j ■anhiff, deathpo1 either party before or within thirty days aftOT expiration of time fraudu lent concealment of action absence from State when cause ace ues as w s-sSsSS's  Slander  twenty months after  notematuredtCUAga?nst<^,irs istiator, unless further .. , . accrued; remedy in equity, if not or devisees, one year alter claim aeeiu , , h] n<d,ifi(.t prosecuted within time limited and if without culpable neglect. of capital or property at casn ... ,i1(> that amount. General partners must transact the business. have same rights and liabilities as to property Married Women hav . Wife’s property not liable for her contracts and all1 suitsf jr her prjor debts, nor for others made husband s debts, nor his be sued as if sole. May not be on her credit. liabie for family expense except by express partner of husband and not < 1 . of Deceased .Persons promise. (See Arrest, also Dower, also Estates oi neceaseci rersons, also Husband and Wife.)   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ! I  ■  j  ]  j  1855  Mortgages. Of real estate executed and acknowledged as deeds and must be recorded as to third parties; convey fee with condition of defeasance. Foreclosed without possession by serving or adver­ tising notice, or by possession obtained peaceably, or by consent, or by suit. Redemption in one year from notice or possession: power of sale mortgages not authorized by statute and not much used. Supreme court may authorize a mortgage by a person in possession of an estate subject to a contingent remainder, executory devise, or power of appointment, and such mortgage is binding on all parties. Chattel mortgages unless and until possession taken and retained by mortgagee to be good against third parties must be recorded in town clerk’s office where mortgagor resides when mortgage is given; or, if any of mortgagees are non-residents, then in registry of deeds in county where mortgagee resides, when mortgage is given. Mort­ gage on household furniture must state amount of loan, interest rate, and cost of procuring loan. Agreements, whether in form of note, lease, conditional sale, etc., or otherwise, that chattels bargained and delivered shall remain property of seller till paid for, must be in writing and recorded as chattel mortgages; such mortgages and notes foreclosed by sixty days’ notice to mortgagor or assignee of record, or, if out of State, by publication; redemption in sixty days. Col­ laterals pledged on notes, etc., or for the performance of anything, after failure to pay or perform by the pledgor, may be sold by the pledgee, he first giving written notice to the pledgor of the proposed sale, or if his residence is unknown, by publication of notice once a week for three successive weeks in a newspaper in the city or town where the pledgee resides, recording said notice and affidavit of service of same in the clerk’s office of city or town where .the pledgee resides, and after the expiration of the sixty days from the time of said record­ ing. Negotiable Instruments. Days of grace abolished except as to sight drafts. Falling due on Sunday or bank holiday payable and presentable for payment on secular or business day next succeeding. If holiday falls on Sunday then following Monday is deemed bank holiday. On notes payable at fixed place on demand at or after a time certain, no recovery unless demand proved there before suits usual demand and notice to charge indorser; notarial protest proves it; but one indorsing note at inception before payee does is a maker. Waiver of demand and notice, acceptance of bill, draft, or order must be in writing and signed. Recovery from indorser without suing maker. Rate of damages on protested bills of 100 or more payable in this country, 1 to 9 per cent according to place. Negotiable paper presumed to be taken in payment of debt or liability for which it is given, unless creditor would thus lose security he otherwise would have had. Legal holidays are January 1; February 22; April 19; May 30; July 4; first Monday in September; Thanksgiving; Christmas, and Arbor Day. If note reads “I promise to pay” all signers are jointly and severally liable. Partnership. Personal property of partnership, or interest of partner therein, exempt from attachment on mesne process, or seizure on execution for any individual liability or such partner: but is statu­ tory provision for reaching same after judgment. Partners in mercan­ tile' enterprise must file sworn certificate with city or town clerk where business to be carried on, showing names and residences of partners, nature of business and partnership name. (See Limited Partnership.) Powers of Attorney. Usual common law rules. Probate Law'. (See Estates of Deceased Persons.) Protest. (See Negotiable Instruments.) Replevin. Goods or chattels wrongfully taken or detained may be replevied by owner or party entitled to possession. Replevin bond must be double the value of property replevied. If dismissed with­ out trial, suit may be brought on the bond, in which suit title may be shown to mitigate damages. Taxes may be collected by arrest, distress, or suit. On real estate they are a lien; proceedings to enforce by sale begin upon non-pay­ ment for nine months; non-resident owners have one year from sale to redeem by paying tax, costs, and 10 per cent interest from day of sale; residents, two years with 10 per cent interest from day of sale on whole sum of tax and costs. Land on which taxes are unpaid, sold on first Monday in February in year succeeding the year in which tax was assessed; sale is of smallest fractional part of interest to one w'ho w ill pay taxes, interest, and costs therefor. State tax assessed by board of state assessors on gross receipts of railroads and express companies, and telegraph and telephone lines, collected by suit. Corporations, other than those especially provided for, pay a franchise tax of $5.00 if authorized capital does not exceed $50,000.00; of $10.00 if capital does not exceed $200,000.00; of $50.00, if capital does not exceed $500,000.00; of $75.00, if capital does not exceed $1,000,000.00; and the further sum of $50.00 for each $1,000,000.00, or fraction thereof, in excess of $1,000,000.00. Foreign corporations pay annual license fee of $10. Inheritance tax ranging from 1 to 7 per cent, according to degree of relat onship and amount of bequest, $500 exempt in all cases, and $10,000 exempt in case of certain near relatives. Special exceptions and exemptions from assessment, and special provisions for taxing personal property situated here but owned out of the State. Real estate mortgages exempt. (See Banks.) Wages. Weekly payment required in most industries. (See Assignments, Attachment.) Warehouse Receipts. Holder deemed true owner so far as to give validity to contract for sale of merchandise covered, or to protect one acting on faith of such ownership; but one taking from agent as security for antecedent debt gets no greater right than agent. Title to property passed by endorsement, but not in blank, to purchaser or pledgee in good faith. Property in warehouse may be attached as that of person named in receipt, or of last endorsee shown by books of warehouseman. Common law rules prevail generally. Wills. Wills must be in writing signed by the testator, or at his request by some person in his presence, and subscribed in his presence by three witnesses in presence of each other, may be made by any person of age and of sound mind, and may dispose of all property. Wills executed in another State or country according to laws thereof, may be proved and allowed in this State in the county where the testator had his residence at time of decease; if proved without this State (at his domicile), may be allowed in any county here where he has property. Widow or widower may within six months waive provision in will of deceased husband or wife and claim same share in personal property as would have had in case deceased died intestate. (But see Husband and Wife.) Nuncupative will must be reduced to writing within six days, or proved by testimony within six months, from time words spoken. No letters in such till fourteen days after decease of testator. Not effectual to dispose of more than $100.00 worth of property unless proved by three witnesses who acted at testator’s request.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  3 856  BANKING AND COMMERCIAL LAWS—MARYLAND  SYNOPSIS OF  THE LAWS OF MARYLAND RELATING TO  BANKING AND COMMERCIAL USAGES Revised by T. Howard Embert, Attorney at Law, Baltimore. (See Card in Attorneys’ List.) In general. Bagby’s Annotated Code (1911) and Supplemen­ tary Volume (1914) embrace the Public General Laws of Maryland, including those of the 1914 session. By statute, the Code of 1911 has been made evidence; special reference to statutes in the following is therefore unnecessary. Acknowledgments of conveyances of any interest in real or lease­ hold property for above seven years, may be made within the State, and in the county or city in which the land, or any part of it, lies, before a notary public, justice of the peace, a judge of the orphans’ court, a judge of the circuit court of any county, or a judge of the supreme bench of Baltimore city. If within the State, but out of the county in which the estate conveyed lies, they may be made before a judge of any circuit court for the circuit where the grantor may be, or before any judge of the orphans’ court for the city or county in which the grantor may be, notary public, or a justice of the peace; the official character of the justice must be certified by the clerk of the circuit court of the county, or superior court of Balti­ more city, under his official seal, or any judge of the supreme bench of Baltimore city, if grantor be in Baltimore city. If without the State, they may be made before a notary public, a judge of any court of the United States, or of any state or territory court having a seal, or a commissioner of deeds for this State. The seal of the officer or court to be affixed to the certificate of acknowledgment in all cases. If acknowledged without the United States, the acknowl­ edgment may be made before any minister, consul general, vice or consular agent or deputy, or a notary public, or a commissioner to take acknowledgments for State of Maryland. No separate examin­ ation of a married woman is required. Defective acknowledgments cured. (See Conveyances.) Actions. The forms of actions, which still savor of the common law are now very simple, any plain statement of facts constituting a good cause of action being sufficient. Amendment is allowed at any time before verdict. Equitable defenses are now allowed to be made in a court of law, although there are still law courts and equity courts having different and distinct jurisdiction. Speedy judgment Acts are in force in Baltimore City and in many of the Counties. (See Suits.) Administration of Estates. The orphans’ court of the counties and the orphans’ court of Baltimore City are the courts of probate. In cases where decedent left a will, letters are granted to executor and executrix named in the will. In granting letters of administra­ tion, where decedent died without leaving will, letters are granted: 1. To widow or child or children; 2. Grandchild; 3. Father; 4. Brothers and sisters; 5. Mother; 6. Next of kin; 7. Largest creditor applying for letters. In each class, males are preferred to females. Bond is required with two sureties, or one of certain local surety companies where authorized by their charter to act as sole surety. When testator requests in will that executor be excused from giving bond, court only requires nominal bond for amount sufficient to pay estimated debts. Six months notice to creditors must be given by publication before estate is distributed. Personal property must be appraised, accounted for and distributed through the orphans’ court of the county or city in which decedent resided. All sales must be authorized and ratified by the orphans’ court. By Act of 1896, Ch. 246, above provisions were made applicable to “estates of per­ sons absent and unheard of for above seven years.” This act has been held unconstitutional. Re-enacted with amendments. (Acts 1908, Ch. 125.) This act constitutional by decision of Court of Appeals in case of Savings Bank vs. Weeks 110 Md. 78. Affidavits. (See Acknowledgments.) No particular form neces­ sary, but whoever can take an acknowledgment can take an affidavit. Affidavits always required in a mortgage as to the bona fides of mortgage consideration; and the payment of tax on annual interest in certain counties. (See Mortgages.) Aliens. Aliens, not enemies, may take and hold lands, tenements, and hereditaments acquired by purchase, or to which they would, if citizens, be entitled by descent, and may sell, devise, or dispose of the same or transmit the same to their heirs as fully ahd effectually and in the same manner as if by birth they were citizens of this State. Arbitration. Disputes between parties may be conducted by any judge or justice of the peace mutually agreed upon. Special agreements for arbitration of such disputes to be valid. Parties may be represented by an attorney, and award of arbitrator or arbitrators to be a judgment, and court may give judgment and issue execution on the award. Act 1904, Ch. 671, provides a means for the settlement of disputes between employers and employees by mediation or volun­ tary arbitration.  Arrest. No arrest for debts in this State. In criminal cases a. sentence may be passed, imposing a sum of money as a fine, and then in lieu of payment by party, of fine imposed, he is liable to imprisonment. Attachments for debt (See Act 1890, Chap. 549), or for unliqui­ dated damages, either in contract or tort, can be obtained in all cases when the defendant is a non-resident or has absconded, affidavit being first made by the plaintiff to the correctness of his claim and the fact that the defendant is a non-resident or has absconded. They may be also obtained in connection with an original process when the creditor or some one in his behalf shall give bond in double the amount of the debt, with sureties to be approved by the clerk, and make affidavit before the clerk of the court where the suit is brought that the defendant is bona fide indebted to the plaintiff in the sum claimed, and that the plaintiff knows or has good reason to believe that the debtor has absconded or is about to abscond from the State, or that the defendant has assigned, disposed of, or concealed, or is about to assign, dispose of, or conceal, his property, or some portion thereof, with intent to defraud his creditors, or that the defendant fraudulently contracted the debt or incurred the obligation; or that the defendant has removed or is about to remove his property, or some portion thereof, out of this State, with intent to defraud creditors and the attachment may be maintained, although the debt or obliga­ tion upon which the action is brought may not have matured, but the date of the maturity of the debt or obligation must be set forth in the affidavit (Act 1894, Ch. 648). A claimant may have the attached property released by filing a bond in double the amount of the appraisement. Any kind of property or credits belonging to the defendant, in the plaintiff’s own hands or in the hands of any one else may be attached. There is a special provision for capital stock of a corporation. The certificate itself must be seized. Credits not due may be attached, but wages, hire or salary not due can not be attached, and 90 per cent of wages, hire, or salary due shall always be exempt. (Act 1908, Ch. 665.) Imprisonment for debt is abolished. Defendant may be sued wherever he does business. In addition to attachments against non-residents or absconding debtors for debt (i. e., a liquidated sum), as heretofore, attachments may now be issued against such debtors in cases arising from contracts when the damages are unliquidated, and in actions for wrongs inde­ pendent of contract, but in such cases no attachments can be issued until a declaration is filed setting out specially and in detail the breach of the contract complained of or the tort actually committed, verified by the affidavit of the plaintiff or some one in his behalf, and until a bond shall be filed similar to the bond required in attach­ ments for fraud. (Code Art. 9.) All papers in attachment pro­ ceedings can now be amended, as in any other actions at law. (Act 1898, Ch. 44.) Banks. The Act of 1910, as amended by the Acts of 1912 and 1914, made important changes in the banking laws of this State. The law now provides for the appointment of a Bank Commissioner with broad powers for the examination of all banking institutions in this State other than National Banks and an annual report thereon to the Governor. Whenever capital is treduced by impairment commissioner may require Bank to make such deficiency good within sixty days, and upon failure to do so may take possession of property and business of such institution and retain possession until affairs are finally liquidated. This also applies where the business is con­ ducted in an unsafe or unauthorized manner. The requirements for the incorporation of such institutions are fully set forth in the act. This act also provides for the incorporation and supervision by the State of saving institutions and trust companies. Chattel loan companies are required to take out a license, pay a fee where the loan is $300 or more, and inspected by the State Banking Depart­ ment. Collaterals. The conversion by any banker, broker, merchants, attorney, or agent of collaterals is made a misdemeanor. (See Code, Art. 27. Sec. 93.) Contracts. The normal condition of all persons is one in which they are capable of making any contract. The fourth and seventeenth sections of the Statute of Frauds are in force in Maryland. Acts 1900, Ch. 362, make it no longer necessary to show that the consideration for a promise to answer for the debt of another is in writing. A citizen can not make a contract with an alien enemy during the continuance of hostilities, but aliens, not enemies, may contract and hold real property as fully as citizens. The later cases decide contract of infants to be voidable and not void; and they are capable of ratification by infants on arrival at age of twenty-one. The contracts of infants for necessaries are binding upon them. The contract of a lunatic is voidable and not void. The statute provides that a married woman may engage in business, contract, sue, and be sued upon contracts and torts, as if unmarried. (Acts 1898, Ch. 457.) All gambling contracts and contracts made on Sunday are void. Conveyances. No estate or title to any property lying within this State, for any period above seven years, shall pass or take effect unless the deed conveying the same shall be executed, acknowledged, and recorded. (See Code, Art. 21, Sec. 1.) Every deed of real estate shall be signed and sealed by the grantor and bargainor, and attested by at least one witness. No words of inheritance necessary, but every deed shall be construed to pass fee simple title unless the contrary appear. A scroll with the word “seal” therein by way of a seal, is sufficient. A deed must be recorded within six months from date, in county or Baltimore City, where land lies, but if recorded after this, deed, while valid between parties, is invalid as to deeds to bona fide purchasers without notice recorded prior thereto. A body corporate must embody in the deed itself the appointment of an attor­ ney to acknowledge the deed as and for the corporate act ofsaid corporation or have it acknowledged by the President or Vice-Presi­ dent without such appointment. Vendors’ lien may be released in original deed or upon records where recorded. (Code Art. 66, Sec. 31). Conveyances defectively executed made valid by Acts 1908, Ch. 105 and Acts 1914, Ch. 259 and Ch. 421. Corporations are organized under the authority of the General Incorporation Law, completely revised, Act 1908, Chap. 240. Liberal provisions are made for general incorporation: only exception (lor municipal purposes) is in the constitution. All corporations (under the general law) must pay a bonus tax of one-eighth of 1 per cent upon its authorized capital stock and any increase. Corporations have perpetual succession, may carry on business anywhere, may issue bonds, and secure them by mortgage of all property including franchises. Foreign corporations must file list of resident share­ holders, and amount held. The corporation’s certificate must be filed and $25 paid; annual renewal fee of $1 is charged. All corporations, not paying a gross receipt tax (a long enumeration), shall pay an annual franchise tax on their capital employed in this State, of 5U cents per $1,000 but no less than $25. If capital is over $500,000 then one-fourth of 1 per cent on the excess to $5,000,000, etc. Section 99 of Article 81 of Code, amended by providing for annulment oi Charter for non-payment of taxes. Domestic corporations may issue all kinds of preferred and common stock, and exchange same for stock or good will. Valuation in absence of fraud is conclusive. As to Stock certificates, see “Uniform Laws.” Law amended by Chapter 596, Acts of 1916. Chapter 318, Acts of 1918, provides that all corporations who shall refuse or neglect to pay franchise tax or tax on capital stock for a period of two years, the charter is annulled and forfeited.  BANKING AND COMMERCIAL LAWS—MARYLAND Any corporation chartered by this State, which for a period of ten ■days next preceding is without one resident agent, whose name and post office address is given in charter or ffied with State Tax Commis­ sioner, may be deemed a defendant in an attachment in the same manner as non-residence, unless said corporation shall have been incorporated under the laws of this State prior to June, 1916, and have at least one Director, who is a citizen of this State, actually resid­ ing therein. Courts. Terms and Jurisdiction. The circuit courts in the counties have jurisdiction at common law in cases involving more than $50, and equity in all cases involving more than $20. They hold from two to four regular terms in each county at which they have a jury; there are, however, intermediate terms fixed by the rules, to which process may be made returnable. The circuit court and circuit court No. 2 of Baltimore city have exclusive equity juris­ diction in the city. The superior court, the court of common pleas, and Baltimore city court have concurrent common law jurisdiction in cases involving more than $100. The court of common pleas has exclusive jurisdiction in insolvency, and the criminal court in criminal cases. The orphans' courts in Baltimore city, and in the counties have probate jurisdiction. Justices of the peace have jurisdiction to the amount of $100. The common law courts have three terms in the year, and rule days every month in the year to which process may be returnable. The equity courts have six terms in the year, beginning the first Mondays of January, March, May, July. September, and November. Deposition. When the courts are satisfied, by affidavit or other­ wise, that there are material and competent witnesses residing with­ out the State, they will direct that a commission be issued to take the testimony of such witnesses. The commissioners are selected by the court, and must qualify before some person authorized to administer an oath in the state where they reside. The depositions, duly certified by the commissioners, shall be admitted as evidence at the trial of the cause, subject to the same objections and exceptions as the same testimony would be if the witness had been personally present in court and there examined. Parties have the right to be present when the testimony is taken under the commission, and must receive reasonable notice of the time and place. Examination is restricted to the parties and interrogatories and cross-interroga­ tories annexed to the commission. Testimony of non-resident witnesses can also be taken upon proper notice, as provided by Sec. 17 of Art. 35 of the Code. Descent and Distribution of Property. As to descent, see Code 1904, Art. 46, and as to distribution. Code, 1904, Art. 93. An attempt to abrogate the Rule in Shelley’s case has been made by Ch. 144, Acts 1912. Dower. The common-law right of dower exists in Maryland, and extends to equitable estates. By act 1898, the husband’s dower was created; an estate of the husband in his wife’s estates of inheri­ tance, exactly equivalent to the wife’s dower in her husband’s estate. A devise or bequest of real or personal property to the wife or husband shall be construed to be in lieu of dower in lands or share of personal estate, respectively, unless otherwise expressed in the will. If the widow or widower renounces formally in writing, however, such provision made for her or him by the will, within six months after the grant of administration on the estate of the deceased husband or wife, the dower right and the share of personal property remain undisturbed. (See Married Women.) Executions may issue and judgments may be renewed or revived by scire facias at any time within twelve years from date of judgment or from the expiration of any stay, and may be thereafter levied on any property of the defendant. In the circuit courts for the. counties there is a stay until the first Thursday of the term succeeding the rendition of the judgment, provided the judgment is obtained at the second term after the defendant is summoned. There is no stay upon judgments rendered in the cotuts of Baltimore City or by justices of the peace in the city or counties, but execution may issue forthwith. The defendant may stay the execution by superseding with sureties for six months. Copy of docket entries of judgment when recorded in another county makes the judgment a lien there. (Act 1890, Ch. 314.) Exemptions. No homestead law. Wearing apparel, books and tools (not kept for sale) and $100 of property in addition, whether same consists of money, land, goods, or money payable as insurance, benefit or relief in the event of sickness, hurt, accident, or death, are exempt from execution, except on judgments for breach of promise to marry and seduction, not applicable to any but actual bona fide residents of this State. Equitable interests in personal property can not be sold under execution, but may be levied upon, and the lien thus acquired may be enforced in equity. Choses in action may be attached. Foreign Corporations. (See Corporations.) Foreign Judgments. Judgments of the courts of other states certified under the act of congress, are proper causes of action against iny person subject to the process of the courts of this State. Fraud When any false representation is made by one to another with the'intent to defraud, and the defrauded party thinking the alleged fraud to be true, acts upon it, any contract thus made can not be enforced. But if the injured party knows such representations to be false, it can not be said to have influenced his conduct For general doctrine in this State see McAleer vs Horsey 3a Md. 439. Giving checks or drafts without provision for acceptance is prima facie evidence of intent to defraud, and is punishable as a crime unless such nrovision is made within ten days. Every person buying merchandise in bffik shall demand and receive from the vendor a written statement under oath containing the names and addresses 0 ^alTcr^dR^re1 wit^anwiin^of indebtedness at least five days before the sale is consummated. The vendee at least five days before Consummating such sale shall notify all of said creditors either perby registered',nail of such proposed purchase. A sale or transfer of goods in bulk without such notice shall as to all sub’teChfpterd3™^ Additional section to Article 27 of BagbvPs Code and provides that if any person shall make, or cause to beunadl, ffither^ctly or ^directly th^ any false statement as to his financial condition for the purpose of procuring the delivery of personal propei y, '• jrnnrjs(?nnlPnt for misdemeanor and be fined not more than $1,000. or imprisonment tor 171 Of the Acts of 1916 adds new section 831 of Bagby’s Ccffie and provides that any vendor of stock of goods who shall know-  « Srlaonmen. fo, on. year. Garnishments. (See Attachments.) Dower Divorce, andante Married Women.) Husband and Wife. (See Dowe^Di^ _nuptia , debts In this State the husband ■ . for necessaries of wife. Acts 1898 or contracts. Husband is lie „rest jn wife’s estate as wife has in Ch- 457,, givjM husband same mterest^^wn^^ authorized by the  633 to become partners and to contract with husActs of 1900. CD. boo, vO iwluj rpal actat.A bv loinfc band. Either can relinquish interest in other s real estate oy joint   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1857  or separate deed, or by agent or attorney properly constituted. The wife’s property is protected by the Constitution from the debts of the husband. Interest. The legal rate of interest is 6 per cent per annum. Judgments bear interest from their date. A person proved guilty of usury forfeits the excess over the real sum or value of the goods and chattels lent, and legal interest thereon. Since 1876, where the whole debt, including the usury, is paid, the usurious interest can not be recovered back. Since September 1st, 1914, judgments bear interest from the date of the verdict. Judgments are liens for twelve years from date of rendition on any interest of the defendant in real or leasehold property within the county where rendered. They can be transferred from one county to another by sending a copy of the docket entries to the clerk for record. The lien commences from the date of the entry of the docket entries by the clerk. Judgments are not liens on mortgages. .Judg­ ments are not liens on personal prop«"ty until execution has issued and the writ is in the hands of the sheriff. (See Act 1890, Chap 558, as to examination of judgment debtors.) (See Suits.) Liens. (See Judgments.) Mechanics’ Liens. Every building erected, repaired, rebuilt, or improved to the extent of one-fourth of its value is subject to a lien for work done or materials furnished for or about the same. Act of 1898, Ch. 502, abolished lien for materials furnished for buildings in Baltimore city. Every machine, wharf, or bridge, constructed or repaired is subject in like manner as buildings are, to a lien according to the provisions of Code 1888, Art. 63, Sec. 22. All boats or vessels are subject to a lien for materials furnished or work done in building, repairing, or equipping the same. Garages by Act 1918 given lien for storage and accessories. To secure the lien and lay foundation for enforcing it, the material man must within six months after the last work has been furnished, file a claim in the superior court for Baltimore City, or in the circuit court for the county. The liens are enforced by scire facias or by bill in equity. Section 53 B, Bagby’s Code, amended by Chapter 355, Acts of 1916, entitled “Additional Contracts.” Every note, sale, or contract for sale of goods and chattels wherein the title thereto, or lien thereon is reserved until the same be paid in whole or in part, shall be void as to third persons without notice until such note, sale, or contract be in writing signed by the vendee and be recorded in the Clerk’s office of Baltimore City, or the counties, and such recording shall be suffi­ cient to give actual, or constructive notice to third parties.  | I  I 5  1 | :  , j  '  Limitations of Suits. Accounts and notes are barred after three years, sealed instruments after twelve years; judgments twelve years except against foreign corporations (no limitations). Act 1914, Ch. 846. A verbal promise or acknowledgment will revive a debt barred by the statute. Married Women. Act of 1898, Chap. 457, Code Art. 45, repeals and re-enacts the entire law in this State. Married women may hold and dispose of their property lawfully as if unmarried, but husband must join in conveyances of real estate to release his in­ terest. Married women may engage in business, contract, sue, and be sued upon contracts and for torts, as if unmarried. Married woman is alone liable for ante-nuptial debts and contracts. Husband is still liable for necessaries. Widow is entitled to dower in real estate, • and one third of the personal estate if there are children, and n no children, one-half of the personal estate; husband has same rights in wife’s property as wife has in husband’s property. Where the wife is adjudged a lunatic upon inquisition, and the finding remains in force, husband may convey after acquired property by separate deed, as if unmarried. Mortgages are executed, acknowledged, and recorded same as deeds, and are not valid against creditors unless recorded within six months. There must be an affidavit made by the mortgagee or his agent at any time before recording, that the consideration is true and bona fide, and, in the four Counties mentioned below, that the mort­ gagee will not require the mortgagor, or any other person for him to pay the tax levied upon the mortgage interest, and upon the assign­ ment of any mortgage except for the purpose of foreclosure, a like affidavit must be made by the assignee. If made by agent, he must, in addition, make oath that he is the agent of the mortgagee. A like affidavit is required to chattel mortgages, and absolute bills of sale, both of which must be recorded within twenty days, rhe lien of a mortgage may, by ceasing to pay interest or any install­ ment of the principal for twenty years, be barred. They may be foreclosed at any time after the debt becomes due and before the lien is barred. Mortgagees are required to pay a tax of 8 per cent on the interest convenanted to be paid in the mortgage, in Somerset, Montgomery, Frederick, and Dorchester counties. No tax in Balti­ more City and other counties. (Code Art. 81, Ch. 187.)  Notes and Bills of Exchange. Negotiable Instruments are de­ fined by Ch. 119 of the Laws of 1898, which repeals all laws incon­ sistent with the provisions of this act. Section 20 provides as follows: “An instrument to be negotiable must conform to the following requirements: 1. It must be in writing and signed by the maker or drawer. 2. It must contain an unconditional promise or order to pay a sum certain in money. 3. Must be payable on demand, or at a fixed or determinable future time. 4. Must be payable to order or to bearer; and 5, where the instrument is addressed to a drawee, he must be named or otherwise indicated therein with reasonable certainty.” Its negotiability is not affected by a seal, or by a provision which 1 uthorizes the sale of collateral securities in case the instrument be not paid at maturity, or authorizes a confession of judgment if the instrument be not paid at maturity; or waives the benefit of any law intended for the advantage or the protection of the obligor; or gives the holder an election to require something to be done in lieu of payment of money. It is not necessary that paper should be made payable at a bank or any fixed place. To charge indorser, notice of non-payment must at once be given to him. The time of maturity is regulated by Art. 13, as follows: “Section 104: Time of Maturity. 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 on Saturday are to be pre­ sented 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 that entire day is not a holiday.” Legal holidays are: Christmas, New Year’s Day, February 22, Good Friday, July 4, May 30, 1st Monday in September, 12th day of September, and the 12th day of October, all days of general and congressional elections throughout the State and any day of public thanksgiving or humiliation and prayer proclaimed by the governor or legislature, and all Saturdays after 12 o’clock noon are legal half holidays. Monday is treated as Sunday when immediately preceded by one of the holidays afore­ said. By act 1898, Ch. 198, it shall be lawful for banks and bankers in the city of Baltimore to close their doors for business at 12 o’clock noon, on each and every Saturday in the year, and every Saturday in the year, after 12 o’clock noon, shall be a legal half-holiday, so far as regards the presenting for payment or acceptance, and the protesting and giving notice of the dishonor, of bills of exchange and other negotiable paper, and for these purposes shall be considered as the first day of the week, or Sunday, and all negotiable paper shall be deemed to be presentable on the secular day next succeeding.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1858  BANKING AND COMMERCIAL LAWS—MASSACHUSETTS  Bagby’s Code amended by Chapter 355, Acts of 1916. Notes wherein reservation of title is embodied must be recorded in the Clerk’s office of Baltimore City, or in the counties. Power of Attorney. Every power of attorney authorizing an agent ot attorney to sell and convey any real estate, shall be attested and acknowledged in the same manner as a deed, and recorded prior to or with the deed executed in pursuance of such power of attorney. A corporation shall have power to appoint an attorney for the same SYNOPSIS OF purpose, by its corporate seal. Such power of attorney shall be deemed to be revoked when the instrument containing the revocation is recorded in the office in which the deed should properly be recorded. Probate Law. (See Administration of Estates and Wills.) Protest is usually made by notary public. Notary must keep register of protests. A protest of notary public is prima facie evidence RELATING TO of non-acceptance or non-payment, and of the presentment of said note for payment, or of said bill for acceptance or payment, at the time and in the manner stated in the protest, and the protest shall also be prima facie evidence that such notice has been sent or delivered BANKING AND COMMERCIAL USAGES in the manner therein stated. (See Notes and Bills of Exchange.) Replevin is a remedy to recover specific goods and chattels to Revised July 1, 1920, by Raymond T. Parke, Attorney at Law. whose possession the plaintiff is entitled. Also the proper remedy Boston, Mass. (See Card in Attorneys’ List.) to recover possession of goods distrained unlawfully. Bond must be given to the State of Maryland, and any party having an interest The next Legislature convenes January 5, 1921. in the property, may, upon breach of any covenant in bond, maintain an action in the name of the State for his or her use. Accounts. Ex parte affidavit on claims and accounts is of no Sales & Notices. Act 1916, Ch. 346, provides a Uniform Sales Act. value. They must be established by evidence produced in court Taxes. The county commissioners of the several counties of the after suit brought either by testimony or deposition. State, and the mayor and city council of Baltimore City are directed Acknowledgments and Deeds. Acknowledgments may be made to levy a tax annually upon real and personal property situated before any justice of the peace, notary public or special commissioner within the State, and no person who is not assessed to the sum of in the State; when the acknowledgment is made by any person with­ $106 shall be required to pay any tax. Beginning with 1915, the out this State and within any other state, territory or district of the State' tax is thirty-two and one-third cents, beside the County tax. United States, it may be made before any officer of such state, terri­ The County tax on Banks located and in business anywhere in Mary­ tory or district authorized by the laws thereof to take the proof and land is uniformly 1 per cent. The property of religious, charitable, acknowledgment of deeds, and when so taken there shall be attached benevolent, and educational institutions, and cemetery companies is to the certificate of acknowledgment a certificate of the secretary of exempt from taxation. On timely application exemption may be the state or territory in which such officer resides, under the seal of the had for manufacturer’s tools and machinery in actual use from Munic­ state or territory, or a certificate of the clerk of a court of record of such ipal taxation in Baltimore City and in some of the Counties, and state, territory or district, in the county in which such officer resides, beginning with 1915, from State taxation. Collectors may sell under seal of said court, certifying as to the authority, of such officer property to compel payment of overdue taxes, upon giving due notice to take acknowledgments and as to the genuineness of his signature. of sale, and complying with other requisites of statute, and any person In deeds where there is more than one grantor, the acknowledgment interested in property may redeem within twelve calendar months of one of them is sufficient. Official taking acknowledgment should from date, and in default of redemption, title to property vests in state date of expiration of his commission. purchaser. Taxes are considered in arrears on first day of January No separate examination or acknowledgment of wife joining in a next succeeding the date of their levy, and bear interest from that date. release of dower necessary. Conveyances of land are made by deed “Uniform State Laws” intended for adoption by all the States under seal executed by the grantor or attorney having authority and adopted by Maryland: (1) Negotiable Instruments, (2) Bills of therefor. A conveyance in fee, for life or for a term exceeding seven Lading, (3) Sales, (4) Warehouse Receipts. (5) Stock Transfer. (6) years, shall not be valid except as against the grantor and persons Probate of Foreign Wills, (7) Uniform Bad Check Act, provides having actual notice of it, unless recorded in the county in which the that drawers shall be given ten days notice to make good check, real estate is situated. Deeds must be under seal, a scroll being before prosecution. insufficient. No subscribing witness is necessary. Release of dower, Certificates of capital stock, bills of lading, and warehouse re­ homestead and other interests must be explicitly stated in deed, wife's ceipts, roughly speaking, (1) are negotiable, (2) represent the property joining in deed merely, being insufficient. Husband and wife may certified to. make conveyances of real estate to each other except by way of mortgage, as if unmar-ied. but no such conveyance shall have any Wills of land or personal property, and any codicil thereto, must effect, either in passing title or otherwise, until the deed describing be in writing, signed by the testator, or some one else for him, in the property to be transferred is duly acknowledged and recorded in his presence, at his request, and witnessed by two or more credible the registry of deeds for the district where the land lies. Any interest witnesses, as and for last will and testament of the testator, in the in real estate may be transferred by a person to himself jointly with presence of all the witnesses thereto. Nuncupative wills invalid another person or persons in the same manner in which it might be except in case of disposition of personal property by soldiers and transferred by him to another person. No interest in land except marines in actual service. Every will or other testamentary instru­ an estate at will can be created except by instrument in writing or by ment executed without this State in the mode prescribed by law, operation of law. either of the place where executed or of the testator’s domicile, or according to the forms required by the law of this State shall be Actions. There are three classes of actions: contract, tort, and deemed to be legally executed, and shall be of the same force and replevin. Actions at law7 are begun by writs issued in blank form by effect as if executed in the mode prescribed by the law of this State, the clerks of the several courts. No declaration need be inserted in provided, said last will and testament is in writing and subscribed the writ, except in cases of arrest on mesne process or of an attach­ by the testator; and if the testator was originally domociled in Mary­ ment of a vessel. Suits in equity are begun by filing a bill upon which land. although at the time of making the will or at the time of his a subpoena is issued by the clerk of the court . Actions begun by death he may be domiciled elsewhere, the said last will or testamen­ trustee process must be brought in the county in which the trustee tary instrument so executed shall be admitted to probate in any or one of them resides or has his usual .place of business. orphans’ court of this State; and when so admitted shall be governed Administration of Estates. Administration or probate is to be by and construed and interpreted according to the law of Maryland, taken out in county where deceased last resided. Executors or admin­ without regard to the lex domicilii, unless the testator shall expressly istrator-; are required to give a bond of about double the value of the declare a contrary intention in said will or testamentary instrument. personal estate. An executor will be exempt from giving sureties if Code Art. 93, Ch. 334. No will, testament, codicil, or other testa­ testator so directs. An administrator will be exempt if all persons mentary paper shall be subject to caveat or other objection to its interested in this State except creditors consent and all creditors are validity after the expiration of three years from its probate. (Acts notified by publication. In case a non-resident is appointed executor 1894, Ch. 405.) When a person is unheard of for above seven years, or administrator, he must appoint a resident agent. There are public and supposed to be dead, the orphans’ court, under the provisions administrators in each county to whom administration is granted upon of Act of 1908, Ch. 125, may grant letters testamentary or of admin­ estates of persons who die intestate leaving property, and not having istration as the case may be. any husband, widow, or heir in this State. Ancillary, administration Workmen’s Compensation. By the Act of 1914, Chapter 800, may be granted upon the estate of a non-resident who dies leaving provision is made for the insurance by employers of their employees | property in this State. 'Every administrator and executor shall file engaged in extra-hazardous occupations, to provide for compensation an inventory within three months, and publish notice of his appoint­ for injuries and death. This Act is intended to supersede within ment. Notice of a debt, and demand for its payment should be given its scope recovery for injuries through negligence as a tort, and to to an executor or administrator within six months after his appoint­ do awajr with such defenses as “assumed risk,” “fellow servant” ment and the debt should be paid after six months and within one and, to some extent, “contributory negligence.” The extra-hazard­ year of the appointment. No suit can be brought by a creditor ous employment sare enumerated at length, and the extent of com­ against an executor or administrator within six months after his pensation set out. Employers and employees, may by filing agree­ giving bond, except on a claim not affected by the insolvency of the ment, classify their occupation as extra-hazardous, although not so estate. No suit can be brought against an executor or administrator enumerated in this Act. Article 101, Amended by Chapter 86, Acts who has published notice of his appointment, after one year from of 1916, so as to extend benefits to alien non-resident defendants upon time of his giving bond, unless he has received new assets after the certain terms. expiration of the one year, or unless further time is allow ed by court. A creditor whose claim does not accrue within the one year may cause assets to be reserved to answer to his claim. When the estate is insufficient to pay all claims, the executor or administrator shall represent the estate insolvent and commissioner will be appointed to receive proof of claims, or the Court may receive and act upon the claims. Claims for funeral expenses, last sickness, and charges of administration, are not affected by the insolvency of the estate. Executors and administrators shall render an account at least once a year. Aliens. Resident or non-resident aliens may sue and be sued and may hold and convey real estate. Arrest. In an action of contract, the defendant unless she is a woman, tnaj be arrested on mesne process provided the plaintiff, and except in actions on negotiable instruments, the original party to the contract or his executors or administrators makes affidavit and satisfactorily proves to the court to which the writ is returnable that he expects to recover a sum amounting to $20; that he believes that defendant has property which he does not intend to apply to payment of plaintiff's debt; that he believes that defendant intends to leave the State. Actions of tort, against women as well as men. except for slander or libel, may be begun by arrest of the defendant, on the plaintiff or some one in his behalf making certain affidavits. A de­ fendant arrested on mesne process may give bail or he may apply to take an oath that he does not intend to leave the State, or the path for relief of poor debtors: on taking such oath he is released from arrest. No arrest can be made if the property of defendant is attached upon the same writ. On an execution, except for costs, or for ali­ mony, or one issued in an action of tort, or where debtor is about to  THE LAWS OF MASSACHUSETTS  BANKING AND COMMERCIAL LAWS—MASSACHUSETTS  1859  leave the State, he can not be arrested until he has first been cited No bank shall be liable to a depositor, or to the drawer of a bill of before a magistrate for examination, and it appearing that he has exchange upon the bank, for an amount charged to or collected from property and refuses to assign it, the magistrate may order his arrest. him on account of payment by such bank of a negotiable instrument When arrested on execution the debtor may apply to take the oath upon which the signature of any party is forged, or which is made, for relief of poor debtors. drawn, accepted or indorsed without authority, or which is materially altered or the amount of which is raised; unless within one year after Assignments for benefit of creditors. A voluntary assignment to return of such negotiable instrument to such depositor or drawer, trustees for benefit of creditors can not be avoided by creditors who he shall notify the bank in writing that, as the case may be, the instru­ assent thereto, except by proceedings in bankruptcy begun within ment was made, drawn accepted or indorsed without authority, that four months or by proof of fraud. If there is property in excess of signature of a party to instrument is forged, or that instrument has the claims of creditors who have assented, the excess in hands of the been materially altered, or that the amount has been raised. trustee can be reached by trustee process. Bills of Lading. The so-called Uniform Bills of Lading Act is in Attachment. All real estate, goods, and chattels not exempt, force, and has been held constitutional by the Supreme Judicial may be taken in attachment on the original writ and held as security Court. A bill in which it is stated that the goods are consigned or for judgment, except that lands and tenements can not be attached destined to a specified person is a non-negotiable or straight bill. A in suits involving less then $20. Attachments may be made in suits bill in which it is stated that the goods are consigned or destined to by or against non-residents as well as in suits by or against residents. the order of any person named in such biy is a negotiable or order bill. No bond is required to make an attachment. Shares of stock in A non-negotiable bill cannot be negotiated, and indorsement of such corporations cannot be attached except by bill in equity. Attachment a bill gives transferee no additional right. A negotiable bill may be of shares of stock is not valid against a bona fide transfer although negotiated by indorsement of person to whose order goods are deliv­ not recorded in book of corporation. Debtor may dissolve attachment erable by tenor of bill. Such indorsement may be in blank or to a by furnishing bond with sureties to pay judgment obtained or value of specified person. If indorsed to a specified person it may be nego­ property attached determined by appraisement. Debtor against tiated again by the indorsement of such person in blank or to another whom judgment is rendered for over $20 may be subjected to sworn person. Subsequent negotiation may be made in like manexamination touching his property, and if he refuses to deliver up | specified ner. A negotiable bill may be negotiated by any person in possession such property (not being exempt from attachment), an order for of same, however such possession may have been acquired if, by the arrest will issue and he can then apply to take the poor debtor’s oath terms of the bill, the carrier undertakes to deliver the goods to the and be examined as to his property after notice to creditor. An order of such person, or if at time of negotiation bill is in such form attachment is dissolved by death of the defendant if administration that it may be negotiated by delivery. Indorsement of bill does not is granted upon his estate upon application made within one year make indorser liable for any failure on part of carrier or previous in­ after his death. dorsers of the bill to fulfil their respective obligations. Any pro­ vision in an order bill that it is non-negotiable shall be void. Banks. In this State, safe deposit, loan and trust companies are governed by the provisions contained in chapter 116, revised laws, and Bills of Sale. A bill of sale of personal property intended for amendments thereto. Under the law twenty or more persons and | security must be recorded, the recording provisions as to mortgages of their successors may form a corporation for the purpose of carrying personal property being applicable. See Chattel Mortgages. on the business of banking. The general court may, by special act. Chattel Mortgages. Chattel mortgages must be recorded in the annul or dissolve any such corporation; but its dissolution shall not records of the city of town where the mortgagor resides when the impair any remedy against the same for liability previously incurred. mortgage is made, and in the city in which he then transacts business, The capita! stock of each bank shall not be less than $200,000 nor more than $1,000,000, except in cities or towns whose population is not I every mortgage, must be recorded within fifteen days of the date, more than 100,000, the capital may be not less than $100,000, and I until recorded the mortgage is not valid except between the parties except also that in towns whose population is not more than 10,000, ! and record subsequent to time limited is void. If mortgage is given the capital stock may be not less than $50,000, divided into shares i by non-resident mortgagor, record must be made in city or town where property then is. If record in two places is required, and mortgage of the par value of $100 each. No business shall be transacted until is recorded in one place within fifteen days, it may be recorded in the whole amount of its capital stock is actually paid in. Before commencing business the president and directors shall make a certif­ ! other place within ten days after date of first record. icate specifying the corporate name, which shall be different from Conditional Sales. If a contract for sale of personal property any previously organized in the commonwealth; the location of said is made on condition that title shall not pass until purchase money bank; the amount and number of shares of its capital stock; name has been fully paid, and vendor upon default takes possession of prop­ and residence and number of shares of each stockholder, and the erty, the vendee may within fifteen days after such taking redeem the time when it is to go into operation; a copy of which certificate property so taken by paying to vendor the full amount then unpaid shall be filed with the secretary of the commonwealth. No part with interest and all lawful charges and expenses due to vendor. of the capital stock can be sold or transferred until the whole amount There are special statutory provisions affecting conditional sales of thereof is paid up. No person can hold more than half the capital furniture or other household effects. stock, exclusive of that held as security. Tn addition to the capital By statute no conditional sale of heating apparatus, plumbing goods, stock to which a bank is entitled, the commonwealth may subscribe ranges, or other articles of personal property which are afterwards thereto an amount not exceeding 50 per cent of its authorized capital, wrought into or attached to real estate, whether fixtures at common when provision is made therefor by law. Said commonwealth shall law or not. shall be valid against any mortgagee, purchaser or grantee be entitled to its proportionate share of profits and dividends. Upon of such real estate unless not later than ten days after delivery thereon the vote of three-fourths of its stockholders, a bank may increase its of such personal property a notice in form prescribed by statute is capital stock to an amount not exceeding $1,000,000. ' The cashier recorded in registry of deeds of district where land lies. Statute also is required to give bond in not less than $20,000, with two or more applies to registered land. sureties, before entering upon his duties. The debts of a bank shall In the ordinary case, contracts of conditional sale need not be reat no time exceed twice the amount of capital stock paid in exclusive of deposits not bearing interest, nor shall there be due the bank more { corded. Selling or concealing personal property held by vendee under a written conditional contract of sale, before performance of than double the amount of capital stock paid in. Every bank is condition and with intent to defraud, is a criminal offense. required to keep a reserve in lawful money of the United States, equal to 15 per cent of its liability for circulation and deposits in City of Corporations. By special act of 1903, chapter 437. the law of busi­ Boston. Trust companies doing business in the City of Boston shall ness corporations was revised and as amended applies to all corpora­ keep a reserve equal to 20 per cent of its liabilities. Stockholders of tions organized in this commonwealth for the purpose of carrying on a bank are liable in their individual capacity for the payment of all business within the commonwealth for profit, except the following: the circulating notes remaining unpaid in proportion to the stock they Banks, savings banks, co-operative banks, trust companies, surety respectively hold when it stops payment. or indemnity companies, safe deposit companies, insurance com­ By General Acts 1919 c. 350 the offices of bank commissioner, panies, railroad or street railway companies, telegraph or telephone supervisor of loan agencies, and of insurance commissioner are abol­ companies, gas or electric light, heat or power companies, canal, ished, and their duties are to be performed under a newly constituted aqueduct or water companies, cemetery, or crematory companies, or department of banking and insurance established by this act. This any corporation which now have or may hereafter have the right to department is divided into divisions under commissioners, known as take or condemn land, or to exercise franchise in public ways, pro­ commissioner of banks, commissioner of insurance, and commissioner vided that corporations, formed for purpose of dealing in real estate of savings bank life insurance. This act contains extensive admin­ shall state the term of the duration of the corporation, such term not istrative provisions. to exceed fifty years. Under this act three or more persons may associate together and form a corporation for carrying on any lawful business not included Bills and Notes. The law of negotiable instruments is governed in the above provisions. Such a corporation must have a capital by the Negotiable Instruments Law, as amended, where applicable; of not less than $1,000. There is no maximum limit. By St. 1920 C. in other cases by the law merchant. A person becoming a party to a non-negotiable promissiory note payable on tine, by signature 1 349, business corporations may ceate shares of stock with or without in blank on the back thereof, is entitled to notice of non-payment | par value, and coroorati ns witi stock with par value may, by appropriate proceedings, change such stock to stock wthout par value. same as In indorser. A depositary of funds, subject to withdrawal by The stock may be divided into two or more classes with such check or demand draft may pay a check or demand draft drawn on preferences, voting powers, restrictions and qualifications as may it bv a depositor having funds on deposit to pay same, notwithstanding be fixed by the agreement of association. Upon due organiza­ his death, upon presentation within ten days after its date. tion of the associates and filing a copy of the agreement of Protest of bill, note or order duly certified by notary public under association with the commissioner of corporations and on pay­ his hand and official seal is prima facie evidence ol facts, stated in ment of a fee of one-twentieth of 1 per cent of the capital, but such protest and of giving notice to drawer or indorser. not less than $50. a certificate of incorporation is issued by the There are various statutory provisions bearing upon the validity secretary of state. The capital stock may be issued for cash property, of the notes of municipalities of this Commonwealth. Where a nego­ tangible or intangible services or expenses, but not for notes. The tiable instrument is not payable on demand, presentment must be made on the day it falls due. Where it is payable on demand present­ j amount of capital stock may be increased from time to time. ! The corporation must have not less than three directors, ment must be made within a reasonable time after its issue. The directors, treasurer and An accommodation party to a negotiable instrument is liable thereon i president, clerk and treasurer. to a holder in due course notwithstanding such holder at the time of j clerk are elected by the stockholders. The president is chosen taking the instrument knew him to be only an accommodation party. ! by and from the board of directors. The clerk must be a When the day, or the last day, for the performance of any act, includ­ I resident of the commonwealth. Meetings of stockholders must but directors may meet ing the making of any payment or tender of payment, authorized or { be held within the commonwealth, within or without the commonwealth. Voting by proxy is per­ required by statute or by contract falls on Sunday or on a legal bobmitted, but no proxy dated more than six months before the day, the act may be performed on the next succeeding secular or busi­ meeting named is valid. Any corporation may hold, purchase, con­ ness day unless it is specifically authorized or required to be pei formed vey mortgage or lease such real or personal property as the purposes of the business may require. Every such corporation is required to file an annual report of its without grace except that three days of grace shall be allowed upon a draft or WH of Exchange made payable within Massachusetts at sight condition, and if its capital stock is over $100,000, to file a written unle^there b an expX sltpukdion to the contrary Where the day statement under oath by an auditor. It is also required to make an annual return to the tax commissioner. of maturity falls upon Saturday,.Sunday, oi aholiday. instrument is Every foreign corporation which has a usual place of business navable on next succeeding business day which is not a Satui day. here, or is engaged here permanently or temporarily in the construc­ instruments payable on demand may. at option of holder be presented tion, erection, alteration or repair of a building, bridge, railroad, rail­ hofway^provide^however^ha^no P^on receiving any way or structure of any kind, shall before doing business here appoint the commissioner of corporations, its attorney for the service of proc­ chick, draft bill of exchange or promissoryPayable on demand ess, such authority to continue as long as any liability remains out­ shall be deemed guilty of any or coffe^ standing against. it in this commonwealth, and shall file with the any liability, for not presenting for payment or acceptance or coffee commissioner of corporations a copy of its charter, articles or certifi­ ion such check, draft, bill of exchange, or promissorj note on at cate of incorporation, by-laws, and a certificate setting forth its Saturday ; provided also that the same shall onpnppdine hnJne« name, located, names and addresses of its officers, date of its annual payment, acceptance, or collection on the next succeeding business meeting, amount of its capital stock authorized and issued, the num­ daUnder certain circumstances the original named payee of order ber and par value of its shares, the amount paid thereon, and details of any payment thereof not made in money. They are required paper may be a holder in due course.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1860  BANKING AND COMMERCIAL LAWS—MASSACHUSETTS  to file annual statements with the commissioner of corporations showing their condition. Courts. Terms and Jurisdiction. Trial justices may severally hold courts within the counties for which they are appointed, and shall have original jurisdiction, exclusive of the superior court, of all actions of contract, tort, or replevin, where the debt or damages demanded or value of the property alleged to be detained does not exceed $100, and concurrent jurisdiction with the superior court of such actions where such amount exceeds $100 and is less than $300. Police and district courts may in their respective counties have original jurisdiction, exclusive of the Superior Court, of actions of contract, tort or replevin, in which the debt or damages demanded or the value of the property alleged to be detained does not exceed $100 and have original and concurrent jurisdiction with the Superior Court of actions of contract, tort or replevin in which the debt or damages demanded or the value of the property alleged to be detained is more than $100 and does not exceed $1,000. The supreme judicial court has original jurisdiction in all equity matters and may on appeal hear all matters determined by the probate court, and determine questions arising under wills. Superior court has jurisdiction where the amount claimed ex­ ceeds $20. Municipal court of the city of Boston has jurisdiction con­ currently with the superior court in the county of Suffolk, in actions where the debt does not exceed $2,000, provided one or more of the defendants resides or has his usual place of business in the county of Suffolk. The Land Court has exclusive original jurisdiction for regis­ tering titles to real estate under the Torrens system. The Probate Courts have jurisdiction over administration of estates of deceased persons, matters of adoption, guardianship, conserva­ torship, trusts under wills and written instruments, petitions for separate support, and of partition of land. There is a Probate Court and Registry of Probate in each county. Equity jurisdiction is lodged in the Superior Court and in Supreme Judicial Court. Depositions. Taking of such is governed by statute and rules of courts. The commission issued to take depositions contains full instructions to magistrate how to proceed. Descent and Distribution of Property of Decedents. After deducting widow’s allowance and allowances for minor children, and payment of debts and expenses of administration, the remaining personal and real estate is distributed as follows: If deceased leaves no issue, surviving husband or widow shall take $5,000 and one-half of remaining real and personal property. If deceased leaves issue, surviving husband or widow shall take one-third of remaining real and personal property. If deceased leaves no kindred, surviving husband or widow shall take whole of remaining real and personal property. A husband on death of wife shall hold for his life one-third of all land owned by her at any time during coverture, estate known as tenancy by curtesy. Wife is entitled to dower at common law. But in order to be entitled to such curtesy or dower election and claim therefor must be filed in registry of probate with six months of approval of bond of executor or administrator, and such election is a waiver of the interests on real property above mentioned. Probate Court assigns dower or curtesy. Rights of curtesy which exist on February 1, 1919, may be claimed as above provided, but in such case husband shall take no other interest in real or personal property of wife, and except as above preserved curtesy at common law is abolished. Subject to all the above, the rest and residue of intestate property is distributed as follows: 1. In equal shares to children and issue of any deceased child by right of representation; if there is no surviving child, then to the other lineal descendants if all are in same degree of kindred, otherwise by right of representation. 2. If intestate leaves no issue, then in equal shares to father and mother. 3. If no issue nor mother, then to father. 4. If no issue or father, then to mother. 5. If no issue, father or mother, then to brothers and sisters and to issue of deceased brothers or sisters by right of representation; if no surviving brother or sister, then to issue of such equally if all in same degree of kindred to intestate, otherwise by right of represen­ tation. 6. If he leaves no issue, no father, mother, brother or sister or issue of deceased brother or sister, then to next of kin in equal degree, but if there are two or more collateral kindred in equal degree claiming through different ancestors, those claiming through nearest ancestor are preferred. If intestate leaves no kindred, husband or widow, estate escheats to commonwealth. Executions can not issue until twenty-four hours after judgment rendered, and an original execution must be issued within one year after plaintiff is entitled to sue out the same. Original executions in all courts are returnable within sixty days alias executions five years. Exemptions. Homestead, if recorded, to the value of $800. Necessary wearing apparel of family, certain specified articles of household furniture, and $300 worth in addition thereto, library, $50; tools and implements, $100; stock, $100; boats and fishing tackle, etc., $100; one cow, six sheep, one swine, and two tons of hay, sewing machine, necessary wearing apparel, pew in church, etc. Materials and stock designed and necessary for carrying on his trade and intended to be used or wrought therein, not exceeding $100 in value. Shares in co-operative associations not exceeding $20 in value, funds of.railroad relief societies assessment insurance benefits, uniforms, arms, and equipments of militia officers. Factor’s Act. The Factor’s Act, Rev. Laws c. 68 has been mate­ rially affected by other statutes relating to sales, warehouse receipts and bills of lading. Frauds, Statute of. No action can be brought to charge an executor or administrator on a special promise, to charge any person upon a special promise to answer for debt, default or misdoing of another, upon an agreement made on consideration of marriage, upon a contract for sale of any interest in land, upon an agreement not to be performed within a year, to charge a discharged debtor, unless the promise, contract or agreement or some memorandum thereof is signed by the party or by his authorized agent. No agreement to make a will, or to devise or to give a legacy is binding unless in writing. No contract of sale of personal property of $500 or over is actionable unless there is part payment, acceptance and receipt of part of the goods, or some memorandum in writing signed by party to be charged or his agent. Insolvency. There is an insolvent law, but it is superseded by the National Bankruptcy Act of 1898. As to insolvent estates of deceased persons, see Administration of Estates. Gifts between Husband and Wife. Gifts of personal property husband and wife shall be valid to same extent as if they were sole. St. 1920, C. 478. Holidays. January 1st, New Year’s Day; February 22nd, Wash­ ington’s Birthday; April 19th, Patriot’s Day; May 30th, Decoration Day; July 4th, Independence Day; First Monday in September, Labor Day; October 12th, Columbus Day; November 11th, Armistice Day; Thanksgiving Day; December 25th, Christmas Day. Interest. Legal rate is 6 per cent. There are no usury laws, but there are certain statutory provisions relative to interest upon small loans. Limitation of Suits. Contract express or implied and not under seal and not otherwise limited, six years; real actions, those upon an attested note, if suit is brought by original payee or his executor or  administrator, and personal actions on contracts not limited, twenty years. Absence from the State prevents the running of the statute of limitations as to a defendant until he comes into the State. If the person entitled to bring an action is a minor or is insane or impris­ oned when the right to bring such action first accrues, such action may be commenced within the time hereinbefore limited after the disability is removed. The statute does not run against those residing out of the State. See also Administration of Estates. Married Women. The real and personal estate of a married woman, acquired at any time, remains her sole and separate property, not subject to the control of her husband, nor liable for his debts. Married women may carry on trade or business, make contracts, sue and be sued, in all matters relating to their separate property, and such contracts are not binding upon the husband. Wife carrying on business on own account must record certificate with city or town clerk; neglect to do this renders her property so employed liable for husband’s debts, and renders husband liable for her debts thus con­ tracted. Mechanic’s Liens. Subject covered by statute. Mortgages of Real Estate. Power of sale mortgage is univer­ sally used. Foreclosure is regulated by statute, requiring publication prior to sale, and sale bars redemption. Mortgages may also be fore­ closed by entry and peaceable possession for three years. Sales of Personal Property. Uniform Sales Act was adopted in 1908. As to documents of title certain provisions of the Sales Act are affected by the Bills of Lading Act. As to sales of $500 or over, see Frauds, Statute of. Sales of merchandise in bulk are fraudulent unless the provisions of the Bulk Act are complied with. Delivery of a bill of sale is not constructive delivery of the goods. Delivery of possession of goods sold is essential as to third persons without notice who purchase same goods for value, or as to attaching creditors without notice. Vendor’s retention of possession after sale is prima facie evidence of fraud. As to conditional sales, see that topic supra. Stock Transfer. This subject is covered by Stock Transfer Act of 1910. Suits. Civil actions in general, except those concerning land (if one of the parties lives in the State), must be brought in the county where one of them lives or has his usual place of business. But in lower courts venue depends on residence Qr place of business of defen­ dant. Where all parties are non-resident, action may be brought in any county. Attachment of property owned by defendants residing out of State may be made sufficient to give jurisdiction in suit after notice published by order of court. Such notice to be given within one year from the entry of the suit. Persons commorant in State may also be arrested on mense process and held to bail. A non­ resident plaintiff is usually required to furnish indorser for costs. See also Actions, supra. Taxes are assessed as of the first day of April in each year, and on real estate are a lien for two years after they are committed to the collector; but the collector may sell real estate for taxes after two years have elapsed, unless the estate has been alienated prior to the giving of the notice of such sale. If not paid on demand, collector may sell after advertisement. Trustee Process. All personal actions except replevin, and actions of tort for malicious prosecution, slander, libel, or assault and battery may be begun by trustee process and goods, effects, or credits of defendant in hand of a third person may be attached and held to satisfy final judgment. See also Actions, supra. Warehouseman and Warehouse Receipts. .The Warehouse Receipts Act, Acts 1907, ch. 582 with amendments is in force. Wills. Every person of full age and sound mind may make a will. Will must be signed by testator, or by some person in his behalf, by his express direction, and be attested and subscribed by three or more competent witnesses in his presence and in the presence of each other. A will executed in mode prescribed by the law either of place where will is executed or of place of testator’s domicil, shall be deemed legally executed and shall be of same force and effect as if executed in mode prescribed by laws of Massachusetts provided will is in writing and subscribed by testator. As to waiver of provisions of by husband or wife, see Descent and Distribution, supra, also Revised Laws ch. 135, section 16 and General Acts 1918, ch. 257, section 38o.  BANKING AND COMMERCIAL LAWS—MICHIGAN SYNOPSIS OF  THE LAWS OF MICHIGAN RELATING TO  BANKING AND COMMERCIAL USAGES Revised by Henry Wunsch and Edward E. Wunsch, Attorneys at Law, Detroit, Michigan. (See Card in Attorneys’ List.) Acknowledgments of real estate instruments may be before one of the following officers: 1. Within this State: Any judge, clerk or commissioner of any court of record, notary public, justice of the peace or master in chancery. The official should certify that “On this day before me personally appeared....................... to me known to be the person or persons who executed the foregoing instrument and acknowledged that he (or they) executed the same as his (or their) free act and deed.” Notary’s certificate must show date of expiration commission. Such instruments must have two subscribing witnesses. 2. In any other state, territory, or district of the United States: Same officials as described above or any officer authorized by the laws of such state, territory, or district, or before a com­ missioner appointed by the Governor of this State for that purpose. Any such instrument may be executed according to the laws of any such other state or territory. If officer has no seal, certificate of the Clerk of the county or district, or of the Secretary of State within which taken shall be attached. 3. In any foreign country: notary public, or minister plenipotentiary, minister extraordinary, minister resident, charge d’affairs, or commissioner or consul of the United States, appointed to reside therein. Actions. Common law forms of pleadings are used, but in some respects modified by statute. Non-resident plaintiffs must give security for costs. Administration of Estates: In probate court of each county. Claims are passed on by judge of probate or commissioners appointed for each estate; within such time allowed by the court, not exceeding in first instance one year nor less than four months; may be extended not to exceed two years from date; the court may revive commis­ sion any time before estate is closed and allow further time three months to examine any claim: an appeal to circuit courts from allow­ ance or disallowance of any claim. All claims barred, not presented before administration is closed:— Administration of intestate estates is granted: 1st, to surviv­ ing husband or wife, or kin or grantee, or such one of them as judge may appoint, or as they may request. 2nd, to one or more of the principal creditors. 3rd, to such other person as the judge may think proper. Non-resident administrators and executors appointed in other states, territories, or foreign countries cannot sue as such in this State without procuring administration in this State. Affidavits may be taken by any judge, master in chancery, clerk of court, justice of the peace, police magistrate, notary public, or circuit court commissioner. Any oath authorized, or required to be made, without the State for use in judicial proceedings here, must be authenticated by judge of a court having a seal, and the genuineness of such judge’s signature, existence of the court, and that such judge is a member thereof, certified by the clerk of the court under the seal thereof. If in any other state or territory, may be taken before a commissioner appointed by the governor of this State, or any notary public or justice of the peace authorised by the laws of any such state or territory to administer oaths therein. In actions at law affidavits of amount due on open and stated accounts, attached to and served with process as commencement of suit make a prima facie case, unless denied by the defendant’s affidavit filed and served with plea. Aliens. May inherit or purchase and hold and convey personal and real estate. Arbitration. Competent parties to any controversy which is or might be the subject of an action at law or suit in equity, may agree to arbitrate, and judgment of any circuit court rendered upon the award. No arbitration of claim of any person to any estate in fee or for life in real estate. Arrest By writ of capias in personal actions in tort and in actions for money collected by any public officer; or upon promise to marry; also by warrant allowed by any justice of the peace or judge of a court of record, under the fraudulent debtor s act, when the creditor has commenced suit or obtained judgment and the debtor has disposed of or concealed, or is about to dispose of or conceal property liable to execution or the debt was fraudulently contracted. Assignments for the benefit of creditors are void unless made without preferences; must comprise all of assignors property not exempt from execution. The circuit court in chancery has super­ visory jurisdiction of such assignments. Attachments. Writs may be issued from justice and circuit courts on affidavit showing: debt due on express or implied contract and either that the debtor has absconded or is about to abscond from the State or has assigned or disposed of or is about to assign and dispose of his property with intent to defraud his creditors; or is a non-resident of the state or a foreign corporation. May issue from the circuit court for debt not due but to become due upon satis­ factory showing to the circuit judge, but in such cases judgment can­ not be taken until debt is due. May issue in actions oi tort against non-residents in certain cases. R»nk« Tncornoration of- Any number of persons not less than five may associated establish for a period ^t to exceed flirty years, commercial banks, savings banks, and banks having for both classes. Capital required is graded—$20,000 to mm JlrtFcles of asso' tion of cities or villages where conducted• Upon filingarticles of asso­ ciation, commissioner of banking departmen » ‘ ‘ . issue certificates of organization; board of ec“o^na^a^° stockholders. No more than the legal rate of-lntercst in advance shall be received; filo correct list of stockholders: with commissioner of banking, and county clerk and report four **mesc® >1 loans lishefi in npwsnaner where bank is conductea. tommerciaiioans, not to Sceed 50 per Xnt of the capital on real estate secunties by two-thirds vote of directors except to secure debts due the bank Savings deposits payable as directors Prescri , savings payable oA demand. Banks combining. commercial and savings deposits cannot issue post notes nor any bi „trjinll;on or savings money. Savings depositors preferred m distrbuti. n of avings department funds. Stockholders «jdividua y liable equally and ratably and not one for another to the am f f nJonertv and stock, for the benefit of depositors. A1n transfers of^property ami payments of money after actual or contemplated insolvency to pre­   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  I  [  I  I  ' : !  I  ! 1  1861  vent legal application of assets null and void; total liabilities of any borrower shall not exceed one-tenth part of the whole capital and surplus, may be increased to one-fifth by two-thirds vote of directors; not to issue certificates of deposit for borrowed money nor make partial payments on such certificates; not liable to depositors for pay­ ment of a forged or raised check unless notified within three months after return of voucher. All shares of bank stock shall be assessed against their owners in the township, village, or city, where the bank is located, taxes not paid by stockholders, bank’s duty to pay. Trust deposit and security companies may be incorporated under the general laws of the State applicable thereto. Seven or more persons may associate to establish—capital graded from $100,000 to $5,000,000 according to population of cities where conducted; deposit with the state treasurer 50 per cent of the capital stock in bonds or real estate mortgages worth double the amount secured; powers such as are customary for trust compaffies. They cannot do any banking business. Collaterals. Stocks, bonds or other personal property pledged as collateral security for payment of money or the performance of any obligation, upon default may be sold at public (or private sale if so authorized by the contract) to satisfy the debt; but before public sale, ten days notice must be given and served on pledger or legal representative personally or by mail; such sale must be between nine o’clock forenoon and sunset, at a public place in the township, city, or village where held. Conditional Sales. Are valid between the parties: if consignee or purchaser, on condition title is retained by seller, is authorized by the contract to sell, all such sales are valid. The consignee or pur­ chaser cannot make valid sales against the legal owner without the authority of consignor or legal owner. (See Liens.) (See Frauds.) Conveyances. Any person of full age or otherwise capable may convey by deed any interest in lands, whether in actual possession or not. All grants and devises of lands to two or more persons create estates in common; no joint tenancy, unless expressly so declared, except such as are made in trust or to executors, and except such as are made to husband and wife, who take as “tenants by entirety.” The words ‘ ‘ conveys and warrants ’ ’ in the deed describing the premises and specifying the consideration, dated, duly signed and acknowledged by grantor are sufficient to convey title in fee simple and to warrant, that grantor and his heirs and personal representatives is seized of the premises, has good right to convey same, guarantees quiet pos­ session thereof, and that he will warrant and defend the title against all lawful claims. The words “conveys and quit claims” duly signed, sealed and acknowledged by grantor are sufficient to convey grantor’s interest. The words “mortgages and warrants” and duly described premises, specifying “to secure the payment” and reciting the sum for which mortgage is given and the notes and other evidences of debt secured thereby, mortgage being dated, signed, sealed and acknowledged by grantor, is sufficient and warrants perfect title in the grantor and against all previous incumbrances; omitting the word “warrants” sufficient, but without any warranty. Dower and homestead rights not waived unless wife joins in the mortgage. No homestead right will avail against the mortgagee if there is no wife, nor if wife joins in the mortgage. Married women of full age joining with husbands in any deed, mortgage, power of attorney or other writing, shall be bound in respect to their own title. Corporations. Banks, mining, manufacturing, insurance—fire, marine, accident, burglary—printing and publishing, manufacturing and mercantile, or a union of the two, partnership associations, real estate associations, real estate, railroads, street railways, co-operative benefit associations, co-operative savings associations, and religious societies, are respectively organized under State general laws; required to file with the secretary of state, articles of association. Business Corporations. Three or more persons may organize. One half of capital must be actually subscribed and at , least 10 per cent either in money or property must be paid in; if in property same must be for the purpose of the business, and described and its value specified in the articles. Stockholders vote in person or by proxy. Each share has as many votes for directors as directory numbers, and the aggregate vote may be distributed for one or more of direc­ tors. May issue preferred and common stock of the par value of $10 or $100. Preferred entitled to dividend not to exceed 8 per cent quarterly, semi-annually or annually and if not paid be accumulated. and paid, before any dividend paid on the common. Articles of association to be recorded in the county clerk’s office of county where operations carried on, and office of the secretary of state. May hold real estate for the purpose of the corporation and such as acquired as security or in payment of debts, managed by not less than three directors chosen by the stockholders annually hold office until suc­ cessors are chosen; make duplicate reports in January or February annually for the fiscal year last ending, of the financial condition and property of the corporation to secretary of state: stockholders are liable for labor debts; they make all by-la»vs for corporation. Foreign corporations organized under the laws of any other state of the United States or of any foreign country, unlawful to carry on business in this state until certificate of authority procured from secretary of State; not capable of making valid contracts in this state until author­ ized to carry on business; unlawful for any person to act as agent of until authorized to do business. Sales of goods or merchandise by the right of inter-state commerce not affected by state laws. Courts. Terms of Jurisdiction. Circuit courts, holding two or more terms annually in each county, have original jurisdiction in all cases of law and equity wherein the amount in controversy is $100 and upwards; and have appellate jurisdiction from justice of the peace probate courts, and other inferior tribunals. Justice courts in each county have jurisdiction of cases at law involving from $100 to $500. In Grand Rapids is a “ Superior Court ” for civil cases, limited to parties resident of the city. Probate courts in each county have jurisdiction of estates of deceased persons and testamentary trusts. Supreme court has final appellate jurisdiction from circuit, municipal and recorders’ courts. Days of Grace. Abolished. Depositions. Testimony of any witness without the State of more than fifty miles from the court may be taken de bene esse, before any ju<h;e of any state or of the United States, or of any foreign country, or before any circuit court commissioner in this or any other state, or of the United States, or any commissioner of this State, any consul or consular officer, justice of the peace officer, or notary public authorized to administer oaths in the state or county where taken and not interested as attorney or counsel or in the event of the cause; reasonable notice given in writing by party or his attorney proposing to take to opposite party or his attorney of record, stating names of witnesses, time and place of taking and official before whom to be taken. Commissions to take depositions of any witnesses may be issued by circuit court wherein the suit is pending or by the judge or register thereof, or by a justice of the peace in a suit before him on written interrogatives. Fees for taking, certifying, sealing and for­ warding $2; for each 100 words in deposition ten cents and copies three cents. Each party pays for his own examination or cross examination in the first instance. Descent. Real estate and personal property of intestate after payment of debts and administration expenses and allowances, as follows:   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1862  BANKING AND COMMERCIAL LAWS—MICHIGAN  Real Property. One-third to widow, remaining two-thirds to his issue; if no widow the whole to his issue to share equally if of same degree of kindred to intestate, otherwise by representation; if no issue, husband or widow to the father and mother in equal shares, if only one living to the survivor alone. If surviving husband or widow and no issue, one-half to such survivor, remainder to father and mother or their survivor. If no issue or parents, husbands or widow, equally to brothers and sisters and the children of deceased brothers and sisters: if none such relatives, to next of his kin in equal degree through nearest ancestor; if any unmarried child dies under age, his or her inheritance from any parent, to other surviving children of same parent and their issue by representation. If husband or wife survive and no issue, parents, brothers or sisters, or their children to husband or wife, and if no foregoing relatives whomsoever estate escheats to State. Illegitimates heir to mother; dying intestate estate descends to mother or her relatives if she be dead; become legitimate by parents, intermarriage or father’s written acknowlment. The foregoing provisions for the widow are in lieu of dower and homestead right unless one year after administration granted she applies for assignment of dower and homestead in which case her interest in deceased husband’s lands is limited to the dower and homestead right and the residue shall descend as above provided for that portion not taken by her. Personal Estate. Residue — one-third to widow, two-thirds to children or issue by representation; one child; one half to child and one-half to widow; no widow or child, to all lineal descendants equally If widow and no children or issue, to widow, not exceeding $3,000; estate excess of that, one-half excess to widow, other half to surviving parents, and if none such to brothers or sisters; and none such, all such excess to widow. Married women intestate, one-third to hus­ band, two-thirds to her children or their issue by representation, only one child or issue of deceased child; to husband and such child equally; if no child or issue of deceased child, one-half to husband and other half to surviving parents, and if none, to brothers or sisters or issue of them and if none, all to husband. In any other case same as for real property. Estates by curtesy abolished. Dower. Wife entitled to use of one-third part of all lands owned by her husband as estate of inheritance any time during marriage. No dower as against mortgages for purchase price, or mortgages made before marriage, except in surplus. Must exercise option to take dower in lieu of rights under will or statute within one year after administration; residing in this State and eighteen years of age and upwards may bar by joining in husband’s conveyances and mort­ gages or by deed alone to one who has husband’s title, intent to bar being expressed; or by jointure secured as bar. Execution. May issue to any county at once, unless stayed after judgment in circuit court, in justice courts, expiration of five days; not liens on real estate or personal property until levy by proper officer. Real estate is sold without appraisement to the highest bidder, except homestead, to determine excess of value above $1,500 redemption claim. Defendant or his heirs or assigns may redeem within twelve months, his judgment creditors and others having valid liens within fifteen months from date of sale. Execution against the body may be issued on all judgments in actions of tort. Personal property levied on, after setting off exemptions, may be sold on six days’ notice at public sale, to highest bidder to a sufficient amount to satisfy the debt and costs; no redemption after such sales. Execu­ tions from justice courts do not run against real estate. Exemptions. Homestead—selected by the owner and occupied by him; not exceeding forty acres of land and dwelling thereon; or one lot with dwelling thereon within any recorded town plat or city or village not exceeding in value $1,500. Same cannot be alienated or incumbered without consent of wife or sold on any execution or any other final process from any court, unless appraised to exceed the value of $1,500 and that amount is paid or realized on sale under such process. Exemption of homestead continues during its occupa­ tion by the widow or minor children of deceased person who when living occupied the same. Fraud. Criminal fraud—obtaining the signature of any person, firm, or corporation with intent to defraud. Fraudulently issuing or selling or duplicating and disposing of any stock, scrip, or evidence of debt of any bank or other incorporated company of this State; issue of any false receipts by warehousemen, merchants, or their agents— receipt; or to wrongfully dispose of or convert property to their own use after issuing receipt; wrongfully removing or disposing of any personal property by any agent delivered upon written agreement or instructions; wrongfully to dispose of property covered by chattel mortgage by mortgagors or of property held by contract of purchase without legal title by such purchaser or of property held under any lease by lessor. For any officer or stockholder of any bank or any other person for such bank; to sign, issue or knowingly put in circula­ tion any note or bill of any such bank, before the capital stock is paid in, or before the president and directors thereof have complied with the law; for any officer or agent of any bank knowing such bank to be insolvent or in contemplation of insolvency, or for any assignee of the property of such bank to sell or dispose of any money or property of such bank with intent to defraud, delay or hinder creditors thereof, or for any agent or person to fraudulently obtain or dispose of any money belonging to any insurance company organized in this State. Frauds—Statute of. No executor or administrator is liable on any special promise to answer damages out of his own estates. Fraud. Civil. Sales, transfers, and assignments of stocks of goods, wares, merchandise, and fixtures in bulk, pertaining to conduct of any business, otherwise than in ordinary course of trade of seller, etc., void as against creditors, unless the seller, etc., five days before sale, make inventory of the goods and cost price to seller of each article and unless the purchaser demands from seller list of names and addresses of creditors and his indebtedness, and within five days before taking possession and payment notifies every creditor of such sale. Garnishment. Process may issue in any action brought in any justice court or circuit court on contract expressed or implied, judg­ ment or decree, to hold whatever property any person may own or have belonging to the debtor. Bills of exchange and promissory notes due in the garnishee's hands at the time of serving summons are garnishable. Property, real, or personal, things in action, equitable interests, held by fraudulent transfer from the debtor and any prop­ erty liable to execution or to the payment of the debts of the debtor in the garnishee’s hands may be recovered; wages of any householder not more than $30 and less then $8 for his personal labor, and of any other person for labor not more than $15 and not les§ than $4; and benefits payable by fraternal beneficiary societies, shares in building and loan association of any debtor, except as to one having a home­ stead exemption, are exempt from garnishment. Holidays. (Legal) January 1st, February 12th, February 22d, May 30th, July 4th, first Monday in September, Thanksgiving Day as specified by the Governor of State, December 25th; every Saturday from 12 o’clock noon to 12 o’clock midnight, all National, State, County, or City election days. Husband and Wife. If sued together she may defend and if either neglect to defend the other may be ordered to defend for both. If he deserts her she may be authorized by the probate court to prose­ cute or defend in his name. If either wrongfully retains the other’s property, acquired before or after marriage, the owner may sue for  same as if unmarried. Neither liable for the debts of the other before marriage, nor earnings or property of either nor the income thereof, nor shall either be liable to make compensation for labor or services rendered for the other. Husband is liable after marriage for family expenses, and for debts incurred by the wife with his express or implied authority. Either may constitute the other an attorney in fact to dispose of property. Expenses of family and children's edu­ cation are not chargeable upon the property of the wife but are chargeable against the husband and he may be sued therefor. Interest. Legal rate 5 per cent but by written agreement may be charged not to exceed 7 per cent. Forfeiture of all interest is penalty for usury. When any installment of interest upon any note, bond, mortgage or other written contract shall become due and remains unpaid, interest is allowed on such installment from the time it became due at same rate specified in the obligation or at the legal rate. Legal rate collectable on all moneys due on any written obligations and on all moneys due on all contracts express or implied, whether verbal or written; and on settlement of accounts from day of ascertaining balance due; and on judgments from day of entry; and on verdicts of jury from date to date of entry of judgments thereon. In computing time of interest and discount on negotiable paper, a month means a calendar month and a year a calendar year of twelve months. Judgments of courts of record are not liens on real estate or personal property until by levy thereon of execution issued from the courts upon such judgments. Liens under execution levied upon real estate exist five years from and after the levy. Judgments expire by limitation in ten years from date of entering in courts of record and six years in justice courts, and cannot be renewed except by action at law thereon before expiration. Judgments of the justice of the peace may be entered in the circuit courts on transcript duly taken to the circuit court and thereupon become judgments of such circuit courts. Liens. Any person, who pursuant to a contract with any owner, part owner or leasee of any land, furnishes labor or materials in the construction of a building, etc., on such land, shall have a lien on such structure and land to the extent of one quarter section or if in a city or village, the lot or lots upon which such structure is situated. And any sub-contractor, who furnishes materials or labor in carrying fore­ ward or completing such contract shall have a lien upon such building and land to the extent of the interest of such owner, etc. Any person, artisan, or tradesman for labor and skill applied upon any property delivered for that purpose shall have a prior lien for amount due for such labor. Hotels, boarding houses and lodging houses have a lien upon baggage and other valuables of guests, boarders or lodger for accommodations. Any person keeping and caring for domestic ani­ mals intrusted to them for that purpose have a lien for proper charges. Limitation of Suits. Judgments of courts of record and sealed instruments ten years, justice court judgments six years; accounts and notes and other simple contracts and for taking, detaining or injuring goods and chattels, six years from the date the action accrued; revivor; part payment, or promise in writing to pay. Absences from the State deducted from the period of limitation. Mortgages fifteen years after due or after last payment thereon. For trespasses on lands, assault and battery, false imprisonment, slanderous words or libels and mal-practice against physicians, surgeons, and dentists, two years. For misconduct of sheriff or their deputies, three years, and for personal injuries three years. For the recovery of real prop­ erty, five years where the claim arises against executors, guardian s or sheriff's deed; five years where the defendant claims and is in pos­ session of lands under deed made by auditor general of this State for taxes; and by minors and others under legal disabilities three years after removal of such disabilities; in all other cases fifteen years. Limited Partnerships. May consist of one or more general and one or more special partners. Specials contribute specific amount of capital in cash or property at cash value, and if actually paid in not liable for firm’s debts in excess of such special capital. General partners transact the business of the firm. Married Women. May make contracts in respect to their own property and may hold and enjoy, and have the same rights ana remedies regarding their property as if unmarried. They may carrj on business in their own names with their own property by consent of their husbands; cannot enter into partnership with husband or any other person and become liable for the firm contracts. Marriea women’s contracts to pay or to become liable for debts of husbands or other person voidable, may however charge their real estate or per­ sonal property to secure such indebtedness by deed, mortgage or contract. Married women are entitled to have and to hold their earnings made by their own personal effort, and may make any con­ tracts relative thereto. Mortgages on real estate, executed and acknowledged the same as deeds; may be foreclosed under power of sale by advertisement or in circuit court in chancery of the county wherein the property is situated. Trust deeds not in customary use but may be made ana executed and will be treated as mortgages. Chattel mortgages and bills of sale; intended as security by morigagor, signed and delivered to the mortgagee, sufficient between tne parties, but void as to creditors, subsequent purchasers and encum­ brancers in good faith and without notice, unless such mortgages ana bills of sale or true copies are filed in the city or township clerk s office where mortgagor resides, or if non-resident of State, in city or town­ ship where the property is situated; and unless affidavit of mortgagor or of some one for him having knowledge of the facts is annexea to the mortgage or bill of sale, showing consideration is actual ana adequate and in good faith. Without such affidavit officers forbade to receive and file such mortgages; cease to be valid against creditor*, subsequent purchasers, and encumbrancers in good faith, on exPi™~ tion of year from filing date, unless renewed within thirty days next preceding expiration by affidavit of mortgagee showing his interest, etc., filed and annexed to the mortgage in said clerk s office; likewise each succeeding year while the mortgage exists. . • i Negotiable Instruments. A promissory note is an unconditiona promise in writing to pay a sum certain in money, on demand, or at a fixed and determinate future time, to the order of a specified perso or to bearer. . .h„.. A bill of exchange is an unconditional order of one person to anotn requiring the drawee to pay to a certain person, or order, or bearer o demand or at a fixed or determinate future time a certain sum o money. May be payable in installments and contain provisions tna on default the whole sum of money shall become due with.exchange, fixed or current rate, interest and attorney’s fees for collection, wiaj authorize sale of collaterals and confession of judgments. It it reau. “I promise to pay,” all makers are jointly and severally liable, wiu not be payable upon contingency. Cannot waive exemption i rum execution. Need not specify “for value received” nor place wnere drawn or payable. If issued, accepted, or indorsed, when over due is payable on demand. May be payable to two or more payees jointly or one or more of several payees. Want or fadure ot consideration, a defense against one not a holder in due course, partial failure a defense pro-tanto. One not a party, or the payee of the paper placing a signature in blank on the paper before delivery becomes an endorser. Indorser engages on due presentment the paper shall be honored and that he will pay to holder or any subsequent indorser, who may be compelled to pay; where maturity falls on Sunday or on a holiday, payment due on the next business day; but where all of such day not a holiday may if payable on demand be presented before noon.  BANKING AND COMMERCIAL LAWS—MINNESOTA Fraud in procuring signatures and delivery defense against any holder. Presentment not necessary to charge anyone primarily liable. If not payable on demand present on the day due; if on demand present within a reasonable time after issue; bill of exchange payable on demand present reasonable time after last negotiation. Fraudulent or material alterations do not affect the original instru­ ments in the hands of innocent holder in due course. Unconditional promise in writing to accept a bill of exchange, given before or after drawn, valid in favor of all who take it upon faith thereof for value; holder may decline qualified acceptance; if he takes qualified acceptance, drawers and indorsers are discharged. Protest of foreign bills of exchange may be made by a notary public or any respectable resident of the place of payment in the presence of two or more creditable witnesses; drawee is not liable unless he accepts. Check or a bill of exchange on a bank payable on demand, must be presented reasonable time after issue, and if dishonored notice must be given or drawer is discharged to extent of loss caused; does not operate to assign any part of drawer’s funds; bank is not liable unless it accepts or certifies. If holder has check certified drawers and indorsers are discharged. The present negotiable instruments law of Michigan took effect Sept. 16, 1905, and repeals all acts or parts of acts inconsistent with its provisions; but does not apply to instruments made prior thereto; materially changes the law in this State and should receive special examination in every doubtful case. Power of Attorney. Almost every act that any person, firm or corporation may perform, may be performed by an attorney in fact. Conveyances, mortgages, or leases for more than three years’ term by attorney in fact, the power of attorney must be in writing signed, sealed and acknowledged same as a deed of lands, to be admitted for record or to proof thereof. Probate Law. (See Administration of Estates.) Protest. (See Negotiable Instruments.) Replevin. Goods or chattels wrongfully taken or detained may be replevined by owner or part owner or party entitled to possession. Affidavit of plaintiff or agent necessary for issue of writ. If from circuit courts plaintiff required to give bond with sufficient sureties to the officer within twenty-four hours after seizure and appraisal of the property which must not be delivered to plaintiff within fortyeight hours; and in the meantime if the defendant shall give sufficient bond to the officer he shall return the property to the same person from whom he took it; in that case if plaintiff recovers he may recover on the defendant’s bond: if he fails defendant may recover on plain­ tiff’s bond according as the judgment may warrant. In justice courts bond with sufficient sureties must be given and filed in double value of the property before writ issues. Taxes. State and county payable every year after December 1st, delivered to county treasurer March 1st, thereafter, and if delinquent bear interest 1 per cent per month. Returned to auditor general of State, if not paid, and by him enforced by foreclosure in chancery in every county, and the taxable property sold under decree of the court by county treasurer each parcel for the amount of taxes and charges against same; redeemable one year thereafter and does not become absolute until proceedings taken by purchaser for writ of assistance, which must be instituted within five years by service of written notice upon owners six months before application for such ■writ. If decree regular and property taxable, and due notice is given and served, purchaser is entitled, upon due proof thereof to writ of assistance and possession unless redeemed pending the notice by payment of double the amount paid by purchaser and $5.00 for each parcel redeemed. Gity taxes are governed by charter or by the general act under which cities and villages are organized. Wills. Codicils. Every person of full age (twenty-one years) and of sound mind may make; must be in writing, signed by testator or by some person in his or her presence duly authorized by him or her and attested and subscribed in his or her presence by two or more witnesses competent as such at the time. If one of the subscribing witnesses shall testify to the execution of the will in all particulars and testa­ tor was of sound mind at the time will was made, the court may admit the will, in case no person appears to contest it; if none of the witnesses reside in the State at the time of proving the will, the court may admit the testimony of other witnesses to prove testator’s sanity and execution and proof of the signature of testator and sub­ scribing witnesses. Probate of will conclusive of its due execution and cannot be assailed collaterally. Foreign wills, duly admitted to probate without the State, may be admitted and recorded in any county of the State in which testator left real or personal estate by dulv filing, an exemplified copy of said will and of the record admitting same to probate. A nuncupative will in which the value of the estate bequeathed does not exceed $300, duly proved by two witnesses, may be allowed. Wills may be revoked by burning, tearing, cancelling, or obliterating with intention of revoking same by testator, or by some other writing signed, attested, and subscribed in the manner provided f or execution-of wills but shall prevent revocation implied by law.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  '  1863  SYNOPSIS OF  THE LAWS OF MINNESOTA RELATING TO  BANKING AND COMMERCIAL USAGES |  Prepared and Revised by Moore, Oppenheimer & Peterson Attorneys at Law, St. Paul. (See Card in Attorneys’ List.)  i  j  ,  j  Acknowledgments may be certified by the following officers: 1. Within the State by a resident judge, clerk or deputy clerk of any court of record therein, a notary public, justice of the peace, town, city or village clerk, or recorder, court commissioner, register of deeds, or county auditor, or their deputies, county commissioner, or member of the legislature. 2. Out of the State but in the United States by a judge of the supreme, circuit, or district courts of the United States, or of any court of record of any state, territory, or dis­ trict, the clerk or a deputy clerk of any such court, a notary,‘a justice of the peace, or any commissioner appointed by the governor of this State for that purpose. 3. In foreign countries by a notary public, or by any minister, charge d’affaires, commissioner, consul, commercial agent or other consular or diplomatic officer of the United States appointed to reside in such country, and deputies or other represen­ tatives of such officers. The form of the certificate may be, “On this.....................day of........................... 19......... before me personally appeared......................... to me known to be the person described in, and who executed the foregoing instrument and acknowledged that he executed the same as his free act and deed.” In case of corpora­ tion it may be, “On this.................... day of......................19.......... before me appeared A. B. to me personally known, who being by me duly sworn did say that he is the president (or other officer) of (name of corpora­ tion) , that the seal affixed to the foregoing instrument is the corporate seal of said corporation and that said instrument was executed in behalf of said corporation by authority of its board of directors, and said A. B. acknowledged said instrument to be the free act and deed of said corporation.” If made outside the State the impression of the official seal of the certifying officer must be affixed, or there must be attached the certificate of the clerk of a court of record of the county or district in which it is made under his seal that the signature of the certifying officer is genuine. Actions. The distinction between actions at law and suits in equity is abolished. There is only one form of action. It is called a civil action and must be prosecuted in the name of the real party in interest except that executors, administrators, trustee of an express trust and persons expressly authorized by statute may sue without joining the person for whose benefit the suit is brought. Administration of Estates. Estates of deceased persons are administered in probate courts of which there is one in each county presided over by the probate judge of the county. In granting letters of administration preference is given: 1. To the surviving spouse or next of kin or such suitable person as they or either of them select. 2. If no application is made for thirty days after death of intestate, to principal creditor or creditors, or some person interested, and if deceased was native of foreign country to the consul or other representative of that country residing in this State, or to such competent and suitable person as he may select. Upon granting letters the court makes an order limiting the time within which creditors may present their claims. This time must not be less than six or more than twelve months; but may be extended for good cause to a date not more than eighteen months after notice given of the order. On proof by affidavit that there are no debts the time limited may be three months. Notice of the order is given by publication thereof once each week for three weeks in a newspaper in the county. Claims not presented within time limited are barred. Non-resident executors and administrators may sue in this State. Aliens. (See right to hold property.) Arbitration. All controversies which can be the subject of a civil action may be submitted to one or more arbitrators for decision, except a claim to an estate in fee or for life in real estate. Arrest. There is no arrest for debt. Assignments. Statutes relating to assignments for the benefit of creditors are in force except as affected by the U. S. Bankruptcy Act of 1898. Practically they may be said to be superseded by that act. Attachment. Before allowing a writ of attachment, the court must require of the plaintiff a bond in the sum of at least $250, and an affidavit of the plaintiff, his agent or attorney. (1) That the debt was fraudulently contracted or (2) the defendant is a foreign corpora­ tion or non-resident or (3) has departed from the State as he believes with intent to defraud or delay his creditors, or to avoid the service of a summons or keeps himself concealed therein with like intent or (4) has assigned, secreted, or disposed of his property with intent to delay or defraud his creditors or is about to do so. Banks. Three or more persons may incorporate as a bank. They must first secure from the state securities commission a certificate of authorization, which is granted or denied after a hearing and intro­ duction of evidence. Capital required is $10,000 in towns of 1,000 or less population; $15,000 in towns of 1,000 to 1.500; $20,000 in towms of 1,500 to 2,000; and $25,000 in towns exceeding 2,000 popu­ lation. Capital stock must be fully paid in cash before "bank can do business. Stockholders are individually liable for debts of bank in an additional amount equal to the par value of stock owned by them, and this liability continues one year after any transfer of the stock. At least one-fifth of the net profits must be placed in surplus fund before any dividend is paid until the surplus amounts to 20 per cent of the capital, and this surplus must be maintained unimpaired. Every bank must make to the superintendent of banks not less than four reports each year which must be published. Liabilities to a bank of any person, corporation or firm, for money borrowed, including therein liabilities of the several members thereof, shall at no time exceed 15 per cent of its capital and surplus. It must have a reserve equal to one-fifth of all its matured or demandable liabilities, one-half of which must be cash, and the remainder may be balances due from solvent banks. In case of insolvency or violation of the banking laws, the superintendent of banks may take possession, and apply to the court for a receiver. Bills of Lading. The Uniform Bills of Lading Act became effec­ tive April 20, 1917. Initial Carrier receiving property for transportation between points within the State, liable for loss, damage or injury caused by it or other carrier en route, and all contrary provisions in Bill of Lading void.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1864  BANKING AND COMMERCIAL LAWS—MINNESOTA  Chattel Mortgages. Every mortgage of personal property which ! in part by debtor not exceeding in value $400; library of professional is not accompanied by immediate delivery and followed by actual and man; presses, type, and tools of publisher of newspaper, not exceeding continued change of possession is void as to creditors and subsequent $2,000, and his stock in trade not exceeding $400; watch, sewing purchasers and mortgagees in good faith, unless it is made in good I machine, typewriter, bicycle, seed for use of debtor for one season not faith, attested by two witnesses, acknowledged and tiled with the exceeding certain amounts, library and apparatus of college or school; register of deeds of the county in which the mortgagor resided at money payable to wife or child from insurance on life of deceased hus­ the time of its ^ecution, is a resident of the State, or of that in which band or father nor exceeding $10,000; money or relief from benefit the property was then situated if a non-resident. If the mortgagor association; money from insurance on exempt property; wages not resides in St. Paul, Minneapolis or Duluth or is a non-resident, and exceeding $35 for services rendered during preceding 30 days; but all the property is situated there, the mortgage must be filed with the wages paid and earned within said thirty day period shall be con­ city clerk of such city instead of the register of deeds of the county. sidered a part of (or all) of said exemption (Chap. 202, Laws 1915.) Duplicates or copies certified by any officer with whom the mortgage Holidays. January 1st, February 12th and 22d, Good Friday, has been properly filed, may be filed in other places wherein any part of May 30th, July 4th, first Monday in September, Tuesday after first the property was situated when the same was made. As against Monday in November each even-numbered year (election day), and creditors of the mortgagor and subsequent purchasers and mortgagees December 25th are legal holidays. Thanksgiving day is so far that in good faith the lien does not continue beyond the term of six years negotiable instruments or contracts due that day are payable next from the date of filing the mortgage unless the indebtedness is not succeeding business day. then due and payable by its terms, in which case it continues two years after the maturity of the debt and no longer. Interest. Six per cent is legal rate, but by special contract any Chattel mortgages given by a married man or woman on property rate not exceeding 10 per cent may be exacted. Usurious contracts exempt from execution must be executed by both husband and wife are void. if living. Judgments may be entered by default in district courts at expira­ tion of twenty days after service of summons. When docketed in those Conveyances. Deeds and mortgages of real estate must be exe­ cuted in the presence of two subscribing witnesses and to entitle them courts they become liens upon all real estate of the debtor in the county where docketed then owned by him or afterwards acquired, and the to record must be acknowledged by the person executing the same. lien continues for ten years after the entry of the judgment. Tran­ Conveyances made out of the State, may be executed as above, or according to the laws of the place of execution. scripts of judgments in justice and municipal courts may be filed in district court and there docketed, and then become lien on real estate. Corporations. May be organized by any number of persons, not iens. To preserve a mechanics lien a verified statement must less than three, for the purpose of engaging in any lawful business. be filed by the lien claimant within ninety days after furnishing the The amount of capital stock shall in no case be less than $10,000, last item of labor or material in the office of the register of deeds of divided into shares of not less than $1.00 or more than $100. The the county in which the improved premises are situated, or if claimed incorporators must sign and acknowledge a certificate specifying: 1. upon a line of railway or its appurtenances with the secretary of state. the name, general nature of business, and principal place of transacting the same. 2, Period of its duration, if limited. 3. Names and places Limitation of Actions. On contracts express or implied six of residence of incorporators. 4. In what board management is years; judgments ten years; to foreclose mortgages fifteen years; to vested, date of annual meeting at which such board shall be elected, recover real estate, fifteen years. But no action shall be maintained names and addresses of persons composing board until first election. on a judgment note, or other instrument authorizing Confession of 5. Amount of capital stock, how the same is to be paid, number of Judgment unless begun within one year after Cause of Action accrued; shares and par values of each, and if more than one class, a descrip­ and no action shall be maintained upon any judgment of any court of tion, and terms of issue and method of voting of each. 6. Highest the U. S. or of any State or Territory entered by Confession under a amount of indebtedness to which corporation shall be subject. This warrant of attorney, unless the action upon such judgment be begun certificate is filed with the secretary of state and with the register ) within one year after the rendition or entry thereof. of deeds of the county in which the principal place of business is I located and published in such county two successive days in a daily Married Women. Property acquired by wife before or after mar­ newspaper, or two successive weeks in a weekly. riage remains her separate estate. It is liable for her debts and torts Every stockholder in any corporation, except those organized for | to the same extent as if she were unmarried, and she may make any the purpose of carrying on a manufacturing or mechanical business j contract which she could make if unmarried, except that no convey­ is liable to creditors of the corporation in an amount equal to the par ance or contract for sale of her homestead or any interest therein is value of the stock owned by him. valid unless her husband joins in the same. Foreign Corporations. Every foreign corporation organized for Both husband and wife are liable for necessaries furnished to and pecuniary profit before it can transact or continue business in this { used by the family. State, acquire, hold or dispose of property or bring suit here must j Mortgages on real estate executed in the presence of two subscrib­ appoint an agent residing in the State, authorized to accept service ing witnesses, acknowledged and recorded in the office of the register of process, and must file with the secretary of state an authenticated of deeds of the county in which the mortgaged premises are situated copy of such appointment and of its charter and a verified statement may be foreclosed by publication or by action. The mortgagor or his showing the proportion of its capital stock represented by its property assigns may redeem within one year from the date of the foreclosure and business in this State, and upon that it must pay a fee. This act sale. does not apply to exclusively manufacturing corporations, traveling The authority of an attorney conducting a foreclosure by adver­ salesmen soliciting business for non-resident corporations, nor to those tisement, must be in the form of a Power of Attorney, executed and engaged only in the business of loaning money or investing in securities, acknowledged by the mortgagee or assignee in the same manner as nor to those organized to raise and improve live stock, cultivate farms, a conveyance and recorded prior to the sale in the County where can fruits or vegetables, nor to those whose sole business is transpor­ the foreclosure proceedings are had. tation of freight or passengers by water. The mortgagor may covenant to pay or authorize the mortgagee Courts. District courts hold one or more terms a year in each j to retain any attorney s fee in case of foreclosure of not exceeding organized county, have original jurisdiction in all civil actions at law , $25; where the mortgage debt does not exceed $500; $50 where the and in equity, and in all criminal cases where the punishment exceeds mortgage debt exceeds $500 and does not exceed $1,000; $75 '"'here three months’ imprisonment or a fine of more than $100. the mortgage debt exceeds $1,000 and does not exceed $5,000; $100 The supreme court has appellate jurisdiction in all cases, but there | where the mortgage debt exceeds $5,000 but does not exceed $10,000; is no trial by jury in that court. It has original jurisdiction in such and $200 where the mortgage debt exceeds $10,000. remedial cases as are prescribed by law. A Registry Tax of 15 cents is imposed upon each $100 or fraction Probate courts have exclusive jurisdiction of matters connected thereof of the principal debt secured by any mortgage covering prop­ with the settlement of estates of deceased persons, minors, and insane erty within the State of Minnesota and recorded in said State. In persons. Terms are held on the first Monday of each month in each case the maturity of any portion of the debt so secured shall be fixed organized county. at a date more than five years after the date of said mortgage, the Municipal courts exist in certain cities, and are courts of record with amount of such Registry Tax shall be at the rate of 25 cents on each limited jurisdiction in civil and criminal actions. $100. No such mortgage or assignment or satisfaction thereof or Justices of the peace have no jurisdiction in civil actions where the papers relating to its foreclosure, shall be recorded or registered unless amount involved exceeds $100. such tax has been paid, nor shall any such document or record thereof be received in evidence in any court or have any validity as notice or Days of Grace are abolished. Depositions may be taken at any place within or without the ' otherwise. If such mortgage describe real estate outside of Minne­ State upon notice in writing, stating the reason for taking the same, J sota, such tax shall be imposed upon such proportion of the ’’'’hole debt secured as the value of the real estate described in this State the time and place, and giving the opposite party one day for prepa­ bears to the value of the whole real estate, such value to be deter­ ration, and one day for every 100 miles, exclusive of Sundays and the day of service, before any officer authorized to administer oaths. | mined by the State Auditor upon application of the mortgagee. Notes and Bills of Exchange. Uniform negotiable Instruments Descent and Distribution of Property. Homestead descends Law has been in force since April 15, 1913. Commercial paper is to surviving spouse for life, remainder to children and issue of deceased payable at the time fixed therein without grace. When due or paychildren. If no children or issue of deceased child, then to surviving spouse in fee, exempt from debts not a valid charge thereon at time of j able on Saturday or on Sunday, or any legal or bank holiday, the same is payable upon the business day next succeeding, and may intestate’s death. After payment of debts and certain allowances to !■ the surviving spouse out of the personal property, the residue of the j be protested on such succeeding day. Right to Hold Property. No person unless he be a citizen of the estate descends as follows: 1. One-third to the surviving spouse, J balance in equal shares to children and lawful issue of deceased child 1 United States, or has declared his intention to become a citizen, and no corporation unless created under the laws of the United States, or by right of representation. 2. If no surviving child or lawful issue of some state thereof, shall acquire lands exceeding 90,000 square feet, of deceased child the whole estate descends to surviving spouse if any. 3. If no issue or surviving spouse, to father and mother in equal { except by devise, inheritance, or through security for indebtedness. shares, or if but one survive, to such survivor. 4. If no surviving | This does not apply to actual settlers on farms not exceeding 160 acres, issue, spouse, father or mother, in equal shares to brothers and sisters | or to subjects of a foreign country, whose rights to hold lands are secured by treaty. , . , . r and lawful issue of deceased brother or sister. 5. If no issue, spouse, No corporation, more than 20 per cent of whose stock is owned by father, mother,,brother, sister, or living issue of deceased brother ; or sister, to next of kin, in equal degree, but those who claim through , persons not citizens of the United States, or by corporations not created under its laws, or those of some state thereof, can acquire nearest ancestor preferred to those claiming through ancestor more lands, and no corporation unless organized for the construction or remote. 6. If no spouse or kindred, to the State. operation of a railway canal or turnpike can acquire more than 5,ouo Dower is abolished. acres or more than is necessary for its operation, and lands granted Employers Liability Act. Effective since April 24, 1913. it by the State or United States. , , Executions issue from district courts any time within ten years i But this does not apply to lands acquired in the collection of deDts after judgment and may run to any county where judgment is docketed, j nor to a person or corporation engaged in selling lands to actual are returnable in sixty days and may be renewed for sixty days at a J settlers, or engaged in manufacturing in Minnesota while so engaged. time on reuest of judgment creditor or his attorney. Personal prop- I Such persons or corporations not so engaged must sell what theynau erty is sold on ten days’ posted notice: real estate on six weeks' pub­ April 13, 1911, within ten years from that date and sell what.they lished notice, and subject to redemption by judgment debtor or his acquire subsequent to that date within ten years after they acquire lt.^ assigns within one year from date of sale. Sales of Goods. The Uniform Sales Act became effective April Exemptions. Homestead outside of incorporated municipality 20, 1917. may include eighty acres. If in incorporated place containing less Taxes on real estate may be paid one-half before the first day of than 5,000 inhabitants, its area shall not exceed one-half acre, and in June and one-half before the first day of November of the year follow­ larger incorporated places, one-third of an acre without regard to value. ing the levy thereof, and if not so paid a penalty of 10 per cent at­ Family pictures, library, musical instruments for use of family, wear­ taches. If taxes on personal property are not paid before March 1st ing apparel, beds, stoves, cooking utensils used by family, other house­ of the year following the levy thereof, a penalty of 10 per cent attaches. hold furniture not exceeding $500 in value, three cows, ten swine, one Wills. Every person of full age and sound mind may dispose of yoke of oxen, and a horse, or in lieu thereof, a span of horses or mules, j twenty sheep, the wool therefrom raw or manufactured, food for I property by7 will in writing, signed by the testator, or by some person in his presence and by his direction, attested and subscribed in his such stock for one year's supply, one wagon, cart or dray, one sleigh, two plows, one drag, and other farming utensils not exceeding $300 in ; presence by two or more competent witnesses. Every person includes married women. If, after making a will the testator marries, the will value, provisions for debtor’s family for one year’s support, tools kept for purpose of carrying on trade, and stock manufactured in whole or I is thereby revoked.  BANKING AND COMMERCIAL LAWS—MISSISSIPPI  SYNOPSIS OF  THE LAWS OF MISSISSIPPI RELATING TO  BANKING AND COMMERCIAL USAGES Prepared and Revised by Chambers & Trenholm, Attorneys at Law, Jackson. (See Card in Attorneys’ List.) Accounts. Sworn to entitles plaintiff to judgment, unless defend­ ant flies affidavit denying. The affidavit must be by the creditor or his agent. All accounts must be itemized. Acknowledgments before any judge, clerk of a court of record under his seal, justice of the peace, notary public, or member of the board of supervisors, before any police justice, or mayor of any city, town, or village. Acknowledgments in another state may be before any of the judges of the supreme court, or any district judge of the United States, or a judge of the supreme or superior court in any state or territory, any justice of the peace, whose official character shall be certified to under the seal of some court of record in his county, or by any commissioner residing in such state or territory, appointed by the governor of Mississippi, or a notary public or a clerk of a court of record having a seal of office. Acknowledgments or proof of deeds to property in this State by persons in a foreign country may be made before any court of record, or the mayor or chief magistrate of any city, borough, or corporation where the grantor or witnesses reside, or may be, or before any commissioner appointed by the gov­ ernor of this State, or before any ambassador, foriegn minister, sec­ retary of legation, or consul of the United States. The certificate shall show that this party or party and witness were identified before the officer, and that the party acknowledged the execution of the instrument, or that the execution was duly proved by the witness or witnesses. Acknowledgment must state that party “acknowledged that he signed and delivered” instrument. Actions. All distinction as to forms abolished. Service five days before return day. All action triable in the circuit court at first term in which the defendant has been personally served with process thirty days before the return day. Mandamus, quo warranto, mechanics’ liens, attachments, and replevin triable at return term on five days notice. Administration of Estates. Had in chancery court, according to will if any Claims against deceased must be registered within one year after the first publication of notice to creditors; registration stops the general statute of limitations. All debts are to be paid before heirs, distributors, or legatees. Claims against insolvent estates are paid pro rata. Affidavits or Oaths before a judge of any court of record, clerk of such court, master in chancery, member of the board of supervisors, justice of the peace, notary public, mayor, or police justice of a city, town or village; in another state by any officer thereof, or of the United States, authorized to administer oaths. Aliens. No restrictions on the rights or resident aliens to acquire property or dispose of it. Non-resident aliens can not hold land, but may take liens thereon to secure debts and purchase at foreclosure thereof, and thereafter hold it for not longer than twenty years, with power to sell to a citizen in fee; or he may retain it by becoming a citizen. Appeals from justice court to circuit court within ten days From circuit and chancery courts to supreme court within one year. Appeals also in certain cases from board of supervisors and municipal courts. Arbitration Parties may submit to arbitration of one or more disinterested arbitrators, with agreement that proper court shall enter judgment. Arrests made bv certain officers, or private persons may arrest for offense committed in hi.s presence. No arrests or imprisonment for debt. memV^may ' b^ matte^ fo”SffieCb mmfit ^f “ S insolvent ymay prefer creditors, if in good faith and no benefit direct nr indirprt i< rAxprvfid No provision for tn© ciiscnarg© oiwhere <1 debtor 2n h s mak ng an alignment. In general assignments the  value exceeds Si 000 the assignee must give bond and administer the tr^Tn chanceryPreferences not prohibited. Practically super­ seded by bankrupt law.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1865  Attachment. Against a debtor who is a non-resident or who removes or is about to remove himself or property out of the State: who so absconds or conceals himself that he cannot be served with a summons; or who incurred the debt in conducting the business of a ship, steamboat or other water craft in some of the navigable waters of this State; or who assigns or disposes of his property, or some part thereof, or is about to assign or dispose of his property with intent to defraud his creditors; or who has property or rights in action which he conceals and unjustly refuses to apply to the payment of his debts; or who has converted or is about to convert his property into money; or evidence of debt, with the intent to place it beyond the reach of creditors; or who has fraudulently contracted the debt or incurred the obligation for which suit has been or is about to be brought, may be attached. In addition to those named above, the following grounds exist: “9. That the defendant is buying, selling, or dealing in, or has within six months next before the suing out of the attachment, directly or indirectly, bought, sold, or dealt in future contracts, com­ monly called ‘futures.’ 10. That he is iq default for public money, due from him as a principal, to the State, or some county, city, town, or village thereof. 11. That defendant is a banker, banking comany, or corporation, and received deposits of money, knowing at the time that he or it was insolvent, or has made or published a false or fraudu­ lent statement as to his or its financial condition.” Attachments for debts not due allowed for last six grounds—or when the creditor has just cause to believe that the debtor will remove himself or his effects out of State before debt will be due, with intent to defraud. Non­ resident creditors have the same rights of attachment as resident creditors, whether the debtor be resident or non-resident. Plaintiff must furnish bond double the debt and make affidavit as to one or more grounds. Suit does not abate on verdict for defendant, on a plea deny­ ing grounds; but judgment on the debt, to be offset by damages in favor of defendant for wrongfully suing out attachment. Any credi­ tors may intervene and contest ground of attachment. Attachment in Chancery on bill against the property, or debts of an absent, non-resident, or absconding debtor. A lien is acquired by the suit. If a writ for the seizure of goods is obtained, bond is required. Available to non-residents. Banks. Required capital stocks as follows: In cities, villages, and communities with population 1,000 or less, $10,000; population 1,000 and not more than 2,500, $15,000; population 2,500 and not more than 6,000, $25,000; population from 6,000 to 10,000, $35,000; 10,000 or more, $50,000. This does not apply to existing banks of (1914). There shall be a board of bank examiners of three men to be elected, duties to enforce banking laws and examine banks period­ ically. Deposits guaranteed; depositors names not to be divulged; Banks penalized for failure to comply with orders of examiners; Banks must have at least three directors; unlawful for any banks to receive, deposits for six months in excess of ten times its paid up capital and surplus; Banks officers must not contribute to campaign fund of candidates. All, except national banks, are required to make a report, not less than four times each year, to the commissioner. And the commis­ sioner shall make requisition on all banks for these reports to be made as of dates prior to the date of the requisition, and such date to be known only to himself. Such reports shall be verified and shall be published in full in a newspaper of the town or city where the bank is located. Resources and liabilities shall be stated in such reports. Banks, collecting drafts with bill of lading attached must hold funds at least ninety-six hours. Banks must give notice to administrator or executor of deceased persons of deposits of money and papers held for the deceased. Directors of every bank to hold at least three regular meetings each year and keep a complete record of all proceedings. Every bank with paid up capital of as much as $100,000 may do business as trust company; may act as a guardian, receiver, etc.; may execute bonds in legal proceedings and generally perform the duties of a trust company; may establish a special mutual loan department; in such department interest on loans not to exceed 8 per cent per annum. Bank not permitted to allow the use of its name by others in making loans. Chattel Mortgages and Deeds of Trust may be executed and recorded as other mortgages. Foreclosure is usually by trustee’s sale. If property be removed to another county, mortgage must be there recorded within twelve months to affect purchasers without notice. Mortgages on property to be acquired are valid, but not on a changing stock of goods if the mortgagor remain in possession and continue business. Reservation of title by the seller of a chattel to secure purchase money is valid without record, even against purchasers without notice. Collaterals. General law prevails. Contracts for sale of land, or for lease for more than one year, to be in writing. Same in regard to sale of chattels of the value of more than $50, unless delivery in whole or in part is made. Dealing in futures is forbidden and a ground for attachment. Gambling con­ tracts and ordinary contracts made on Sunday void. Contracts by foreign corporations who have not complied with registration of charter law are void. Conveyances. May vest title presently or in future. All estates if land greater than for one year must be by deed, and to affect pur­ chasers without notice must be recorded. Estates tail prohibited, except that a deed or devise may be made to a succession of living donees not exceeding two and to the heirs of the body of the remain­ derman, or, in default thereof, to the right heirs of the donor in fee. Corporations convey under seal. In all other cases private seals abolished. Conveyances or devises to two or more, or to husband and wife, create tenancy in common. Rule in Shelly’s case abolished. Remainder good without particular estate. The words “grant, bar­ gain, and sell” operate as a covenant that grantor is seized of some estate of inheritance. Words “convey and warrant” operate as a general covenant of warranty. The words “convey and warrant specially” operate as a warranty only against the grantor or those claiming under him. A quitclaim deed has practically the same effect. Husband and wife, if living together, must join in conveyance or incumbrance of homestead of either, or it will be void as to all under $3,000. Corporations. Corporations except for the construction and operation of a railroad other than street railroads, and the carrying on of an insurance business, other than mutual insurance, may be created under a general charter. Application for charter signed by each of the incorporators and acknowledged. It must then be published three consecutive weeks in a newspaper published at the domocile of the proposed corporation. The application, with proof of publication, must be forwarded to the secretary of state together with the fee for recording. The same to the attorney general for his opinion as to the constitutionality and legality of the proposed corporation, after which it is referred to the governor for his approval or disapproval. The governor then returns it to the secretary of state with his action endorsed thereon. If he approve it, the secretary of state shall record it in his office and certify to the same records, and transmits it to the applicants. It must be recorded in the office of the clerk of the chancery court of the county in which the corporation shall do business. Within thirty days after the organization, the corporation must make report of the organization to the secretary of state. If such report be not made the charter granted shall be void, and all persons doing business thereon shall be deemed partners in the business, and liable as such.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1866  BANKING AND COMMERCIAL LAWS—MISSISSIPPI  Corporations thus created possess the powers usual and incident to private corporations generally, but existence is restricted to fifty years. Corporations created as above named may hold property necessary for their purposes, not exceeding one million dollars, manu­ facturing companies and banks excepted, which may hold property to the amount not exceeding two million dollars. Under the laws passed by the Legislature of 1912 all corporations, whether domestic or foreign, are not allowed to acquire title in fee, or for a term of years, to, or own land for agricultural purposes, in this State outside of an incorporated city, town, or village. A cor­ poration may be lessor or lessee for not more than twenty years of as much as 10,000 acres of land to be used for agricultural purposes, but any such lease or contract shall not be renewed or extended so as to authorize the holdings of said lands for another period. This law does not prevent corporations from taking deeds of trust, or mortgages on real estate to secure loans or debts, or from acquiring title thereto upon foreclosure of such securities or from acquiring title to land by deed for the collection of debts, and that all lands so acquired may be used and operated after foreclosure for all agricul­ tural purposes during the time so held for not longer than twenty years. It is also the duty of every corporation that shall acquire interest in or title to land in this State to file the deed to same in the office of the Chancery Clerk of the county in which such land, or a part of it, is located within sixty days after the date of the deed. If any corporation or other person shall have acquired any right, title or interest in any land in violation of this Act, they shall be dis­ solved by a suit brought by the Attorney General of the State or by the District Attorney, if it is a domestic corporation, and if a non­ resident corporation they shall not be permitted to do business in this State, and the court shall thereafter appoint a receiver to take charge of all property in this State belonging to such corporation or so held in trust and to dispose of the same under order of the court, and after paying all debts of the corporation and all costs and charges incident to said suit, the remaining shall be paid and distributed to the stockholders. This Act does not affect the rights of existing corporations in this State, but is passed to prevent a monopoly in agricultural lands. Corporations may take a lien on property real, or personal, to a greater amount than they may hold as a security for a debt, if same shall be held for a longer period than ten years. Stockholders indi­ vidually liable for the debts the corporation contracted during his ownership of stock for the balance that may remain unpaid for stock subscribed for and may be sued by any creditor. Directors are liable for the wilful mismanagement or for allowing capital withdrawn while debts exist. Corporations under the laws of other states or of foreign countries may sue in this State, and have the same rights in the State as non-resident individuals. The legislature may repeal or amend charters granted after November 1, 1890, provided rights of stockholders are not infringed. All foreign corporations doing business in this state shall file a certified and duly authenticated copy of its charter or certificate with the secretary of state. Charter must be certified by the president and secretary or other chief executive under the corporate seal. Fees are to be paid according to capital stock, viz.: $10,000 and under, $20,00. Between $10,000 and $30,000, $40.00. Between $30,000 and $50,000, $60.00. When over $50,000, one-tenth of one per cent and not to exceed $250.00. Costs. Non-resident or insolvent plaintiff required to give security though an insolvent may sue in forma pauperis. Courts. Terms and Jurisdiction. Justices’ courts meet twice each month; circuit and chancery courts in each county twice a year; supreme court twice a year in October and March. Justices’ courts have jurisdiction up to $200. Circuit courts have general jurisdiction of all common law actions where the amount or value exceeds $200, and jurisdiction of appeals from justices’ and mayors’ courts, and boards of supervisors. Chancery courts have jurisdiction of the administration of estates of deceased persons, of minors’ business and other probate matters, and of all matters in equity. Appeals may be taken to the supreme court from any final judgment of the circuit court, and from the chancery court, except in suits for not more than $50 originating in the justice's court. Suits of equitable cognizance improperly brought in the circuit court are transferred to chancery court, and vice versa. No suit dismissed because being of an equitable nature it is improperly brought in the circuit court and e converso. Creditor’s Bills may be filed under general Laws to subject equi­ table assets and in aid of execution at law. Such laws may, under the statute, be filed to subject property of a debtor fraudulently conveyed without a judgment and return of nulla bona; and this whether com­ plainant’s debt is due or not. No bond is required unless a sequestra­ tion is desired. Curtesy and Dower. Both abolished since 1880. Deeds. (See Conveyances.) Depositions in civil cases, on written or verbal interrogatories; ten days’ notice to opposite party. If such party is absent and has no attorney, filing interrogatories ten days sufficient. The officer shall swear the witness to testify the truth, and shall impartially examine him on the interrogatories. The testimony shall be fairly written down by the officer or witness, or by a disinterested person in the presence of, and shall be subscribed by the witness. Depositions then certified, and transmitted by mail or other safe and convenient manner to the court where the same are to be used. Officer’s cer­ tificate prima facie evidence of his character. Descent and Distribution. Estates of inheritance, real and personal descend. 1. To children and their descendants per stirpes. 2 To brothers and sisters and father and mother in equal parts and their descendants by representation. 3. To the next of kin according to the civil law. Except among brothers and sisters there is no representation among collaterals. Advancements must be brought into hotchpot. No distinction between children of the whole blood and those of the half blood, except that children of the whole blood are preferred to those of the half blood in equal degree. Where there is no one to inherit property escheats. Illegitimates inherit from the mother and from her other children and her kindred. Children of illegitimates and their descendants inherit from brothers and sisters of their father or mother and from grand parents. But children of illegitimates do not inherit from any ancestor or collateral kindred if there be legitimate heirs of such ancestor or collateral kindred, in the same degree. Exempt property of husband or wife descends to sur­ vivor and children as tenants in common. Dower and Curtesy have been abolished since 1880. Evidence. In the main common law rules apply. Parties and interested persons competent; except against decedent. Affidavit to open account entitles to judgment, unless defendant denies under oath Warehouse receipts and bills of lading conclusive evidence in favor of a bona fide holder that the property was received by the issuer. (See also Accounts and Affidavits.) Executions in circuit court issue within twenty days after the adjournment of court unless otherwise ordered by the plaintiff, and in justices courts after the lapse of ten days from judgment rendered, unless recovering party makes affidavit that he is in danger, by delay, of losing his debt or demand, in which case execution issues forthwith, No redemption of property sold under execution or mortgage.  Exemptions. The following personal property is exempt from seizure under execution or attachment, to-wit: The tools of a mechanic necessary for carrying on his trade. The agricultural implements of a farmer necessary for two male laborers. The implements of a laborer necessary in his usual employment. The books of a student required for the completion of his educa­ tion. The wearing apparel of every person. The libraries of all persons, including pictures, drawings, and paint­ ings, not exceeding five hundred dollars in value; also the instruments of surgeons and dentists, used in their profession, not exceeding two hundred and fifty dollars in value. The arms and accoutrements of each person of the militia of the State. All globes and maps used by the teachers of schools, academies, and colleges. The following property of each head of a family, to be selected by the debtor, is exempt. Two work-horses or mules, and one yoke of oxen. Two head of cows and calves. Ten head of hogs. Twenty head of sheep and goats each. All poultry. All colts under three years old raised in this State by the debtor. Two hundred and fifty bushels of corn. Ten bushels of wheat or rice. Five hundred pounds of pork, bacon, or other meat. One hundred bushels of cotton seed. One wagon, and one buggy or cart, and one set of harness for each. Five hundred bundles of fodder and one thousand pounds of hay. Forty gallons of sorghum or molasses or cane syrup. One thousand stalks of sugar cane. One molasses mill and equipments, not exceeding one hundred and fifty dollars in value. Two bridles and one saddle, and one side saddle. One sewing machine. Household and kitchen furniture not exceeding in value two hun­ dred dollars. All family portraits. One mower and rake for cutting and gathering hay or grain. And the following property shall be exempt from garnishment or other legal process, to-wit: The wages of every laborer or person working for wages, being the head of a family, to the amount of fifty dollars per month, but this paragraph shall not apply to a debt for board and lodging or a judg­ ment founded on a debt for board and lodging. The proceeds of insurance on property, real and personal, exempt from execution or attachment, and the proceeds of the sale of such property. Payable to Executor. Life insurance policy not exceeding five thousand dollars, payable to the executor, or administrator, shall inure to the heirs or legatees, freed from all liability for the debts of the decedent, except premiums paid on the policy by anyone other than the insured and debts due for expenses of last illness and for burial; but if the life of the deceased be insured for the benefit of his heirs or legatees at the time of his death otherwise: and they shall collect the same, the sum collected shall be deducted from the three thousand dollars, and the excess of the latter only shall be exempt. Life insurance policy to amount not exceeding $10,000.00 goes to parties named as beneficiaries free from liability for debts of insured. Homestead in Country. Every citizen being a householder, and having a family, shall be entitled to hold exempt the land and build­ ings owned and occupied as a residence, but the quantity shall not exceed one hundred and sixty acres, nor the value thereof, inclusive of improvements, save as hereinafter provided, the sum of three thousand dollars. . , Homestead in Cities. Every citizen being a householder, and hav­ ing a family residing in any city, town, or village, shall be entitled to hold, the land and buildings owned and occupied as a residence by such person, not to exceed in value, save as hereinafter provided, three thousand dollars, and personal property, to be selected by him, not to exceed in value two hundred and fifty dollars, or the articles specified as exempt to the head of a family. Homestead exemption may be increased to $3,000 in value by filing for record in chancery clerk’s office a declaration claiming as exempt certain property. No property is exempt as against purchase money or for labor per­ formed on it or material furnished therefor. Money loaned at rates of interest not exceeding 6 per cent is exempt from taxation. Foreign Corporations may do business and sue and be sued as n case of domestic corporations. (See Corporations.) foreign ;orporations doing business in the State without recording their •harters are subject to fine; and all contracts are null and void. Sales of merchandise otherwise than in usual course of business ana sales of entire stock of goods in gross presumed fraudulent and void as ;o creditors, unless 5 days before sale, seller make complete inventory | md the purchaser made demand of seller for name, address and amount if claim of each creditor, and the purchaser notified personally or by nail each of creditors of prased sale and of cost price of merchandise md the price to be paid therefor. In case of destruction of stock of merchandise by fire, on w hich there s insurance, holder of policies to notify creditors he owes for merchan-  i J | | [ j  j  '  j  Fraud and Fraudulent Conveyances. (See Attachment, Bills of Lading, Limitations, Creditor’s Bi)!.) Garnishment on judgments or in attachment. Binds debts or property of debtor in garnishee’s hands. Grace. Abolished. Holidays are Jan. 1, Feb. 22, April 26, June 3, July 4, first Monday a September, fourth Thursday in November, and December 25. nstruments falling due on a holiday are payable on the next succeeding msiness day. Instruments falling due on Saturday are to be presented or payment on the next succeeding business day except that lnstrunents payable on demand might at the option of the holder be preented for payment before twelve o'clock noon on Saturday when that lay is not an entire holiday. Homestead owned and occupied by husband living with wife cannot >e sold or encumbered unless the wife joins in the conveyance, t ne ame is true as to husband if wife owns homestead. (See Exempions.) Husband and Wife. The disabilities of coverture are abolished, is are dower and curtesy. Husband and wife may contract with md sue each other, but contracts for compensation for services renlered to each other are void. If husband rents wife’s land, mutes, itc., and does business in his own name, it will be deemed the businers if tile wife as to those without notice, unless the contract be recordea. transfers between are void as to third persons unless recorded, (nee Jso Married Women. Wills, and Homestead.) Insolvency. No general insolvent laws, but insolvent estates of lecedents are divided among creditors pro rata. In case of insolvency partnership property is applied first to partnerhip debts, and e converso.  BANKING AND COMMERCIAL LAWS—MISSOURI Interest. Legal rate 6 per cent per annum, and is exempt from any taxes, but parties may contract in writing for 8 per cent, when more is stipulated or collected all interest is forfeited. When above 20 per cent interest and principal forfeited and payments forfeited. Judgments enrolled become liens on defendant’s property within the county. A junior judgment creditor may obtain priority as to property levied on by him, if, after ten days’ notice, the senior judg­ ment creditors fail to issue executions and point out the property Lien of judgment continues seven years. Jurisdiction. (See Courts.) Liens. Lien of an enrolled judgment, of mechanics and material men, of landlord and laborer on agricultural products, innkeeper’s and stablekeeper’s lien. The seller of goods may enforce lien for the price of the same, provided the goods are still in the hands of the purchaser or one having notice. The procedure is by affidavit, filed at the commencement suit, stating that the purchase money is unpaid. A writ of seizure issues, and the goods are taken. Title to personal property may be reserved by the seller as security for the price, and this is good even as against a subsequent bona flde purchaser, with­ out any writing or record. Limitations. Open accounts, accounts stated, and verbal con­ tracts, express or implied, three years; all other contracts, six years awards of arbitrators, six years; judgments and decrees rendered in another state against resident of this, three years; rendered in this, seven years, real actions, ten years. Actions to recover property sold under order of chancery court must be brought within two years, where possession is taken and purchase money paid in good faith When the legal title to property or right in action is in an executor, guardian, or other trustee, beneficiary, though under disability, is barred when trustee is barred. Action against administrator or executor on claim against person deceased limited to four years from date of qualification of such administrator or executor. Statute does not apply to suits on notes or evidences of debt of banks or other moneyed corporations. An acknowledgment or new promise must be in writing. Statute does not run during fraudulent concealment, nor against infant or person non compos mentis, nor against a convict in actions for assault, etc., until after release, nor against State, county, municipality, or any political subdivision of State. Married Women retain their estate, common law disabilities of coverture abrogated; have capacity to make contracts and do all acts in reference to property. Dower and curtesy abolished. Hus­ band and wife must join in conveying or encumbering homestead. (See also Husband and Wife and Descent.) Mortgages and Trust Deeds do not take effect as to creditors or purchasers in good faith and without notice until they are delivered to the clerk for record; with power of sale are foreclosed by sale in pais; without power of sale, by suit in chancery court, and after fore­ closure there is no redemption. (See Chattel Mortgages.) Notaries. Have power to administer oaths, take acknowledgments and to protest notes and bills. (See Conveyances.) Notes and Bills. Uniform Negotiable Instruments Law adopted and now operative. Partnership. Few statutory provisions. Governed by general law. In case of insolvency, partnership property must go to pay firm debts, and e converso. Provision made for limited or special partnerships. Powers of Attorney. May be acknowledged or proved and recorded as deeds. May be revoked in like manner. Conveyances of land or other property under powers of attorney are valid. Redemption. No redemption from sales under mortgage, execu­ tion, or other judicial sale. Two years allowed for redemption of land sold for taxes, saving to minors and persons non compos mentis a like period after removal of disability. Replevin lies to recover personal property wrongfully withheld from the owner. The property may be restored to defendant on bond. If he declines to bond, plaintiff may do so. If neither does, a claimant of the property may give the bond and receive possession. Damages may be assessed for wrongful taking or detention. Taxes. Personal property is assessed once a year; real estate every two years, and taxes constitute a prior lien. Land delinquent sold on first Monday of April. Redemption within two years, on payment of all taxes, costs, 25 per cent damages, and 5 per cent on amount paid. Infants and persons of unsound mind may redeem within two years after removal of disability, on paying the value of permanent improvements put on the land after two years from date of sale. Trust Companies. Provision for such companies with general powers—to administer all trusts, make bonds and the like. (See Banks.) Warehouse Receipts. (See Bills of Lading.) Wills executed by anyone twenty-one years old, of sound mind. As to land if not wholly written and subscribed by testator, must be attested by two subscribing witnesses. A nuncupative will (of per­ sonalty) i lay be made during last sickness of testator at habitation, or where testator has resided ten days next before death or where person is taken sick from home and dies before return, must be proved by two witnesses. Nuncupative wills not to be established where value beaueathed exceeds $100. Soldiers and sailors in actual service may bequeath personalty free from statutory restrictions. No restriction upon the power to dispose of property by will except that religious or charitable trusts or bequests void. Provisions made for renouncing will by surviving husband or wife in certain cases. Probated in com­ mon form may be contested within two years. One who kills another cannot take under his will.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1867  SYNOPSIS OF  THE LAWS OF MISSOURI RELATING TO  BANKING AND COMMERCIAL USAGES Prepared and Revised by Sanford B. Ladd, Esq., Attorney at Law. Kansas City. (See Card in Attorneys’ List.) Acknowledgments. Acknowledgments oi instruments affecting real estate may be before one of the following courts or officers. 1. Within this State, some court having a seal, or some judge, justice or clerk thereof, a notary public, or some justice of the peace of the county in which the real estate is situated. 2. Outside of this State and w ithin the United States, any notary public, any court having a seal or the clerk of such court, or commissioner of deeds. 3. Without the United States, any court having a seal, the mayor or chief officer of any city or town having an official seal, any minister, consul or officer of the United States, or notary public having a seal. The official should certify that “before me personally appeared .... and..................his wife, to me known to be the persons described in, and who executed the foregoing instrument and acknowledged that they executed the same as their free act and deed.” Actions. There is in this State but one form of civil action the practice being under a code. A non-resident plaintiff must file the written undertaking of some resident for costs. Administration of Estates. The probate court in each county has jurisdiction of the settlement of the estates of deceased persons. Claims presented to the court for allowance within six months after the grant of letters are preferred over those presented later. Claims not presented within one year from the granting of letters are barred. Letters are granted: 1. To the husband or wife. 2. To those entitled to distribution, or one or more of them. If after the expiration of thirty days after death of deceased, such persons do not, on five days' notice, appear and qualify, letters may be granted to any other person. Non-residents ernnot be executors or administrators, nor may non-resident executors or administrators maintain an action in, this State. Aliens. Aliens or alien corporations may not acquire, hold or own real estate except such as may be acquired by inheritance or in theordinary course of justice in the collection of debts. Real estate acquired by an alien creditor at foreclosure sale must be disposed of within five years. Arbitration. Parties to a controversy may submit the same to arbitrators, and their award be confirmed by a court and judgment rendered thereon. Arrest. No person can be arrested under civil process. Assignments. Voluntary assignments must be for the equal benefit of all the creditors of the assignor and are administered in the circuit court. No such assignment operates as a discharge of the, assignor from his debts. Attachments. The writ may issue when the debtor is a non-resi­ dent; or conceals himself so that the ordinary process of law cannot be served; or, has absconded or absented himself from his usual place of abode in this State, so that process cannot be served, or, is about to remove his property out of the State with intent to defraud, hinder, or delay his creditors; or, is about to remove out of the State and change, his domicile; or, has fraudulently conveyed, concealed, or removed his property, or is about to do so, to hinder or delay his creditors; or, has failed to pay the price of any article which he was bound to pay for upon its delivery, or has fraudulently contracted the debt; or, where the cause of action accrued out of this S ate and the defendant has absconded or secretly removed his property into this State; or, where the damages sued for arise from the commission of a felony or mis­ demeanor or the seduction of a female; or, the defendant is a corpora­ tion whose chief office or place of business is out of this State. The plaintiff, his agent, or attorney must make affidavit to one or more of these grounds, and the plaintiff, except where the fedendant is a non­ resident, must give bond for double the amount of the debt. Banks are organized under a general law. The cash capital must not be less than $10,000 nor more than $5,000,000, and in cities of 150,000 or more, not less than $100,000. The entire capital must be subscribed, one-half thereof paid up on organization, and the other half within one year. Directors must be residents of this State. The receipt of deposits with knowdedge of the fact that the bank is in failing circumstances, is punishable by fine or imprisonment, and officers and agents consenting to the creation of debts with such knowledge, are individually responsible therefor. Not more than 25 per cent of its capital stock must be loaned to any individual or corporation. Large powers of supervision and control are vested in the bank com­ missioner. Private bankers must have a paid-up capital of not less than $10,000, and in cities of 150,000 population or more, not less than $100,00C. Every firm or individual as well as every corporation that engages in the business of banking shall be subject to the strict supervision of the State Banking Department. Conditional Sales of personal property, unless recorded, are void as to subsequent purchasers in good faith and creditors. Conveyances. A person may convey title to lands although not in possession, and although the same be in adverse possession. The signature of the grantor in a deed need not be attested by a subscrib­ ing witness A deed by a natural person need not be under his seal. The corporate seal must be affixed to deeds of corporations. The use of the word “heirs” in a deed is not necessary to create a fee simple. The statute abolishes estates tail and converts an estate tail into a life estate for the first taker, with remainder in fee simple to the heirs of his body. The words “grant, bargain and sell” are employed in the granting clause of a warranty deed; by statute those words constitute express covenants that the grantor was seized of an indefeasible estate in fee simple; that the real estate was free from all incumbrances done or suffered by him or any person under whom he   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1868  BANKING AND COMMERCIAL LAWS—MISSOURI  claims; and for further assurances of the title to be made by him and his heirs. Title, subsequently acquired by the grantor in a warranty deed, will immediately pass to the grantee without further convey­ ance. An estate of freehold may be made to commence in future, by deed. An interest in real estate, granted or devised to two or more persons, other than executors or trustees, or husband and wife, is a tenancy in common unless expressly declared to be a joint tenancy. A conveyance to husband and wife creates an estate in entirety, as at common law. Females of eighteen years are considered of full age for the purpose of conveying real estate. Corporations are formed under general law. In the case of manu­ facturing and most other business corporations, the capital must be not less than $2,000 nor more than $500,000,000. One-half must be subscribed and actually paid up in money or property of the full value thereof, if part of the capital stock is paid in property, there must be an itemized description, the actual cash value of each item being shown. Part of the stock may be preferred, paying not to exceed 6 per cent annual dividends. Cumulative voting is permitted. Directors must not be less than three nor more than twenty-one; three of them must be citizens and residents of the State. A stockholder having paid for his stock in full is subject to no further liability. The amount of the bonded indebtedness cannot, in any event, exceed the amount of the authorized capital stock. The bonded indebtedness cannot be increased nor the capital stock increased or diminished except with the consent of persons holding the larger amount in value of the stock. Two-thirds in value of the stock may apply to the cir­ cuit court for a decree for the winding up of the business. Corporations owing no debts may also be dissolved by unanimc as vote of all shareholders. A corporation pays an annual franchise tax equal to one tenth of one per cent of the par value of its outstanding capital stock and surplus. The General Assembly of 1913 enacted what is popularly known as a “blue sky law,” placing under strict supervision of the Bank Com­ missioner, corporations and partnerships carrying on the business of selling and negotiating stocks, bonds and securities (a few securities excepted.) • Ample powers of visitation and summary action are conferred upon the Bank Commissioner, and penalties of flue and imprisonment imposed for violation of the law. A foreign corporation must file in the office of the secretary of state a copy of its charter with a statement of the proportion of its capital stock invested in Missouri, and pay certain fees. It then receives a license to do business in the State. It must also maintain an office in the State. Its personal property in this State may not be incum­ bered to the injury of any creditor who is a citizen of this State, and no mortgage by a foreign corporation except a railroad or telegraph company, to secure a debt created in another State is effective as against any citizen of this State until its debts, due to resident citizens at the time of recording the mortgage, have been paid. A corporation failing to comply with these provisions is subject to a fine and cannot maintain a suit in a court of this State. A corporation of any country outside of the United States before being authorized to transact busi­ ness in this State must have a public office in the State, where books shall be kept, showing in detail its assets and liabilities, the names and residences of its shareholders, officers, directors, and managers. None of these requirements apply to insurance companies. Courts. Circuit Courts have original jurisdiction in all cases of law and equity and hold two or more terms in each year in each county. Jurisdiction of the settlement of estates of deceased persons is vested in a Probate Court in each county. Justices of the Peace have juris­ diction up to $250; in counties and cities having over 50,000 and less than 200,000 population up to $300; in townships having more than 200,000 and less than 400,000 population, up to $500; in cities of over 300,000 population up to $500; in cities of more than 300,000 in some cases $600. Appeals lie from judgments of Justice and the Probate Court to the Circuit Court. There are three appellate courts in the state to which appeals lie from the Circuit Courts in all cases (with certain exceptions), involving not more than $7,500; in all other cases appeals lie from the Circuit Court to the Supreme Court. Days of Grace are abolished.  (See Negotiable Instruments.)  Depositions. May be taken on notice of at least three days and one day additional for every fifty miles of the first 300 and beyond that one additional day for each 100 miles from the place of serving the notice. If taken outside of the State a commission issues from the court in which the suit is pending. They may be taken within the State by any judge, justice of the peace, notary public, clerk of a court, mayor or chief officer of a city or town having a seal of office; and if out of the State by any officer appointed by authority of the laws of this State to take depositions, a consul or commercial representative of the United States having a seal, or mayor of any city or town having a seal, or any judge, justice of the peace, or other judicial officer, or a notary public. They may be taken upon written interrogatories, but this is not customary. The names of the witnesses or of the officer need not be mentioned in the notice. Objections to the competency or relevancy of the testimony need not be noted, but can be first made when it is offered at the trial. Descent and Distribution of Property. The real and personal estate of an intestate descends and is distributed as follows: 1. To his children or their descendants in equal parts. 2. If there be no children or their descendants, then to his father, mother, brothers, and sisters, and their descendants in equal parts. 3. If there be no chil­ dren or their descendants, father, mother, brother or sister, nor their descendants, then to the husband or wife; if there be no husband or wife, then to the grandfather, grandmother, uncles and aunts, and their descendants in equal parts. 4. If there be no children or their descendants, father, mother, brother, sister, or their descendants, husband or wife, grandfather, grandmother, uncles, aunts, or their descendants, then to the great-grandfathers, great-grandmothers, and their descendants, in equal parts, and so on, in other cases without end passing to the nearest lineal ancestors and their children, and their descendants in equal parts. Posthumous children inherit. When there are collaterals of the half blood, they inherit half as much as those of the whole blood. Lineal descendants in equal degree take per capital; but where part of them are dead and part living, the issue of those dead take per stirpes. When a wife shall die without any child or other descendants in being, capable of inheriting, her widower shall be entitled to one-half the real and personal estate belonging to the wife at the time of her death, absolutely, subject to the payment of the wife’s debts, and the widow takes a like share of the estate of her husband on his death without lineal descendants. 'An illegitimate child inherits from its mother, and vice versa. An illegitimate child become legitimate if the parents intermarry. Dower. Dower in real estate is as at common law, but the widow has the right, at her election, to choose certain portions of her hus­ band’s estate absolutely, in lieu of dower. A widow may renounce provisions in a will in lieu of dower and elect to take absolutely certain portions of the estate. No conveyance by the husband or sale under judgment or decree will bar dower. The estate by the curtesy exists as at common law. Executions. Unless motion for new trial is filed within four days after judgment, execution issues immediately. Real estate must be sold during a session of the court which rendered the judgment. Sales  of real estate must be advertised for twenty days; of personal property for ten days. Execution sales are for cash. No execution is a lien upon personal property until actual seizure thereof. It may issue at any time within ten years from the rendition of the judgment. Deeds to the purchaser are made at once by the sheriff, no confirmation of sale being required. Exemptions. The homestead of the head of a family is exempt in the country to the extent of 160 acres not exceeding in value $1,500, in cities of 40,000, eighteen square rods, not exceeding in value $3,000 in cities of 10,000, thirty square rods not exceeding in value $1,500, in towns of less than 10,000, ten acres, not exceeding in value $1,500. The exemption continues to the widow and to the children until their majority. There are also exempt, when owned by the head of a family, ten hogs, ten sheep, two cows, and certain farm implements; two work animals, spinning wheel, loom, and small quantity of hemp, flax, and wool; wearing apparel; $100 in household and kitchen furniture; mechanic’s tools; provisions on hand for family use; Bibles and other books used in the family. Lawyers, physicians, ministers, and teachers have the right to select professional books in lieu of other property allowed to them and doctors may select medicines. In lieu of certain of the exempted articles any other property, not exceeding $300 in value, may be selected. Frauds and Perjuries. No executor or administrator is bound by his promise to pay any debt or damages out of his own estate, and no person is liable upon any agreement to answer for the debt, default, or miscarriage of another, or made in consideration of marriage, or for the sale of lands or any interest in or lease thereof for a longer time than one year, or on any agreement that is not to be performed within one year unless the agreement sued on, or a memorandum thereof is in writing signed by the party to be charged or his authorized agent; and no contract for the sale of lands by an agent is valid unless the author­ ity of the agent is in writing. Every gift, conveyance, or assignment of or charge upon real or personal property made with intent to hinder, delay, or defraud creditors or defraud or deceive persons who shall pur­ chase the same lands, is void against creditors and purchasers, prior and subsequent. The disposition of the larger part or the whole of a stock of merchandise pertaining to vendor’s business otherwise than in the ordinary course of trade, is fraudulent and void as against credi­ tors of the vendor, unless the vendee shall, at least seven days before the sate furnish to the creditors a statement of the consideration for the sale, the amount of the indebtedness of the vendor, and the names of his creditors. All creations of trust in lands must be in writing except those resulting by implication of law. Garnishment. Garnishees may be summoned under writs of attachment or execution. A garnishee may discharge himself by delivering up the property or paying the debt to the officer under order of court. Credits or property attached in the hands of a garnishee may be claimed by a third person, who may assert his title by inter­ pleader. Not more than 10 per cent of the wages due for the last thirty days’ service of the head of a family and resident of this State can be garnished. Public corporations and their officers are exempt from garnishment, as are also administrators and executors prior to an order of distribution. Holidays. January 1, February 22, May 30, July 4, the first Monday of September, any general primary election day, any general state election day, any thanksgiving day appointed by the President or Governor, and December 25 are public holidays; and when any of them fall on Sunday, the next day is such holiday. February 12; known as “Lincoln Day,” and October 12, known as “Columbus Day are also holidays, but are not such as respects commercial paper. Husband and Wife. (See Married Women.) Income Tax. A tax of one and one-half per centum is levied upon the annual income of individuals and corporations, with provisions for certain deductions and exemptions. Inheritance Tax. A tax is levied upon the estates of deceased persons varying from one to five per cent, depending on the relation of the beneficiary to the deceased, and exceeding those rates when the value of the property received by a beneficiary exceeds $20,000, with certain exemptions in favor of different classes of persons mentioned in the law. Interest. Legal rate 6 per cent, but by agreement in writing any rate not exceeding 8 per cent. The legal rate is collectible on moneys after they become due; on 'written contracts or accounts, after due and demand made; on money recovered for the use of another ana retained without the owner’s knowledge. If usurious interest has been paid that part, in excess of the legal rate is deemed payment and credit­ ed on the debt, the holder of which recovers the debt only with legal interest after deducting such payments, and costs are adjudged against him. The receipt or exaction of usurious interest upon a dent secured by lien upon personal property renders the lien invalid. farJ" ies may contract that interest may be compounded, but not ottener than once in a year. Judgments. Judgments and decrees rendered by a court of record are liens on the real estate of the person against whom they are rcnuered situate in the county for which the court is held. Transcript or a judgment filed in the office of the clerk of the circuit court of anj other county becomes a lien upon real estate in such county, ine lien of a judgment continues for three years, and may be revived at an time within ten years from its rendition. Execution may issue at any time within ten years from the rendition of a judgment, wnen two or more judgments are rendered at the same term as between parties entitled to the judgments, the liens commence on the last day of the term at which they are rendered. Judgments bear interest at 6 per cent, but if upon contracts bearing more than 6 per cent, tne judgment bears the rate of the contract. Liens. Statutory provisions exist for mechanics’ liens, liens of keeping horses and other animals, liens of inn and boarding-house keepers, liens of contractors, material-men, and laborers against railroads. Limitations. Actions must be commenced within ten years. 1. Upon ariy writing for the payment of money or property. On any covenants of warranty or seizin contained in any deed. For recovery of lands. 4. For relief not otherwise provided tor. Within five years: 1. Upon contracts, express or implied except judgments or decrees of court. 2. Upon a statutory liability otner than a penalty or forfeiture. 3. Trespass. 4. Replevin, and tor any other injury to the person or rights of another not arising on con­ tract and not otherwise enumerated. 5. For relief on the ground oi fraud. Within three years. 1. Against public officers for acts oi official commission or emission. 2. For a penalty or forfeiture wne the action is given to a party or a party and the State. Within years: Actions for libel, slander, assault, battery, false imprisonme , or criminal conversation. Statute does not begin to run agains resident of this State who is absent at the time it accrues, until n return: if he depart after it accrues, the period of his absence is n counted. Acknowledgments or promises, to take a case trom lue operation of the statute, must be in writing. Judgments are pre­ sumed to be paid after ten years. A cause of action barred oy tne laws of the State in which it originated is barred in this State. Limited Partnership. May consist of one or more general and one or more special partners. Special partners contributing a speciI fled amount in cash to the capital are not personally liable for the debts  BANKING AND COMMERCIAL LAWS—MONTANA of the partnership and have no power to transact its business. A verified statement of the terms of the partnership must be filed with the recorder of the county. There can be no limited partnership for the business of insurance or banking. Married Women. A married woman is deemed a femme sole so far as to enable her to carry on or transact business on her own account, to contract and be contracted with, to sue and be sued, to enforce or have enforced against her property such judgments as may be rendered for or against her, and may sue or be sued at law or in equity, with or without her husband being joined as a party. Her real estate and personal property cannot be taken by any process of law for the debts of her husband. Neither the rents, issues, or products of her real ■estate, nor the interest of her husband in her right in any real estate, can be levied on for his debts. Mortgages. Mortgages on real estate are executed like deeds. Husband and wife must join to bar dower or homestead, except to secure purchase money. The common form of real estate security is a deed of trust with power of sale in the trustee upon default in the payment of the debt. Sale is at public auction upon twenty or more days’ public notice, as may be provided in the instrument. The trustee executes deed to the purchaser. There is no redemption from sale unless the holder of the debt is the purchaser, in which case the debtor may redeem within one year if he gives written notice at the sale or within the preceding ten days of his purpose, and within twenty days after sale give security for payment of interest ot accrue within the year and all interest on prior incumbrances paid by the creditor and taxes and assessments accruing during the year. Evi­ dences of debt secured by mortgage or deed of trust must be produced to the recorder when satisfaction is entered. No foreign corporation or individual may act as trustee in any deed of trust unless there be named as co-trustee a Missouri corporation or individual citizen of this state, and the resident trustee must be a party plaintiff in an action to foreclose. Chattel mortgages are invalid except as between the parties unless possession of the property be taken and retained by the mortgagee or the mortgage be acknowledged and recorded in the county of the mortgagor in the same manner as conveyances of real estate, or unless the mortgage or a copy thereof be filed on the office of the recorder of the county of the mortgagor, or, where he is a non-resident of the State, then in the office of the recorder of the county in which the property is situated. Every such mortgage ceases to be valid after the expiration of five years from the filing of the same. Negotiable Instruments. The General Assembly of this State has codified the law of negotiable instruments by the passage of “An act relating to the negotiable instruments, to revise and codify the law concerning the same, and to establish a law uniform with that ■of other states on the subject.” The act is the same as that adopted by many other states in accordance with the recommendation of the American Bar Association. It became effective in Missouri, June 16, 1905. Power of Attorney. An instrument of writing containing a power to do any act or business, including the conveyance of real estate, as agent or attorney for another, when acknowledged in the same form as required for deeds, may be read in evidence without further proof ■of its execution. Probate Law. (See Administration of Estates.) Protest. (See Negotiable Instruments.) Replevin. Goods or chattels wrongfully taken or retained may be replevied by the owner or party entitled to possession. Affidavit must be filed and bond in double the value of the property given. In ■certain cases defendant may retain possession of the property by giving a bond in double its value. If plaintiff fail in his suit, defendant recovers judgment against plaintiff and the sureties on the bond for the value of the property and damages. Taxes. State and county taxes are usually paid in November or December. If not paid, they are regarded as delinquent from the first day of the succeeding January. State and county taxes for each year are a lien upon the real estate from the first day of June of the preceding year. Delinquent state and county taxes are collected by suit. Municipal taxes are payable according to the provisions of the charters or general laws by which they may be governed. In some cases the payment of delinquent city taxes may be enforced by a sale of the property without suit; in others, suit must be brought before sale can be made. There is no redemption from a sale under a judg­ ment for state and county taxes. Redemption is usually allowed in a sale for city taxes under the provisions of the particular charter. Wages. (See Garnishments; Exemptions.) Wills. Every male person twenty-one years of age may, by his last will devise all of his estate, real, personal, and mixed, and every male over the age of eighteen years may bequeath his personal estate. Women of eighteen years of age and upward, married or unmarried, may devise their real estate and bequeath their personal property. A will must be in writing, signed by the testator or some person by his direction in his presence, and must be attested by two or more com­ petent witnesses subscribing their names to the will in the presence of the testator If after making the will the testator shall marry and die leaving issue of the marriage living at the time of his death, or born to him after his death the will shall be deemed revoked. The will of an unmarried woman is revoked by her subsequent marriage. If a child or children, or the descendants of such child of children, in case or their death, are not named or provided for in the will the testator is deemed to have died intestate as to such child or children or their descendants. Wills must be presented for probate to the probate court of the county in which was the place of abode of the testator. Wills may be contested within two years after the probate thereof by petition to the circuit court of the county. Real estate in.this State may be devised by last will oxecuted and proved according to the laws of this State. Personal estate may be bequeathed according to the laws of the state or country in which the will shall be made.  119   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1869  ! i !  SYNOPSIS OF  THE LAWS OF MONTANA RELATING TO BANKING AND COMMERCIAL USAGES ,  j  Revised by Charles E. Pew, Attorney at Law, Helena.  Abstractors. Must give $5,000 bond to state and shall receive certificate from State Treasurer authorizing him to do business. Abstract furnished by authorized abstracter admitted in court has I prima facie evidence of contents. Acknowledgments of instruments may bo taken in this State. 1. Before supreme court justice, district judge, justice of the peace, clerk of any court of record, county clerk, notary public, or U. S. Com­ missioner. 2. Outside Montana in the United States. Before the justice, judge or clerk of any court of record of the United States or any state or territory; a commissioner appointed by the governor for that purpose, a notary public, or any other officer authorized to take acknowledgments. 3. Outside United States before minister, com­ missioner or charge d ’affairs, consul, vice-consul or consular agent of the United States, a judge of court of record, commissioner appointed by governor or notary public. In all cases acknowledgment must be taken within jurisdiction of officer taking. Must be in substantially following form: “State of......................... ' county of .....................s. s. On this.................day of .... 19. .before (name of quality of officer) personally appeared.................... known to me (or proved on oath of........... to be the person whose name is subscribed to the within instrument, and acknowledged to me that he (or they) executed the same.” Same for married women. In case of corporation same to star, then “president or vice-president (or secretary or assistant secretary) of the corporation that executed the within instrument and acknowledged to me that such corporation executed the same,” and in case of attorney in fact, “whose name is subscribed to the within instrument as attorney in fact of..................... and acknowledged to me that he subscribed the name of..................... thereto as principal, and his own name as attorney-in-fact.” Outside the county must be accompanied by certificate of county clerk. Administration of Estate is had in district courts. Notice 'to creditors published four weeks. Claims not presented in four months after first notice, if estate $10,000 or less, or ten months if over $10,000, are barred. Letters of administration granted to: 1. Surviving husband or wife or competent appointee. 2. Child. 3. Father or mother. 4. Brother. 5. Sister. 6. Grandchild. 7. Next of kin who inherits. 8. Public administrator. 9. Creditor. 10. Any person legally com­ petent. When several claim right and equally entitled, court appoiiits, preferring males to females and whole blood to half blood. Affidavits may be taken or oaths administered before any judicial officer, clerk of any court, county clerk or notary public in this State; in any other state before a commissioner appointed by the governor, notary public, or judge or clerk of any court of record having a seal; in a foreign country before an ambassador, minister, consul, viceconsul, or consular agent of the Unittd States, or judge of a court of record having a seal. When taken before a judge in any other state or foreign country, the existence of the court, signature and official character of the judge must be certified by the clerk of such court, under its seal. Aliens and Denizens have same right as citizens to acquire, use and dispose of mining property and real estate in connection there­ with. Arbitration. Any controversy except over title to real property may be submitted to arbitration by a written agreement to that effect filed in court and may be made an order of court. When made an order of court is irrevocable; otherwise it is revocable at any time before award. An agreement to arbitrate cannot be specifically enforced. Arrest. Defendant in a civil action may be arrested when about to leave the State or conceal his property, with intent to defraud creditors, and in certain other action where fraud, wilful injury, or wilful violation of duty, or wrongful conversion of money or property by a public officer or a fiduciary, or for fine or penalty. Assignments. Voluntary assignments for benefit or creditors allowed if without) conditional preference, not coercive, impartial, without reservation for fraudulent benefit of assignor, and does not confer power upon assignee to delay execution of the trust, nor exempt him from liability for negligence or misconduct. Is under partial supervision of the district court. Attachments. Writ of may be had at the time of issuing sum­ mons or any time thereafter in actions upon unsecured contracts express or implied for direct payment of money, or if contracts origi­ nally secured, when security has become worthless without plain­ tiff's fault. Is issued upon affidavit on behalf of plaintiff, after filing bond in double amount of claim, if under $1,000; if over, in amount of claim; bond never to exceed $10,000. Any property, real or per­ sonal, or debt due from or money or personal property held by third person, including judgments, may be attached. Banks. No special provisions regarding national banks except that all banks, organized under laws of this State or the United States, shall be taxed for value of its stock in county, town, city or district where located and not elsewhere, regardless of residence of stock­ holders. Banks of discount and deposit, incorporated under laws of Montana for not less than $20,000, all paid in cash, may do business when authorized by state auditor, certificate of auditor to be published   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1870  BANKING AND COMMERCIAL LAWS—MONTANA  four times in town or county where located. Each director must own at least ten shares of the bank’s stock. Bank may deal in real estate only as is necessary to the proper transaction of its business, or in realizing upon securities. Directors must declare semi-annual dividend out of net earnings, and at same time make report to State auditor of assets and liabilities, and publish once. Stockholders are liable for banks’ debts to extent of stock held by them. Their lia­ bility continues six months after a transfer of the stock. Failure to comply with requirements for sixty days forfeits franchise. The total liability of any person, firm, corporation, or company to any such bank for money borrowed shall at no time exceed fifteen per cent of paid in capital and permanent surplus; this does not apply to discount of bills of exchange drawn upon existing values or of com­ mercial paper owned by person negotiating same. Each such bank must keep on hand funds equal to 20 per cent of its immediate liabilities half cash and half balances due from solvent bank. One hundred dollars to five hundred dollars penalty for making new loans while reserve below the proportion. Laws provide for state examiner, who visits and examines financial condition of banks yearly. Banks charged certain fees for State examiner fund. Any employee, officer, or agent of any bank or person doing a bank business, who receives deposits knowing or having reason to know that such banking institution is unsafe or insolvent, is guilty of felony, and is liable to imprisonment for one to twenty years. Banks may be dissolved by district court upon voluntary applica­ tion, or when declared insolvent by state examiner. Saving bank corporation may be organized with not less than $100,000 nor more than SoOO.OOO capital divided into shares of $100 each, $100,000 to be subscribed in cash before beginning business. May do a general deposit and loan business. Stockholders liability to same extent as in other banks. Foreign banking corporations may establish branch banks in this State upon compliance with certain special laws. Bank is not liable for payment of forged or raised check, unless claim is made within one year after check is returned paid to deposi­ tor. (Session 1909.) Liable for non-payment of check without malice only to amount of damages proven. Contracts. Contracts of conditional sale retaining title in vendor must be filed with county clerk or are void as to bona fide purchasers, mortgages or attaching creditors prior to filing. Conveyances. Title to property of any kind (except a mere pos­ sibility not coupled with an interest), including a right of re-entry for breach of condition subsequent, and property in the adverse possession of another, may be transferred. Deed to several persons, except to executors and trustees, creates tenancy in common, unless expressly declared a joint tenancy in the deed. The fee simple title passes by a grant, unless expressly limited to a less title in the deed. Cove­ nants that the grantor has made no previous deed to any other per­ son, and that the premises are free from encumbrance bv the grantor or any one claiming under him are implied from use of word “grant.” A married woman joining with her husband in any instruments affecting real property is bound thereby the same as though single if duly acknowledged by her. Instruments affecting real property may, if acknowledged, be recorded, and such record imparts notice to the world. (See Acknowledgments.) Corporations are found under the general statute, except bank­ ing, insurance and railroad corporations, and corporations not for profit, which are governed by special laws. Stockholders have one vote for each share, may vote in person or by proxy, and may cumu­ late votes in director elections. Articles of incorporations filed in county where principal office located, and copy filed with secretary of State, many hold only necessary real estate; from three to thirteen directors, who may be empowered to make by-laws; may classify directors; control business; stock issued for money or property; stock liability limited to unpaid portion, directors assenting to creation of debts beyond subscribed capital stock or making dividends out of capital stock are jointly and severally liable therefor; stockholder may examine books; written transfer or power of attorney to sell, and delivery of certificate passes title, between parties and against credi­ tors; may be attached on books of corporation. Every domestic corporation having a capital stock must file report in county clerk’s office, within twenty days after December 31st of each year, showing amount of capital stock, amount paid in cash, and amount paid in property, amount of existing debts, and names and addresses of directors, president, vice-president, general manager and secretary; directors neglecting to file are jointly and severally liable for debts existing during failure to file, director may exonerate himself by filing within ten days after default affidavit showing that during the twenty days he asked president or sufficient directors to file, and that default is not due to his neglect. Subject to State tax of one per cent on net  income over $10,000.  Foreign corporations, except insurance companies ahd corporations otherwise provided for, may do business after filing with secretary of state and in county where intend to do .business, copy of charter and verified statement of president and secretary, showing name, capital stock, amount paid in money or property, assets and of what consist, and their actual cash value, and amount of liabilities; also a consent to be sued and appointment of agent for service of process and acceptance of same. Must pay to Secretary of State filing fees upon proportion of business and assets in Montana to total business and assets of corporation. If capital increased or diminished must file certificate thereof with secretary of state and county clerk and refusal to do so forfeits right to do business in State. Must within two months after April 1st, file report like verified statement just mentioned, in county clerk’s office, and copy with secretary of state. Can have no greater rights or privileges than domestic corporations. Foreign Corporations doing business in this State are made sub­ ject to the jurisdiction of the courts of this State the same as domestic corporations and their stock is made attachable in this State. (Ses­ sion 1909.) May be served, if no officer, agent or other representa­ tive can be found in Montana, by leaving process with Secretary of State. (Laws 1917.) Foreign incorporations subject to State tax of one per cent on net income over $10,000 on business done in Montana. (Laws 1917.) Courts. District courts have original jurisdiction in law and equity where over $50 involved; have probate and criminal juris­ diction. City police courts of petty criminal jurisdiction. Justices of peace limited to $300, petty criminal cases; cannot try title to land, nor questions of constitutionality. Appeals lie from justice to dis­ trict and from district to supreme court. Supreme court appellate court of last resort, except has original jurisdiction in applications for habeas corpus and similar writs.  Days of Grace.  None.  Depositions of resident may be taken when witness is a party in interest, or resides out of the county, or is about to leave and will probably continue absent, or is too infirm to attend; or the testimony is to be used on a motion, or when witness is only one who can estab­ lish a material fact and his presence cannot be procured at the trial. Examinations may be upon oral questions or by agreement upon written interrogatories. In case of non-resident within United States, judge may issue commission upon five days’ notice, if parties do not agree upon person, to any judge, or justice or commissioner. If out of United States, may be directed to a minister, ambassador, consul.  vice-consul or consular agent of the United States in such country, or to such person as may be agreed upon. Examination of non­ residents unless otherwise agreed, must be by written interrogatories. Descent. Intestates’ real and personal property, subject to pay­ ment of debts, descends as follows: If widow or surviving husband and one child, half to each; if widow or surviving husband, and more than one child or one child and lawful issue of one or more deceased child, one-third to husband or wife and two-thirds to such children and issue per stirpes; if no child living, two-thirds to lineal descend­ ants, equally if of same degree, if not, per stirpes; if issue and no hus­ band or wife, whose estate to issue if such issue consists of more than one child living and lawful issue of deceased child or children, then in equal shares to living children and issue of deceased children per stirpes; if no issue, one-half to husband or wife and one-half to father and mother in equal shares, or if either be dead, the whole half goes to the survivor. If no father or mother one-half in equal shares to brothers and sisters or their children per stirpes. If no issue nor husband or wife, entire estate to father and mother equally, or to survivor. If no issue father, mother, husband, nor wife, in equal shares to brothers and sisters and to children of any deceased brother or sister per stirpes. If surviving husband or wife, and neither issue father, mother, brother, nor sister, entire estate to husband or wife; if none of above mentioned, to next of kin in equal degree, claiming through nearest ancestor; if leaves more than one child, or one and the issue of one or more deceased children, and any such child die unmarried under .age, his share goes to children of same parent or their issue per stirpes. If no husband, wife or kindred, the property escheats to State. Illegitimate child is heir of person who acknowl­ edges himself, in writing before a competent witness, to be its father and is an heir of his mother; if parents intermarry, is legitimatized. Dower. Curtesy abolished. Wife endowed of third of lands owned by husband during marriage. Equitable estates and contracts included. No dower in lands mortgaged for purchase price as against mortgagee, not in lands conveyed to him by way of mortgage unless be acquire absolute title during lifetime, Devise or bequest bars widow’s dower unless otherwise expressed in will, but she may elect between devise or bequest and dower, withiu one year in writing. If husband die leaving no children nor descendants of children, widow may have, absolutely, one-half of all his estate after payment of debts, if she elect within two months after payment of debts. A woman may be barred of dower by jointure with her assent before marriage, consisting of freehold in lands of life, at least, beginning at death of husband. Dower is not affected by wife’s deed. Execution unless stayed by order of court, may issue at once upon rendition of judgment; becomes lien on personalty, upon seizure by officer holding writ. All property sold to highest bidder. Defendant or creditor may redeem from sale of real estate within year, or sixty days after previous redemption. Exemptions. To head of family, homestead to value of $2,500, and descends as such to surviving wife or husband and children. Head of family allowed wearing apparel, chairs, tables, books, at $200, all necessary household goods and certain domestic animals and provisions for three months; forty-five days earnings exempt where necessary for support of family, except one-half such earnings may be taken for debts for necessaries. Generally, tools and implements of trade, libraries, etc., of professional men who are heads of families, are exempt. Fraud. It is criminal fraud to attempt to obtain insurance money wrongfully; or fraudulently destroy insured property; to issue, sell, transfer or pledge any false, fraudulent or simulated stock certificate or evidence of shares of any corporation, or any officer to sign any such certificate; unauthorized use of another’s name in selling stock; for a director, officer, or agent of corporation to publish false report of its affairs; to falsely represent one’s self as competent to sell or mortgage real estate when signature of. husband or wife is necessary; to get money or property by false representations as to wealth or mercantile character; to sell any land after having once sold or agreed in writing to sell the same to another; to convey any real or personal property with intent to defraud and deceive others or to hinder or delay creditors; to wilfully certify any false acknowledgment with intent to defraud; to issue any false warehouse receipts or to wrongfully remove or dispose of any property for which a warehouse receipt has been issued, for the mortgagor to dispose in any manner of any property covered by chattel mortgage. Any negotiable instru­ ment procured by fraud or circumvention to be executed is void even in hands of innocent holder. Frauds, Statute of. Agreement of executor or administrator to answer for obligation of decedent out of his own estate; agreement not to be performed in one year; promise to answer for obligation of another, unless it is made an original obligation of promissory; an agreement upon consideration of marriage, except mutual promise to marry; for sale of personalty at a price of over $200, unless part of price paid or part of goods accepted, except at auction sale when auctioneer enter sale in sale book; lease for over one year; for sale of realty, or authorizing broker or agent to sell land for compensation: is void unless in writing signed by party to be charged or his agent duly authorized (in writing in case of agreements affecting real estate). Every transfer of property or charge thereon made, every obligation incurred, every judicial proceeding taken, and every act performed, with intent to delay or defraud any creditor, or other person, of his demands, is void against all creditors of the debtor and their represen­ tatives or successors in interest, and against any person upon whom the estate of the debtor devolves in trust for the beneflt'of others than debtor. All declarations of trust in lands shall be in writing, except resulting trusts or trusts created by implication or operation of law. Husband and wife. Husband must support wife if able; if noi. she must assist; husband has no curtesy; wife has dower; neither can be excluded from others dwelling; may contract with each other, or any other persons, the same as though unmarried; cannot alter legal relation by contract, except may agree to immediate separation, mutual consent being sufficient consideration; may hold property jointly or in common; wife may sue and defend alone; all property of wife is her separate property, and she can convey, or execute power of attorney thereon without husband’s consent. Her deed must be acknowledged. Filing inventory of her personal property exempts same from claims against husband, except for necessaries for herself and her children. Wife must support husband out of her property if he is infirm. Wife may dispose of her property by will, except that such will must not, without his written consent, deprive husband ot over two-thirds of her real estate or two-thirds of her personal property: wife may make contract, etc., the same as though single. If husband neglect to support his w ife, bills for necessaries sold her can be collected from him, but not when separated by consent, unless support stipu­ lated in such agreement. Interest. Eight per cent on judgments and damages. In other cases 8 per cent in absence of agreement. May contract for not more than 12 per cent per annum. Judgment of courts of record (including federal courts of county) if transcript of such judgment if filed in district court are lien on realty in county for six years; realty in another county becomes sub­ ject to lien upon filing of transcript of judgment in such county. Abstract of justice court judgment becomes lien on realty in any county where filed in district court.  BANKING AND COMMERCIAL LAWS—NEBRASKA Liens. Laborers and materialmen have lien, for labor or material, on property. Must file in county clerk’s office within ninety days and suit must be brought within a year after filing. Hotel, boarding, and lodging house keepers have lien on baggage of guests brought into such house. One performing service with respect to personal property, including feed and care of animals, has a lien upon such personalty or animals. Person furnishing another seed grain has lien upon crops produced thereby up to 700 bushels, to secure payment of purchase price. Verified lien must be filed in the office of the Clerk and Recorder. Such lien is prior to all other encumbrances. Threshermen have lien upon crops threshed for services in threshing subject only to seed lien. Verified lien must be filed in the office of the Clerk and Recorder. Limitations of Actions. Action upon judgment of any court of record, action to redeem from mortgage when mortgagee is in posses­ sion, ten years; actions for recovery of real estate or mesne profits thereof, ten years, but in such cases statute does not run against person who at the time title first descends or accrues is a minor, or insane, or imprisoned on criminal charge for less than life, until such disability ceases; upon contract, account or promise, in writing, eight years; to establish lost, concealed, or destroyed will, or upon a judgment of a court not of record, five years; against sheriff, coroner, or constable for breach of official duty, action for damages for wrongful death, or for obligation not in writing, other than a contract, account of promise, three years, upon statutory liability for waste or trespass, detainer of or injury to chattels, for relief on ground of fraud or mis­ take, or for libel, slander, assault, battery, false imprisonment or seduction against a railroad for killing or injuring live stock two years. Against a sheriff or other officer for escape of civil prisoner; against municipality for violation of ordinance, against officer for money or property taken as such, one year; to recover stock sold for delinquent assessment, and actions against a county after rejection of claim by county commissioners, six months. All cases not specifically mentioned, five days. Statute does not run during absence of defendant from this State. Loans. Farmers loan department established. Married Women. (See Husband and Wife.) Mortgages of real estate are executed same as deeds. Husband and wife must join to bar dower or homestead, except purchase money mortgages. Non-judicial sale under power valid. Lien good for eight years after maturity of debt, and may be renewed by affidavit for eight years more. As to any mortgage now existing as to which eight years or more elapsed same may be renewed for eight years by filing affidavit in six months from February 17, 1913. Chattel mortgage must be duly acknowledged and be accompanied by affidavit of mortgagee that same is made in good faith and not to hinder, delay, or defraud creditors; not valid except between parties until filed in county where property is situated. Lien good until maturity of debt not exceeding two years and sixty days. May be renewed by filing affidavit within sixty days after expiration of two years, stating amount still due, and alleging good faith, etc. Negotiable Instruments. Must be payable in money and must contain an unconditional promise to pay a sum certain on demand or at a fixed or determinable future time; must be payable to order or to bearer; may be in installments and contain provision that on any default the whole shall become due; with exchange fixed or current rate, interest and attorney’s fees for collection may authorize sale of collaterals and confession of judgment; if it reads “I promise to pay” all signers are jointly and severally liable; may be payable at fixed time after date or sight, or after specified certain event, but not upon a contingency; need not specify value given nor place where drawn or payable; if issued, accepted, or endorsed when overdue it is payable on demand; may be payable to two or more payees jointly, or one or more of several payees; absence or failure of consideration a defense against one not a holder in due course and partial failure a defense pro tanto. One not a party to instrument placing a signature in blank before delivery becomes an endorser. Every endorser engages that on due presentment it shall be honored or that he will pay the amount to holder or any subsequent endorser who may be compelled to pay; no days of grace; when maturity falls on Sunday or holiday payment is due on next business day; if due on Saturday must be presented on next business day, but if payable on demand holder may present same before noon on Saturday. Fraud and cir­ cumvention in procuring execution of instrument is a defense against any holder. Presentment. It is not necessary to charge one primarily liable if payable at special place; ability and willingness to pay it there at maturity is equivalent to a tender, if not on demand it must be pre­ sented on day it falls due. if on demand then within a reasonable time after its issue, except a bill of exchange must be presented within reasonable time after its last negotiation. Alterations. Fraudulent or material, do not affect original instru­ ment in hands of innocent holder in due course. Acceptance. Unconditional promise m writing to accept a bill before or after drawn is good in favor of all who take it upon faith thereof for value. The holder may decline a qualified acceptance and treat the bill as dishonored; if he takes qualified acceptance drawer and endorsers are discharged, unless they consent thereto. Protest fof foreign bills may be made by notary public or by any respectable resident of the place in presence of two or more credible witnesses; bill of exchange does not operate to assign funds in hands of drawee and he is not liable unless be accepts. Promissory Note Must be unconditional promise in writing to pay on demand or at fixed or determinable time a sum certain in money to order or bearer, and where drawn to maker’s own order is not complete until endorsed by him; may be in installments. A Check is a bill of exchange on a bank payable on demand; must be presented within reasonable time after issue and if dishonored notice must be given or drawer is discharged to the extent of loss caused bv delay; does not operate to assign any part of drawer s funds in bank and bank is not liable unless it accepts or certifies. If holder has check certified the drawer and endorsers are discharged. The present negotiable instrument law of Montana consisting of 198 sections went into force March 7, 1903. Its provisions do not apply to instruments made prior thereto. The act so materially changes the law in this State as to suggest the propriety of special examination in any doubtful case. .___ . This law is nearly if not quite identical with that now in force in New York, Illinois, and other states. Replevin. The plaintiff in an action to recover possession of per­ sonal property may replevy the same at the time of issuing summons or at any time before answer, upon making affidavit showing that the plaintiff is the owner of the property or entitled to possession thereof, that it is wrongfully detained, and has not been taken for a tax assessment or fine pursuant to a statute or seized under an attachment or an execution against the plaintiff, or if so seized that it is exempt, and also stating the actual value of the property A demand for the delivery of the property should be indorsed upon the affidavit and an undertaking in double the value of the property must be given. The defendant has two days in which to except to plaintiff s sureties, or he may require the return of the property by giving an undertaking in Hniihle the value of the property. If such undertaking is not given within five days from the replevy the property must be turned over to the plaintiff.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1871  Taxes. All kinds of property, except public property and property for beneficent purposes, are subject to tax for public purposes only. Such taxes are a lien upon the property, which lien has the effect of an execution levied on all such as are delinquent after the 30th day of November, after which a penalty of 10 per cent is added. The delinquent tax list is published in some newspaper on or before the last Monday of each year, and in not less than twenty-one and not more than twenty-eight days after the first publication sale of the real estate is made, subject to redemption within thirty-six months from date of sale. The purchase money draws interest at 1 per cent a month from the date of sale. The purchaser is entitled to a tax deed at the end of the thirty-six months but must give thirty days’ notice to the owner or occupant of the property. Taxes are assessed to the party in whose name the property stands of record on the first Monday in March of each year. An inheritance tax of $5 for every 8100 worth of property must be paid by anyone, not a blood relation, inheriting such property; and blood relations and adopted children pay a tax of 81 for $100 worth of property inherited. Estates under $7,500 not liable for inheritance tax. Redemption may be made before deed by payment of taxes, 10 per cent penalty, 50 cents for publication, and interest at 1 per cent per month. Action to annul tax deed must be brought in two years after date of issuance. [Session 1909.) Wills. Every person over eighteen years of age and of sound mind may dispose of all his estate, real and personal, by will. All wills, except nuncupative, must be in writing. And all wills, except nun­ cupative and holographic, must be executed and attested as follows: 1. Must be subscribed by the testator himself, or some one in his presence and by his direction, must subscribe his name thereto. 2. The testator’s signature must be made in the presence of the attesting witnesses or acknowledged to have been made by him or by his author­ ity. 3. The testator must declare to the attesting witnesses that the instrument is his will. 4. There must be two attesting witnesses who must sign the will at the testator’s request, in his presence. An holographic will is one entirely written by the testator himself and subject to no form. The estate bequeathed by a nuncupative will must not exceed $1,000 in value, must be proved by two witnesses, must have been made in actual contemplation, fear, or peril of death, and must be proved within six months after stating the testamentary words unless the substance thereof was reduced to writing within thirty days after they were spoken. A will executed according to law of the State where the testator was then domiciled may be pro­ bated in this State.  SYNOPSIS OF  THE LAWS OF NEBRASKA RELATING TO  BANKING AND COMMERCIAL USAGES Revised by Montgomery, Hall & Young, Attorneys at Law, Omaha. (See Card in Attorneys’ List.)  Acknowledgments. (See Deeds) may be made in this State before a notary, judge or clerk of any court, justice of the peace, county clerk or deputy, register of deeds or deputy, deputy clerk of district or county court in name of his principal, secretary of state, under seal, if the officer have one. If acknowledgment taken in any other state or territory, it must be in accordance with the laws of this State or of the state or territory where taken, and must be before some court of record or clerk or officer holding seal thereof, or a commissioner of deeds appointed by the governor of this State for that purpose, or notary public, or justice of peace, if before justice of the peace, acknowledgment must be accompanied by certificate of his official character under hand of clerk of some court of record to which the seal of such court shall be affixed. If the officer have no seal, then the acknowledgment must have attached thereto a certificate of the clerk of a court of record, or other proper certifying officer of the district or state where taken under the seal of his office showing that the person taking the acknowledgment was at the date thereof, such officer as he is therein represented to be, that he is well acquainted with the handwriting of such officer; that he believes the said signature of the officer to be genuine, and that the deed or other instrument is acknowledged in accordance with the laws of such state, district, or territory. If acknowledgment taken in a foreign country, it may be acknowledged before any notary public minister plenipotentiary, extraordinary or resident, charge d’affaires commissioner, commercial agent or consul of the United States. In   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1872  BANKING AND COMMERCIAL LAWS—NEBRASKA  executing acknowledgment, notaries public must write in the date when their commission expires or else said date must be imprinted on their seals. Acknowledgments, attestations, and affidavits before U. 9. army officers in foreign places are valid of officer authorized by laws of United States. Actions. Must be brought by real party in interest, except as to administrator, trustee, etc. However, assignees of choses in action assigned for purpose of collection may sue on any claim assigned in writing; but such assignees must give security for costs. Non-resident plaintiff must give security for costs. Administration of Estates. (See Decedents.) County courts have exclusive jurisdiction over estates. Administration is granted to widow or next of kin, or both, or some one selected by them, but if unsuitable, or if they fail for thirty days after death of a party to apply for letters, same may be issued to a creditor, or to some one selected by the judge. Executors and administrators must give bond, as required by the court, and must, within three months after appoint­ ment, make report of all property belonging to deceased. General letters of administration are only issued after due notice to parties interested, and if case is urgent a special administrator may be ap­ pointed who shall make report within two weeks. Personally is dis­ posed of under direction of the county court, but to sell real estate, license must be obtained from the district court. Debts of decedent are a lien upon all real estate. If no administration, within two years any heir of deceased or any person having acquired real estate from deceased or heirs may obtain from county court determination of heirs of deceased degree of kinship and right of descent of real property of deceased. Affidavits. (See Depositions.) Affidavits may be made before anyone authorized to take depositions, and must be subscribed in presence of the officer and sworn to before him, and this fact must be stated in the affidavit. If made out of State and the officer has no seal, affidavit must have attached thereto a certificate of clerk of a court reciting authority of such officer. Aliens. Non-resident aliens and foreign corporations may not own or hold real estate in Nebraska, but the widows and heirs of such aliens who held lands prior to March 15, 1889, have ten years to dispose of their interests, and those who acquired their ownership prior to that date may dispose of same during their life. If not so disposed of, the lands escheat to the State. However, non-resident aliens may acquire a lien upon real estate, and, pursuant or subsequent to such, may pur­ chase such real estate, but shall dispose of same within ten years from time of acquiring title. These provisions do not apply to railroads nor to real estate upon which buildings are erected and maintained for manufacturing purposes, nor tQ that within the corporate limits of cities and towns. Aliens who declare their intention to become citizens of the United States thirty days before an election, conformably to the laws of the United States on subject of naturalization, are electors, same as citizens. Aliens are not eligible to hold public office or official position. Arbitration. Instead of submitting a controversy to a court, parties may agree in writing to arbitrators, whose decision, after confir­ mation by the court, shall stand as a verdict. Judgment may then be entered and execution issued. Arrests. Arrest and imprisonment in civil actions for debt are abolished. Assignments. (See Exemptions, Acknowledgments.) Every assignment for benefit of creditors shall be made to the sheriff of the county, and shall include all property of the assignor, except such as may be exempt. Assignments shall be executed and acknowledged the same as a deed to real estate, and within twenty-four hours after its execution shall be filed for record in the county clerk’s office, and if real estate is mentioned therein, it shall also be recorded in the register of deed’s office, and within thirty days it shall be recorded in any other county where property conveyed be situated. A creditor may file and prove a claim and concurrent therewith, may pursue a separate remedy against the assignors for the collection of such claim. Conveyances, preferences, payments, pledges or transfers of property made by an insolvent debtor in contemplation of such insolvency, within thirty days prior to making an assignment, are void, except that the assignor may pay or secure clerks' or servants’ wages, not exceeding $100 to any one person, and may pay or secure any debt created within nine months prior to that time and may secure any debt contracted simultaneously with the giving of such security. Assignments of wages of head of family void unless executed and acknowledged by husband and wife. Attachments. The plaintiff at or after the commencement of an action may have an attachment against the defendant’s property, when the amount is due, by filing an affidavit showing any of the following grounds; 1. That the defendant is a foreign corporation or non-resident of the State. 2. Has absconded with intent to defraud creditors. 3. Has left the county of his residence to avoid the service of summons. 4. So conceals himself that a summons cannot be served upon him. 5. Is about to remove his property, or a part thereof, out of the jurisdiction of the court with the intent to defraud his creditors. 6. Is about to convert his property, or part thereof into money for the purpose of placing it beyond the reach of his creditors. 7. Has property or rights in action which he conceals. 8. Has assigned, removed, or disposed of, or is about to dispose of his property, or a part thereof, with intent to defraud his creditors. 9. Fraudulently contracted the debt or, incurredthe obligation for which suit is brought. The affidavit must further show the nature of plaintiff’s claim, that it is just and the amount which affiant believes plaintiff ought to recover. No undertaking is re­ quired where the defendant is a foreign corporation, or is a non-resi­ dent of the State but in such cases no attachment can be had for claim other than debt or demand arising upon contract, judgment or decree, unless plaintiff has been bonafide resident of state for six months preceding filling of petition. In all other cases plaintiff must give an undertaking in double the amount of his claim. If property cannot be seized by the officer it may be reached by garnishment process. To obtain attachment in an action not founded on contract, original petition must be presented to judge of supreme, district or county court who shall make an allowance thereon of tne amount in value of the property that may be attached, and the amount of bond, if any, to be given by plaintiff. Banking. Only National banks and state banks .Which are in­ corporated under the laws of Nebraska, can transact banking busi­ ness here. State banking board has general supervision and control of all state banks. Every state bank must obtain charter from this board Boat'd appoints examiners who investigate affairs of each bank at least twice a year. After each examination bank must pay to state treasurer fee of $15 or more, according to capital. Sav­ ings banks must have at least $15,000 capital; if in city of 50,000 to 100 000 $35 000; 100,000 or more, $75,000. Other banks must have capital as follows: Minimum, $10,000; in town of 100 to 500, $15,000; 500 to 1 000 $20,000; 1,000 to 2,000, $25,000; 2,000 to 5,000, $35,000; 5 000 to 25 000 $50,000; 25,000 to 100,000, $100,000; 100,000 or more, $200,000. Such capital shall be in money, credits, national, state, county or municipal bonds, bank furniture, and the bank building and ground on which situated, which ground shall be unincumbered, but in no case shall the bank building and ground, together with furniture and fixtures, exceed in value one-third or the furniture and fixtures alone 10 per cent of the national, state, county and municipal bonds one-half  of the paid-up capital. Before commencing business the bank shall make a detailed statement of the proposed business to the banking board, which, after approval, shall issue a charter. Every bank must make at least quarterly detailed reports under oath, showing the amount loaned upon bonds and mortgages, amount loaned upon notes, bills of exchange, overdrafts, and other securities, with the actual market value thereof, the amount of rediscounts and of commercial paper past due, the amount invested in real estate, at cost, the amount of cash on band and on deposit in banks or trust companies, with their names and the amount deposited in each, and the amount of all other assets, together with such other information as the banking board may require. A summary of such report must be published in some local newspaper and proof of such publication transmitted to the banking board, and such board may call for special reports at any time. Fail­ ure to make reports entails a penalty of $50 for each day’s delinquency and those making false statements in such reports or in the books of the bank may be punished as felons. It is likewise a felony for a bank to receive moneys or permit same to be received on deposit when the bank is insolvent; to loan to an officer or employe of the corporation without the approval of a majority of the directors; to carry as assets any note or obligation of the partnership, member thereof, or indi­ vidual where such partnership or individual do a banking business; to permit shareholders, where the bank is a corporation, to become in­ debted in a sum exceeding 50 per cent of the paid-up capital of such bank. Every stockholder is liable for debts accruing during his ownership of stock, for an amount equal to the paid-up value of the shares held, and all shares of stock are assessed in the place where the bank is located, whether the owners thereof reside there or not, and taxes are a lien upon the stock. A guaranty fund is provided by assessments on all state banks based upon the average daily deposits. Claims of depositors and of holders of exchange have priority over all other claims, except taxes, and, subject to taxes, are first lien on all assets of bank when bank closed. Bank other than savings bank shall not permit loans and investments, exclusive of reserve and banking house and fixtures to exceed fifteen times amount of capital and surplus. All state banks in cities of over 25,000 must keep a reserve of 20 per cent, and two-fifths of the 20 per cent shall be cash in vaults, but two-fifths of said two-fifths of 20 per cent may be in Liberty or other U. S. war bonds. Rediscounts and bills payable must not exceed paid-up capital and surplus except for payment of depositors. State banks and trust companies may become members of federal reserve bank. It is unlawful to bid or solicit for purchase of bank stock above par until banking corporation organized and actually engaged in banking business. Every bank must have reserve of 15 per cent. One-third of the 15 per cent must be in cash in vaults of bank. Bills of Exchange. (See Notes and Bills of Exchange.) Blue Sky Law. (See Corporations.) Bulk Sales. (See Sales.) Chattel Mortgages. Every chattel mortgage, if not accompanied by an immediate delivery of the goods and’ be followed by an actual and continued change of possession thereof, is absolutely void as against creditors of the mortgagor and as against subsequent pur­ chasers and mortgagees in good faith unless such mortgage, or a copy thereof, be filed in the county clerk’s office where the mortgagor resides, and if he be a non-resident, then in the clerk’s office of the county where the mortgaged property be situated. Such chattel mortgage need not be acknowledged unless it convey household goods used in the family by the husband and wife, or either, in which case it must be signed and acknowledged by both husband and wife, the same as real estate conveyances. Verbal mortgages are good between the parties. It is a felony to transfer or dispose of personal property mortgaged without procuring the consent of the mortgagee, or to remove same out of the county with intent to defraud the mortgagee of his security. Mortgagor required to give accounting for mortgaged property from time to time on demand of mortgagee, and to give mortgagee notice in writing within 10 days after loss or death of mortgaged articles or animals. Claims. (See Accounts, Administration of Estates.) Commercial Travelers. (See Licenses.) Conditional Sales. A sale or lease of personalty may be .made and title thereto retained in the vendor until the purchase price be fully paid, or condition complied with, by having the contract of sale or lease in writing signed by the vendee or lessee, and then filing copy of same in the county clerk’s office, with affidavit of vendor, his agent or attorney attached thereto, giving names and full and true Interest of parties and description of the property. Such sale or lease shall be invalid at expiration of five years as against purchasers in good faith, or judgment or attaching creditors, unless the vendor or lessor shall, within thirty days prior to the expiration of the five years, repeat the filing, which must be made annually thereafter. These sales are valid as between the parties and as against judgment or attaching creditors and subsequent purchasers and mortgagees with notice. Consignments. It is a felony on the part of a factor or agent to whom goods have been consigned to sell or assign such goods witn intent to defraud the owner. Is also a felony for the owner of goods, after receiving an advancement upon the shipment, to sell or transfer such goods contrary to the agreement between him and the consignee. Contracts. Every contract for the purchase or sale of real estate or any interest therein, except a lease for a period not exceeding one year from the making thereof, must be in writing and subscribed by tne party to be charged. Every agreement by its terms not to be per­ formed within one year from the making thereof, every special promise to answer for the debt, default or misdoings of another, every agree­ ment, promise, undertaking made upon consideration of marriage, except mutual promise to marry, and every special promise of an executor or administrator to answer damages out of his own estate, and every contract for the sale of goods and things in action, lor the price of $50, or more, shall be void unless note or memorandum be made in writing by the party to be charged thereby. If, *1,.<>Y'Vyer’ when contract for sale of goods and chattels of the value of $oO or more is made, and a part of the purchase price thereof is paid, or a part of the goods and chattels are delivered, to the buyer, no memoran­ dum is necessary. (See Statute of Fraud.) Conveyances. (See Deeds, Mortgages. Conditional Sales.) Corporations. (See Foreign Corporations.) Any number of persons may associate and incorporate for the transaction of any business, including the construction of canals, railways, bridges, ano other works of internal improvements. Every corporation, as suen, has power: 1. To have succession by its corporate name. ,, lo sue and be sued, to complain and defend in courts of equity and law. 3. To make and use a common seal and alter the same at pleasure. 4. To hold personal estate and all such real estate as may be necessary for the legitimate business of the corporation. 5. To render all interest of the stockholders transferable. 6. To appoint such sub­ ordinate officers and agents as the business of the corporation shall require, and allow them a suitable compensation therefor. /. lo make by-laws not inconsistent with any existing law, for the manage­ ment of its affairs. Every corporation previous to the commencement of any business, except its own organization, when the same is not formed by legislative enactment, must adopt articles of incorporation and have them filed in the office of the secretary of state; and domestic corporations must also file with the county clerk in the county where  BANKING AND COMMERCIAL LAWS— NEBRASKA their headquarters are located. Banking corporations and building and loan associations must also file with State Banking Board. In­ surance companies, holding companies and all companies under con­ trol of state auditor must also file with that department. The arti­ cles of incorporation must fix the highest amount of indebtedness of liability to which the corporation shall, at any one time, be sub­ ject, which must in no case exceed two-thirds of the capital stock. (Exceptions made for insurance companies, deposits in banks, loan and trust companies.) Must incorporate within one year after organization, or power ceases. Notice must be published in some newspaper near the principal place of business, for four weeks. Such notice shall contain: 1. The name of the corporation. 2. The prin­ cipal place of transacting its business. 3. General nature of the business to be transacted. 4. The amount of capital stock author­ ized, and the time and conditions on which it is to be paid in. 5. The time of commencement and termination of said corporation. 6. High­ est amount of indebtedness or liability to which corporation is at any time to subject itself. 7. By what officers the affairs of the corpora­ tion are to be conducted. The notice required must be published within four months from the time of filing such articles. Two-thirds of its members may dissolve corporation unless otherwise adopted in articles of incorporation. Copy of by-laws of the corporation, with the name of all the officers appended there must be posted in some conspicuous place at the place of doing business, subject to public inspection. Shall give notice annually, in some newspaper printed in the county or counties, or in State if none in the county, of the amount of all existing debts of the corporation, signed by the presi­ dent and a majority of the directors. If corporation shall fail to do so, stockholders of corporation shall be jointly and severally liable for all the debts of the corporation after exhausting its assets, and for all debts contracted before said notice is given, to the amount of the unpaid individual subscription of any stockholder to capital, stock, and in addition thereto the amount of capital stock owned by such individual. All corporations, whether incorporated under laws of Nebraska or any other State, must procure a state occupation permit from secre­ tary of state, annually, before they may do business here. Annual fees for such permit as follows based upon capital stock on home companies, or on that portion of capital stock of foreign companies which represents Nebraska business: Capital of $1,000 to $10,000, feeof$5; $10,000 to $20,000, $10; $20,000 to $30,000, $15; $30,000 to $40,000, $20; $40,000 to $50,000, $25; $50,000 to $60,000, $30; $60,000 to $70,000, $35; $70,000 to $80,000, $40; $80,000 to $90,000, $45; $90,000 to $100,000, $50; $100,000 to $125,000, $60; $125,000 to $150,000, $70; $150,000 to $175,000, $80; $175,000 to $200,000, $90; $200,000 to $225,000, $100; $225,000 to $250,000, $110; $250,000 to $275,000, $120; $275,000 to $300,000, $130; $300,000 to $325,000, $140; $325,000 to $350,000, $150; $350,000 to $400,000, $160; $400,000 to $450,000, $170; $450,000 to $500,000, $180; $500,000 to $600,000, $200; $600,000 to $700,000, $250; $700,000 to $800,000, $300; $800,000 to $900,000, $350; $900,000 to $1,000,000, $400; $1,000,000 to $10,000,000, $400, and $75 additional for each million or fraction thereof over $1,000,000; $10,000,000 to $15,000,000, $1,200; $15,000,000 to $20,000,000, $1,500; $20,000,000 to $25,000,000, $2,000; over $25,000,000, $2,500. These fees, taxes and penalties are first lien on all property of the corporation. Fee for domestic corporations payable July 1st, for foreign corporations, during month of July. Fifteen per cent penalty for 30 days delinquency after 3 months wilful default, attorney general on request of secretary of state must bring action to forfeit charter. Foreign corporation must appoint resident agent on whom process may be served.  Blue Sk.v Law. Prohibits sale of most corporate securities except upon permit by State Trade Commission. Detailed sworn statements required. Permit fee $10, if capital does not exceed $25,000, other­ wise $25; for each agent, one permit one dollar per year. State trade commission investigates and gives information but does not recom­ mend securities. Commission must not exceed 15 per cent of par value organization and promotion not more than 2J£ per cent.  Costs.  (See Security for Costs.)  Courts. (See Actions, Appeals.) Juvenile courts are established for treatment and control of dependent, neglected and delinquent children. Justice and county courts are for all practical purposes, open at all times except holidays, but their jurisdiction is limited. District courts have general jurisdiction, and have exclusive juris­ diction in certain cases. The terms of the district court in each county are fixed by the presiding judge at the beginning of each year. The supreme court has original jurisdiction in a few cases provided by statute, but its work is principally confined to reviewing decisions of the district court. Municipal courts are provided for cities. Curtesy. Abolished 1907, (See Decedents.)  Days of Grace. (See Notes.) Decedents. (See Administration of Estates.) If a party leaves no will his property descends subject to his debts as follows: 1 One-fourth to the husband or wife, suvivor is not the parent of the children 2. One-third to the husband or wife, if survivor is parent1 of the children. 3. One-half to husband or wife, if one or no child living Residue to blood relatives. 4. If no children or wife surviving to the children in equal shares and lawful issue of deceased child by ’representation. 5. If no issue, to father and mother or survivor 6 If no issue nor parents, in equal shares to brothers and sisters, and children of such deceased, by representation. 7. If no parents nor brothers nor sisters, to next of kin in equal degree, but where there are two or more collateral kindred in equal degree, but claiming through different ancestors, those claiming through nearest ancestor are preferred to those more remote. Provision is also made for surviving children dying under age unmarried. Claims against estate must bo presented within time fixed by probate court, of which notice is given by advertisement, and is not less than six months nor more than two years'after letters of administration issue. Dower and curtesy are abolished. Deeds. (See Acknowledgments, Married Women) Must be signed in presence of one witness and acknowledged. Grantor s seal not reouired Deed conveys all interest of the grantor, unless a contaryIntention impressed* Deeds and conveyances must correctly state actual consideration, where it exceeds $100. the countv oi trial or is aosein.  wiotw.v,.',  ........ .  75  ...  ....... -----  or is dead, or when written testimony is required instead of it being oral- may be taken before various officers, but are usually taken before a notary public. The officer must not be a relative or the attorney of either party or otherwise interested in the event of the action and this fact should be stated in his certificate attached to the deposition. If taken out of the State, and the officer has no seal a certificate under the great seal of the State, or of a clerk oi court of record under seal should be appended, stating that the officer was, at the time of taking the deposition, properly authorized.  Descent and Distribution. (See Decedents.) Distress for Kent. No authority for it. Dower. Abolished 1907 (See Decedents.)   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1873  Employers Liability Act in force. Applies to employers having five or more employes. Provides for medical and hospital services and medicines, and schedule of benefits payable weekly. Maximum for death, $5,250; for injuries not fatal, $4,500, Estates. (See Decedents.) Executions. (See Judgments, Proceedings in Aid of Execution, Mortgages.) May issue at any time after judgment, if no stay bond be filed, and until five years thereafter. Land sold upon execution or decree of court may be redeemed by the debtor at any time before confirmation of such sale. A stay of execution is allowed by giving bond with approved sureties as follows: In district court within twenty days, on judgments not exceeding $50, three months; $50 to $100, six months; exceeding $100, nine months. In justice and county courts, within ten days, as follows: $10 or under, stay of sixty days; $10 to $50, ninety days; $50 to $100, six months; over $100, nine months. Exemptions. A head of a family has exempt from levy and sale certain personal property and household furniture enumerated in the statute, and in addition thereto has exempt a homestead not exceeding in value $2,000, exclusive of the mortgage thereon, consisting of a dwelling in which the party resides and appurtenances and 160 acres of land on which same may be situated, or, at the option of the party, two contiguous lots in any incorporated city or village. Such exempt property shall be free from all judgment liens and from sale on execu­ tion, except that the homestead may be sold on foreclosure of me­ chanics’ liens, and of mortgages executed by both husband and wife. If party has no homestead as above stated, he shall have exempt the sum of $500 in personal property in addition to the articles enumerated by statute. Mechanics, miners, or other persons, whether heads of families or not, have their tools and instruments exempt, and a pro­ fessional man's library and implements are likewise exempt. All pension money, and property purchased ar.d improved therewith, not exceeding $2,000 in value, is exempt. Exemption law does not apply to claims for clerks, laborers or mechanics’ wages, nor can an attorney plead exemption in a suit for money or other valuable consideration received by him. Only 90 per cent of wages are exempt as against a debt for necessaries of life. Foreign Corporations (See Corporations, Aliens.) may become domestic by filing with the secretary of state a true copy of charter or articles of association, together with a certified copy of resolution adopted by the board of directors accepting the provisions of the act of the legislature of Nebraska, Chapter 42, Laws of 1889; must make written report to Secretary of State annually in July in form prescribed by secretary of state and pay fee same as occupation tax for domestic corporations; must on or before September 15th, of each year, file a statement with attorney-general of State, sworn to, showing capital stock, its market value, how paid, names of officers, directors and agents, amount paid in dividends and rate of percentage thereof, all stock held in other corporations and value of such stock, amount of its own stock held by other corporations and value thereof, and amount of trust stock held by other corporations. Does not apply to insurance companies or common carriers. Must appoint agent and file name with secretary of state and with register of deeds: in county of principal place of business. Service may be had on such agent or on state auditor, Secretary of state charges fee of $50 for keeping record of agent. Penalty $1,000 fine. Agent or representative doing business here for corporation that has no resi­ dent agent, subject to $25 fine. Does not apply to insurance com­ panies and railroads. Any corporation whose products are sold in Nebraska must have a resident agent on whom service in legal action can be had. Sale by jobbers of goods of foreign corporations not so represented is prohibited. Fraud. (See Statute of Frauds, Limitations, Consignments.) Conveyances made for the purpose of defrauding creditors are void and intent is deemed a question of fact, not of law. Garnishment. (See Attachment.) Writ may be issued before judgment in attachment proceedings. After judgment and after execution returned unsatisfied, writ will, issue by filing affidavit for same. No bond required after judgment. Holidays are January 1st, February 12th, February 22d, April 22d, May 30th, July 4th, first Monday in September, October 12th, Thanks­ giving, and December 25th. No court can be open, nor can any judicial business be transacted on a holiday or Sunday, except first, to give instructions to a jury then deliberating on their verdict; second, to receive a verdict or discharge a jury; third, to act as mag­ istrate in a criminal proceeding; fourth, to grant or refuse a temporary injunction or restraining order. If any such fall on Sunday, the next day shall be a holiday. Homestead. (See Exemptions.) Husband and Wife. (See Decedents, Divorce, Evidence, Exemp­ tions, Married Women, Marriage.) Infancy. Males under twenty-one and females under eighteen are infants. County court appoints guardians, but if infant over fourteen years, may nominate his own. Infants’ real estate may be sold or mortgaged to obtain funds for maintenance by permission of district court. Insolvents. (See Assignments.) Interest. Legal rate is 7 per cent and contract rate 10 per cent. Judgments draw same rate as specified in the instrument on which judgment obtained, otherwise 7 per cent. A contract is not avoided by usury, but in action thereon all payments are deducted from the principal and plaintiff recovers only the balance, without interest and pays all costs. Judgments. (See Actions, Appeals, Exemptions, Executions, Interest.) Those recovered in district court are liens upon real estate of debtor from first day of term at which rendered, except those by confession and those rendered at the same term at which action com­ menced are liens from date of rendition. Judgments of county and justice courts become liens from date of filing transcript in the office of the clerk of the district court. Judgments may be made a lien upon lands in other counties by filing transcripts in the office of the clerk of the district court in such counties. A judgment becomes dormant in five years and lien upon real estate is lost if execution not issued within that time. After dormancy may be revived by certain proceedings. Dormant judgments cannot be revived unless action to revive be commenced within ten years. In judgments by confession cause of action must be stated in the judgment or in a writing filed as a pleading. Deficiency judgments may be recovered in mortgage fore­ closure cases, if the deficiency be such that it may be recovered at law. Jurisdiction. (See Actions, Judgments.) Justices of the Peace. (See Courts, Judgments, Actions.) License. (See Insurance, Agents) Commercial travelers are not required to take out a license. There is a provision in the code requiring peddlers and commission merchants to take out a license. Does not apply to persons selling their own works or productions or books, charts, maps or other educational matter, or fresh meats, fruit, farm products, trees or plants exclusively. Liens. (See Judgments.) Material men and laborers and me­ chanics are entitled to liens upon the building or improvements for material furnished and labor performed, by filing in the office of the register of deeds an itemized statement of account duly verified by   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1874  BANKING AND COMMERCIAL LAWS—NEVADA  affidavit of party, showing amount due, nature of the contract, description of property, names of the parties, and if the claim arise out of a written contract, or if a note or other written evidence has been taken in payment of the account, copies must be attached. An original contractor must file such statement within four months from the time of furnishing such material or performing the labor; a sub­ contractor within sixty days. Lien dates back to commencement of work or labor and is valid for two years from date of filing. All mechanics’ liens on the same premises are of equal priority and pro­ rate in the proceeds of sale of property, if sold under foreclosure thereof. Limitations. Actions brought to recover real property or fore­ close mortgages thereon must be commenced within ten years after cause of action accrues. Actions for forcible entry and detention, libel, slander, assault and battery, malicious prosecution, false im­ prisonment, and those to enforce penalties or forfeitures, must be com­ menced within one year. Actions for trespass to real property, taking, detaining or injuring personal property, upon contracts not in writing upon a liability created by statute other than a forfeiture or penalty, for injuries to rights not arising out of contract, for relief on the i ground of fraud, and all other actions not specially limited by I statute, must be commenced within four years. Actions upon a specialty, agreement, contract in writing, promissory notes, etc., and foreign judgments, must be commenced within five years. Actions upon official bonds of executors, administrators, guardians, sheriffs, or other officers, and upon statutory bonds, must be commenced with­ in ten years. If parties under disability, cause of action does not j commence to run until such disability removed. Actions for damages I for causing death must be brought within two years. Limited Partnership. (See Partnerships.) Articles thereof \ must be in writing, acknowledged by the parties and recorded in the j office of the county clerk of every county where partnership shall have j a place of business. The special partner is not liable beyond the j amount contributed to the partnership funds, but has nothing to do j with the management or conduct of the business; otherwise is liable ! as general partner. Special partner’s name shall not appear in the ( firm. Married Women. (See Decedents, Evidence, Exemptions, Mar­ riage.) May contract, bargain, sell, and convey their separate prop- J erty in the same manner as may a married man, and retain ownership , and control of their own property notwithstanding the marriage. I May sue and be sued, carry on trade or business as if unmarried, and ! earnings of any married woman are her sole and separate property. J Mortgages. (See Actions, Acknowledgments, Courts, Dower, j Limitations, Chattel Mortgages.) Mortgagor, regardless of stipu- j lation contained in mortgage and in the absence of special agreement, J which must be in a separate writing, retains legal title and right of ! possession of property. In case of assignment of mortgage it is safer I to record the assignment. If note secured by mortgage is negotiable assignment need not be recorded. Release may be by separate instru- j ment or upon the mortgage records in register of deeds office, and if j mortgagee, after mortgage fully paid, neglects or refuses for seven 1 days to discharge such mortgage, he is liable to a penalty of Si00 and : all actual damages suffered by the other party. Mortgages can only be foreclosed by suit, and after foreclosure suit commenced no action can be maintained at law upon the debt, unless authorized by the court and if action be first commenced at law, cannot foreclose the mortgage until judgment obtained and execution returned thereon unsatisfied. After decree of foreclosure of mortgage obtained, de­ fendant may stay further proceedings for nine months by filing a ; request for stay in the office of the clerk of the court within twenty days after such decree entered. Such stay is equivalent to redemption [ period allowed in other states, and owner may redeem at any time | before confirmation of sale. Deeds are held to be mortgages when intended only as security, and must be foreclosed same as mortgages, i Mortgage must state actual consideration where it exceeds $100. Negotiable Instruments. (See Notes.) Notes and Bills. All notes, bonds, or bills of exchange, except j bank checks and instruments payable on demand, are payable at . times fixed therein, without grace; are not negotiable unless drawn { payable to a person, bearer, order, or assigns. If date of maturity fall on Saturday or Sunday, or a holiday, are payable on the next business day. Party purchasing negotiable paper before maturity, without notice, take same free from equities between original parties. Uniform negotiable instrument law is in force. Partnership. (See Limited Partnerships.) Must adopt and sign articles of partnership agreement showing firm name, nature and place | of business, name and residence of each member, and file same in the office of the county clerk of the county where business is located. Neglect or refusal to comply with this requirement entails penalty, but does not affect legality of business transacted. Partnership may sue and be sued in the firm name, and it is not necessary to set forth in the pleading, or prove at the trial, the name of the persons com­ posing the firm, but in such event plaintiff must give security for costs. Pleadings. (See Actions.) Power of Attorney to convey real estate must be executed and 1 acknowledged same as deeds and may be recorded. ! Practice. Regulated by code which is patterned after Ohio. Probate. (See Courts, Decedents.) County court has exclusive original jurisdiction of all probate matters. j j Promissory Notes. (See Notes.) Proof of Claims. (See Decedents, Accounts.) Same rules of J evidence govern as in civil actions. J Protest. (See Notes.) I Replevin. Party may recover possession of personal property j within four years after cause of action accrued by filing petition and affidavit of himself, agent or attorney, giving a description of the property, stating the facts connected with the ownership, and that he is entitled to the immediate possession, etc., of the property. It is then seized by the officer and duly appraised, and within twenty-four hours thereafter plaintiff must give bond in double the appraised value, conditioned that he will duly prosecute the action and pay all costs and damages that may be awarded against him, and return the proper­ ty or its reasonable value to the defendant in case judgment for a return be rendered. Revenue. (See Taxes.) Sales. (See Conditional Sales.) Merchant cannot sell in bulk without notice to creditors. Security for Costs. Non-resident plaintiff must give security for I costs or furnish cash bond. Statute of Limitations. (See Limitations.) Stay. (See Executions, Judgments, Mortgages.) Suits. (See Actions.) Summons. (See Actions, Attachments, Divorce, Service.) Taxes. Taxes on real property are a lien thereon from October 1st of year of levy. Taxes on personal property are a lien thereon from 1 November 1st of year of levy. Tax deed may issue after two years from date of sale certificate. Inheritance tax runs from 1 per cent upward For all real estate taxes delinquent one year or more, the countv mav sell the property by action in court.  Torrens System. Provision is made for registration of land title, under Torrens System, upon application of owner. Trust Companies are authorized to act as executors, adminis­ trators, receiver, agents, etc. Trust Deeds are seldom used and are treated as mortgages. Wills. (See Decedents.) Every person of full age and sound mind may dispose of his property by will, which must be signed by the testator, or under his express direction, by some one in his presence and subscribed in his presence and in the presence of each other, at his request, by two or more competent witnesses. Nuncupative wills are valid when approved by the oath of three witnesses present at the making thereof, and when the testator, at the time asked the persons to bear witness that such was his will, or words of like effect. No will shall be effectual to pass title to any property unless probated. For­ eign wills duly proved and allowed in any state or foreign country may be probated in this State in any county wherein the testator shall have real or personal property, on which the will shall operate. Witnesses. (See Evidence.) Workingmen’s Compensation. (See Employers Liability.)  SYNOPSIS OF  THE LAWS OF NEVADA RELATING TO  BANKING AND COMMERCIAL USAGES Prepared and Revised by Ayres & Gardiner, Attorneys and Coun­ selors at Law, Reno. (See Card in Attorneys’ List.)  Acknowledgments. Every mortgage, deed, or other conveyance, conveying or affecting real estate, shall be acknowledged or proved and certified as follows: If within this State it may be a judge or clerk of a court having a seal, notary public, county recorder, or justice of the peace. If without this State, and within the United States, by a judge or clerk of a State, United States, or territory court having a seal, a commissioner of deeds for this State, or some notary public or justice of the peace in his county. A justice’s certificate which is attached to a deed to be recorded out of his county, must have a certificate of a clerk or a court of record of his county, as to his signature and official character. If outside of the United States, the acknowledgment can be had before a judge or clerk of a court having a seal, or a notary public or a minister, commissioner, or counsel of the United States, the certificate of the officer taking the acknowledgment shall be annexed to or endorsed on the instrument, and sriaH be under hand and seal except in cases of justices of the peace which shall be under the hand of such justice of the peace and certified as above stated. The party executing and acknowledging the instrument must be known or proved by oath of witness to be the proper party, and the certificate must state such fact. Conveyance by a married woman is acknowledged in the same way and form as that of a man and has the same effect as if she were unmarried. The form of acknowledgment by an individual shall be substantially as follows: State of Nevada, County of ......................... On this ............day of........................... A. D.............................................. personally appeared before me, a notary public (or judge or other officer as the case may be) in and for the County of......................... State of................ ■ • • • ■. • .....................known (or proved) to me to be the person described in and who executed the foregoing instrument, who acknowledged to me that he (or she) executed the same freely and voluntarily and lor the uses and purposes therein mentioned. In witness whereof I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. ...................................Notary Public in and for the County of . . State of.............................. (or other official name of the officer who takes the acknowledgment). Form of acknowledgment of a corporation. State of Nevada. County of ......................... On this ......................baj cf.....................A. D.............. personally appeared before me a notary public (or other officer or judge as the case may be) in and for tne County of ......................... State of...................... (name of party wno executed and acknowledges instrument) known (or proved) to me: to be the president (vice-president or secretary) of the corporation that executed the foregoing instrument and upon oath did depose that ne is the officer of said corporation as above designated, that he is ac­ quainted with the seal of said corporation and that the seal affixed to said instrument is the corporate seal of said corporat ion; that the signa-  BANKING AND COMMERCIAL LAWS—NEVADA tures to said instrument were made by officers of said corporation as designated after said signatures; and that the said corporation executed the said instrument freely and voluntarily and for the uses and purposes therein mentioned. In witness whereof I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. ................................Notary Public in and for the County of....................... State of...................... (or other official name of the officer who takes the acknowledgment). Form by attorney-in-fact: State of Nevada, County of ......................... On this ................ day of.....................A. D.....................personally appeared before me a Notary Public (or judge or other officer as the case may be) in and for the County of......................... State of Nevada (name of person who exe­ cutes and acknowledges instrument) known (or proved) to me to be the person whose name is subscribed to the within instrument as the attorney-in-fact of.....................and acknowledged to me that he sub­ scribed the name of said.....................thereto as principal, and his own name as attorney-in-fact, freely and voluntarily and for the uses and purposes therein mentioned. In witness whereof I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. .............................. Notary Public in and for the County of.......................... State of......................... (or other official name of the officer who takes the acknowledgment). By the laws of the State of Nevada, any acknowledgment hereto­ fore or hereafter taken or certificate thereof made without this State either in accordance with the laws of this State or in accordance with the laws of the State, Territory, or Country where the acknowledg­ ment is taken, shall be sufficient in this State. Nevertheless a Notary should affix his seal even in those states which do not require it. The certificate of acknowledgment of conveyance: A certificate of acknowledgment of any conveyance or other instru­ ment in any way affecting the title to real estate or personal property, or the proof of execution thereof as provided in the laws of Nevada, signed by the officer taking the same and under the seal of such office, shall entitle such conveyance or instrument with the certificate or certificates of acknowledgment to be recorded in the office of the recorder of any county in this State provided that any State of United States contract or patent for land may be recorded without any such acknowledgment or proof. Actions. (See Suits, Limitations.) Affidavits. Affidavits taken out of this State but within the United States to be used before any court or officer in this State must be taken before a notary public, a commissioner appointed by the governor of this State, or a judge of a court having a seal attested by the clerk. If in a foreign country such affidavits shall be taken before an ambassador, minister, consul, or vice-consul of the United States, or judge of a court in such foreign country having a seal. The gen­ uineness of the signature of the judge, the existence of the court and the fact that such judge is a member thereof shall be certified by the clerk of the court, under the seal thereof. Aliens. Persons and corporations, except subjects of the Chinese Empire, have the same rights as resident citizens and domestic cor­ porations, except that foreign corporations must comply with corpora­ tion laws of this State, Appeals. Actions tried in justice court may be appealed to distrist courts, where trial is had de novo and can proceed no farther. Actions in which the district courts have original jurisdiction may be appealed to the supreme court. Arbitration. Provision is made by law for the settlement of dis­ putes by arbitration, the award of'the arbitrators to be filed with the clerk of the district court and docketed the same as a judgment in civil action. Arrest. A fraudulent or absconding debtor, or one who conceals his property, or removes or disposes of it with intent to defraud his creditors, may be arrested on affidavit of the fact made, surety in not less than $500 being given by the plaintiff. (See Attachment.) Assignments and Insolvency. Except as affected by the national bankruptcy act of 1898, the statute respecting assignment is in force: Insolvent debtors may be discharged from their debts by complying with provisions of insolvent laws. An assignment of Insolvent debtor, not in compliance with insolvent laws, is void as to creditors. Attachment. Writ of attachment may be issued with summons, or at any time afterward on affidavit and bond. In an action upon a judgment or upon a contract for the direct payment of money, made, or by the terms thereof payable, in this State, which is not secured by mortgag ■. lien, or pledge upon real or personal property, situated or being in the State; if so secured, when such security nas without act of plaintiff or person to whom given become valueless or insufficient in value to secure sum due in which case attachment may issue for unsecured portion or excess of debt over value of security. In an action upon a contract against a defendant not residing in this State. In an action by a resident of the State for the recovery of the value of nronertv where such property has been converted by a defendant without the consent or the ownor Where the defendant has ab­ sconded or is about to abscond, with intent to defraud his creditors. Where the defendant conceals himself so that service of summons can not be made upon him. Where a defendant is about to remove his rone?tv or any part thereof, beyond the jurisdiction of the court whh the ’intent to defraud his creditors Where a defendant is about to convert his property, or any part thereof, into money with intent to ffiace it beyond the reach of his creditors. Where a defendant hax assigned removed disposed of. or is about to dispose of his propertv or anv na?t thereof, with the intent to defraud his creditors. Where a defendant has fraudulently or criminally contracted a debt  affldavhhv^r eon*be’haif of the plaintiff, showing the nature of the pU ntlff’s cl^m that same is just, the amount which the affiant hpbTvcs the Plaintiff is entitled to recover, and the existence of any one of the grounds for an attachment above enumerated, with an  Court” bond must be in amount sued for but not under $50. 8tnie— are regulated and controlled by a comprehensive general banking law Amended (1915) to permit State banks to join Federal Reserve Bank System. Conveyances. The husband has the entire management and con* r,f ?, ,.m.imiinitv property, with the like absolute power of trol of tne community propei vy^einafter provided as of njs own dlSPr'a1re°estato^ providedKthat no deed of conveyance, or mortgage, separate estate, p fiPAned by law, regardless of whether a declaof a h()Zp(|sh n filed or nor, shall be valid for any purpose ration thereof has b ilea wife execute and acknowledge toenow provided by law for toe conveyance of real estate. _ The laws of this State are substantially the same < orporat.ons. Tsh®U'Foreign corporations to transact business as those of New Jers y. st£^e must file certified copy of articles and institute action., secretary of state and county clerk: also SXSSKWSSt1R.T4W. ■»»««   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1875  and directors’ meetings of Nevada Corporations may be held in or out of State. There is no “Blue Sky” law. The laws of this State are generally regarded as most desirable in every way for the formation of corporations to do business in other states. Curtesy is not recognized in this State. Courts. Jurisdiction. District courts have original, statutory, and common law jurisdiction in all cases at law and in equity, also in law, when the title or possession of land or mining claims may be involved, or legality of any tax, etc., also in actions to foreclose mechanics’ lien; and in all cases in which the demand, exclusive of interest, or the value of the property in controversy exceeds $300, and in probate in all cases relating to estates of deceased persons, and persons and estate of minors, insane persons. Justice’s jurisdiction, $300, exclusive of interest, and attorney’s fees. Deeds. A deed of quit-claim passes all the title that the grantor has at the date of the conveyance. A deed of grant, bargain and sale carries with it the statutory covenant that at the time that the grantor executed the deed, he had not conveyed it to any other person and had placed no encumbrance upon it. This form of deed conveys any title that the grantor shall afterwards acquire. A warranty deed contains a covenant: “The grantor herein will for­ ever warrant and defend the title to the premises herein described against any and all persons whomsoever claiming the same.” The law governing and form of acknowledgments is titled under ‘ ‘ Acknowledgments. ’ ’ Depositions. Depositions may be taken within this State before any judge, clerk, justice of the peace or a notary public, upon notice to the opposite party of the time and place of taking. Depositions may be taken out of the State upon commission under the seal of the court upon proper application, or by stipulation of the attorneys. Divorce. Divorce from the bonds of matrimony may be obtained by complaint under oath to the District Court, of the county in which the cause therefor shall have accrued, or in which the defendant shall reside or be found, or, in which the plaintiff shall reside, if the latter be either the county in which the parties last cohabited, or in which the plaintiff shall have resided six months before suit be brought for the following causes: First: Impotency at the time of marriage continuing to the time of the divorce. Second: Adultery, since the marriage, remaining unforgiven. Third: Wilful desertion, at any time, of either party by the other for the period of one year. Fourth: Conviction of felony or infamous crime. Fifth: Habitual gross drunkenness, contracted since marriage of either party, which shall incapacitate such party from contributing his or her share to the support of the family. Sixth: Extreme cruelty in either party. Seventh: Neglect of the husband, for the period of one year, to provide the common necessaries of life, when such neglect is not the result of poverty on the part of the husband which he could not avoid by ordinary industry. Residence is defined as follows: “The legal residence of a person with reference to his or her right of suffrage, eligibility to office, right of naturalization, right to main­ tain or defend any suit at law or in equity, or any other right dependent on residence, is that place where he or she shall have been actually, physically and corporally present within the state or county, as the case may be, during all of the period for which residence is claimed by him or her; provided, however, should any person absent himself from the jurisdiction of his residence with the intention in good faith to return without delay and continue his residence, the time of such absence shall not be considered in determining the fact of such residence." Dower is not recognized in this State. Executions. Stay of Execution; Judgments. The laws of Nevada on these points are similar to those of California (see ante), except that when redemption is made of real estate, one per cent per month must be paid in addition to purchase money. When property is redeemed from a previous redemption, which may be done within sixty days, his purchase price plus two per cent thereon is required. Exemption. Homestead, $5,000; the earnings of the debtor, if earned thirty days preceeding, if it is made to appear necessary for the support of the debtor, exempt where debt is for necessaries, or his family; personal and mining property, tools, implements, etc,, exempt same as in California (which see). Garnishment. (See Attachment.) Holidays. Sunday, New Year’s Day, Lincoln’s Birthday, Wash­ ington’s Birthday, Memorial Day, Fourth of July, Labor Day, Octo­ ber 12th (Columbus Day) and 31st (Nevada admission day). Thanks­ giving, December 25th, and all days of which a primary or a general election is held, are non-judicial days and are termed legal holidays and generally observed as such. Also Arbor day fixed by proclama­ tion of governor one month before fixing such date, and is only a holiday for public schools. Bills of exchange, checks, promissory notes, and other negotiable instruments falling due upon any holiday are payable the day previous. Husband and Wife. (See Married Women.) Interest. The legal rate is 7 per cent per annum, but parties may contract in writing for the payment of any other rate not in excess of 12 per cent per annum. After a judgment on such a contract, only the original claim shall draw interest, and the rate of interest must be mentioned in the judgment. Unadjusted accounts do not bear interest. Limitations of Suits. Open or store account and contract not in writing, four years; upon contract or instrument of writing, six years; actions concerning real property, except mining claims, five years; mining claims two years. Judgment, or decree of the district court, six years; of the justices court, five years. Revivor: Acknowl­ edgment or new promise in writing or payment on account. Judg­ ments become a lien upon real property for two years. Married Women. All property of the wife, owned by her before marriage, and that acquired afterward by gift, bequest, devise or descent, her separate property. In Nevada, under the statute of 1873, the wife has absolute power over her separate property, and may dispose of the same without the consent of her husband. All other property acquired during coverture by husband or wife, common property, but controlled by husband. Upon a dissolution of the com­ munity by the death of the husband, the homestead set apart by the husband and wife, or either of them, goes to the wife and minor children, and if there are no minor children, to the widow. The hus­ band may dispose of one-half of the common property by will, exclu­ sive of the homestead. The other half of the community property goes to the wife, subject to administration and debts of the husband. Separate property of wife should be inventoried and recorded. Fail­ ure so to do raises prima facie presumption property is not her separate estate. Mortgages must be recorded. No mortgage of personal property is valid unless possession is delivered to and retained by the mort­ gagee, or unless the mortgage be accompanied by the statutory affi­ davit of the mortgagor and mortgagee or some person on their behalf and is recorded in the county where the mortgagor and mortgagee reside.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1876  BANKING AND COMMERCIAL LAWS—NEW HAMPSHIRE  Notes and Bills of Exchange. The uniform negotiable instru­ Bank. Banks can be chartered only by a special act of the legis­ ment law has been adopted in this State. lature. Building and loan associations may be organized as volun­ tary associations. Once every year a thorough examination shall be Probate. All claims against estates of deceased persons must be made into the condition and management of every bank, building filed within three months after the first publication of the notice of and loan association, and trust company in the State by one of the appointment of the executor or administrator. Estates not exceeding three bank commissioners. The commissioners shall on or before $2,000 in value, in the discretion of the judge, may be summarily the 1st day of October, annually, file their report with the secretary administered and in cases of summary administration all regular pro­ of state. They shall give in their report a detailed statement of all ceedings and notices are dispensed with, except the notice of the I the items of expense of each institution, with the names of the treas­ appointment of the executor or administrator. Creditors of such an urer and clerks, the salary of each, with the kind and amount of stocks estate must file their claims within forty days. and bonds held "by each, with the par value thereof, and the cost and All estates of husband or father of $500 or less are distributed to the market value at the date of examination. The cashiers of every widow or children under age without probate, not subject to any debts. state bank, and every association or partnership formed for the pur­ Sales. The uniform sales act is in force in Nevada. There is pose of transacting such business as is usually transacted by banks, also a “bulk sales” act. shall, on the first Monday of March, June, September, and December in each year, make a statement of its condition on said day, specify­ Suits. Practice is under a code, and there is but one form of action ing in separate columns the capital stock actually paid in; debts due known as a civil action, and commenced by filing complaint with the clerk of the court and the issuance of a summons. Service on non­ the bank secured by pledge of its stock; value of real estate belong­ ing to the banks, amount of debts due from directors; amount of specie residents may be had by publication. Personal service of a copy of in the vaults; amount of bills of other banks on hand, amount of summons and complaint is equivalent to the publication of the sum­ deposits in the bank; amount on deposit in other banks for the mons. redemption of its bills; and the amount of bills of the bank then in Taxes are a lien upon the property assessed and the real estate of circulation; which statement shall be signed and sworn to by the the owner thereof from the first Monday in March in each year. cashier, and returned to the secretary of state. The trustees of sav­ Suits for delinquent taxes may be commenced by direction of the ings banks shall make a thorough examination of the affairs of their county commissioners, and there is redemption of real estate sold at respective banks once in every six months, and a report of such tax sales in the same manner as realty sold under ordinary execution. examination, signed by a committee of the trustees, shall be returned Wills. Wills executed out of Nevada are good here if good where to the bank commissioners, and a copy of the report published in a made. newspaper published in the place where such bank is established; or, if there be no newspaper in such place, then in a newspaper at. the nearest place.  j  SYNOPSIS OF  THE LAWS OF NEW HAMPSHIRE I  RELATING TO  BANKING AND COMMERCIAL USAGES Revised by John R. Spring, Attorney at Law, Nashua. (See Card in Attorneys’ List.) Acknowledgment of deeds or other conveyances of real estate must be made before a justice, notary public or commissioner, or in foreign countries before a minister, ambassador, envoy or charge d’affairs, or before any consular officer of the U. S.; a notary public; or any of the following officers having a seal: a commissioner or other agent of this State having power to take acknowledgments of deeds. The signature of the grantor must be attested by one witness. Certificates of acknowledgment outside U. S. must contain name of persons making the acknowledgment; date and place: statement that signers knew the contents of instrument and acknowledged same to be his; name of person taking acknowledgment, title and seal and be substantially in form prescribed by statute. Actions. The common law prevails as to procedure. Non-resi­ dents can institute suit, a resident becoming responsible for costs by indorsing the writ or giving bond. Transitory action may be brought in the county where one of the parties resides. If both are non­ residents the action may be brought in any county. Administration of Estates. Administration shall be granted in the following order of precedure: 1. To executor named. 2. To widow, husband, or any of next of kin, or their nominee. 3. To one of divisees or creditors. 4. To any other person judge may think proper. A non-resident shall not be appointed unless urgent neces­ sity demands. An ample bond with resident sureties shall be filed. No suit shall be brought against the administrator within the first year of his administration. Claims shall be presented within one year after his appointment, and no action can be brought after two years. Actions are not maintainable against an administrator of an estate, after a decree of insolvency. Estates may be administered in the insolvent course, and then a commissioner shall be appointed to examine and allow claims. Preferred claims, to be settled in full are: Expenses of administration, widow’s allowance, charges of burial, and taxes. Claims for the last sickness shall be paid in full if there remains anything after paying the preferred claims. (See Arbitration.) Affidavits. Affidavits are not admissible in evidence, being ex parte, but motions are heard upon affidavits presented to the court. May be made before an officer authorized to administer oaths. (See Attachments.) Aliens. They are not entitled to vote. An alien may purchase, hold and convey real estate, and it will descend in the same manner as if he were a native born citizen. When the wife of an alien has resided in the State six months, separate from her husband, she acquires all the rights of the wife of a native born citizen. Arrest. No female can be arrested in any action founded upon a contract or upon a conditional sale of clothing: nor can a voter on election day, or a defendant in a real action. The sheriff is exempt from arrest. (See Attachments.) Assignments and Insolvency. Assignments for benefit of credi­ tors to be filed in the probate court of the county in which debtor resides. The provision of the law upon this subject are suspended by the United States bankruptcy law. Attachments of all real and personal property may be. made on the original writ, and constitute a valid lien on the property for thirty days after judgment, within which period the execution must be levied to preserve and perfect the lien. All attachments take precedence in order of priority, except in case of liens of builders, contractors, etc., when they take precedence in the order or priority of the lien. Trustee process (analogous to garnishment in other states) may be used to reach money or credits of the defendant in the hands of another. Save as against claims for necessaries the wages of ‘the defendant up to $20 are exempt from such process. In actions on contracts where debt exceeds $13.33, defendant may be arrested on affidavit of plaintiff that he (defendant) has concealed his property or is about to leave the State to avoid payment of his debts. (See Garnishment.)  I  i j i  I  i  i }  I i  i  : I  i  I I : [ ■ ! j ; !  Bills of Exchange. (See Notes, and Bills of Exchange.) Chattel Mortgages. (See Mortgages.) Collateral. There have been no statutory enactments on this subject. Pledges of stock is not liable as a stockholder, but the gen­ eral owner is. Conveyances. Every deed, and lease for more than seven years, shall be signed, sealed, attested by one witness acknowledged before a justice of the peace, notary public, or commissioner, and recorded in the registry of the county wherein the real estate is situated. Every power of attorney to convey real estate must be executed with the same formalities. Conditional conveyances must state the sum to be secured, or the thing to be performed. Administrators, guardians, and trustees can convey only by virtue of a license from the probate court. Sheriff’s deeds shall give full particulars as to the action, and shall covenant that he has observed all the requirements of law. Corporations. Voluntary corporations can be formed for any purpose excepting banking, the construction and maintenance of railroads, insurance, business of making contracts for the payments of money at a fixed date, or the business of a trust company, surety or indemnity company, a safe deposit company, or a trading stamp business. Three or more persons may associate themselves by articles of agreement, which must contain the name of the corporation, object or objects for which it is established, city or town in which its principal place of business is to be located, the amount of its authorized capital stock with nominal or par value, and in the case of a corporation with capital stock or any class thereof without nominal or par value the total number of shares authorized, and any other provisions not inconsistent with law for its dissolution or for limiting, defining, or regulating the powers of the corporation, its directors, stockholders, or any class of stockholders, and shall be signed by the associates with the designation of the post office address of each. Any name may be adopted not in use by any other New Hampshire corporation or foreign corporation doing business in the State. Such corporation may issue stock with or without nominal or par value, shares being not less than ten in number, which may be issued from time to time in such amount and for such consideration as may be authorized by vote. Two or more kinds or classes of stock with preferences may be provided. Stock with nominal or par value shall be not less than $1,000 in amount, par value of the shares shall not be less than $5.00 or more than $1,000. After the organization meeting the treasurer and a majority of the directors shall make, sign and make oath to the record of organization, which shall contain the original or a true copy of the articles of agree­ ment, the date or dates of the organization meeting, the names and address of the officers and directors, and the original or true copy of all votes passed determining the amount of capital stock, the kinds and classes of stock, and when and how to be issued. Such record shall contain a statement that the consideration for which stock with nominal or par value is to be issued is of actual value in money equal to the par value of the stock. The record shall be submitted to the Attorney General, approved by him and filed with the secretary of state, together with the filing fee, which is $10 where the capital stock does not exceed $10,000; $25 when it does not exceed $50,000; $100 when it does not exceed $250,000; $150 when it does not exceed $500,000; $250 when it does not exceed $1,000,000; and $10 for each $100,000 above $1,000,000. The clerk of every corporation shall be and continue a resident ol the State. Stock may be issued for cash, property, real or personal, rights, franchises, services or expenses, and may be issued from time to time in accordance with the provisions of the statute. Corporations must render a return on or before March 1st of each year, stating the amount of its authorized capital, the amount of stock issued, number of shares, par value thereof, amount of indebtedness, value of all its property and assets as of the first of the preceding January, and shall pay a filing fee of $5.00. Fine of $5,000 or imprisonment for five years, or both, for failure of treasurer or directors neglecting to file. All corporations shall annually pay to the State a fee equal to onefourth the amount paid upon filing its original record of organization, plus one-fourth of additional payments for increases in capital stock. fee to be not less than $5.00 nor more than $100. Courts. The superior court has original jurisdiction over all causes The supreme court decides questions of law upon bills of exception, transferred from the superior court, and it holds its sessions every month, except July and August. Probate courts have jurisdiction over estates of deceased persons, insolvent estates, minors, insane persons, adoptions, change of names, trustees, and partition of real estate. District police courts and justices of the peace have concurrent jurisdiction with the superior court up to $100 (except in cities of 50,000 or more population they have civil jurisdiction up to $500) when the title to real estate is not involved, and can render judgment upon confession up to $200. The terms of the superior court shall be held in each year at the times and places following: For the county of Rockingham, at Exeter, on the third Tuesday of January and the third Tuesday of April, and at Portsmouth on the third Tuesday ot October. For the county of Strafford, at Dover, on the second Tuesday of February, and the third Tuesday of September. *or the county of Belknap, at Laconia, on the first Tuesday of March and the first Tuesday of November. For the county of Carroll, at Ossipee, on the third Tuesday of May, and the second Tuesday of  BANKING AND COMMERCIAL LAWS—NEW HAMPSHIRE November. For the county of Merrimack, at Concord, on the first Tuesday of April and the first Tuesday of October. For the county of Hillsborough, at Manchester, on the first Tuesday of January, and the first Tuesday of May, and at Nashua the third Tuesday of Sep­ tember. For the county of Cheshire, at Keene, on the first Tuesday •of April and the first Tuesday of October. For the county of Sullivan, at Newport, on the second Tuesday of May and the second Tuesday of November. For the county of Coos, at Lancaster, on the third Tuesday of April; at Colebrook, on the first Tuesday, of September, and at Berlin, on the first Tuesday of December. For the county of Grafton, at Plymouth, on the second Tuesday of May and the second Tuesday of November; at Haverhill, on the third Tuesday of March and the third Tuesday of September; at Lebanon, on the third Tuesday of April and the third Tuesday of October. Days of Grace. None except on sight drafts. Depositions. The party proposing to take depositions shall give the opposite party a four days’ notice, of which the following is a form. “To A. B. C., of etc., or................ att’y of record: Depositions will be taken at the office of..................in......................... in the County of .................. and State of.................. , on the.............day of......................19 . at..........o’clock in the............ noon, in which action............ is plff. •and........... is deft., to be heard and tried at the......................Court to be holden at................ , in the County of................. , on the.............day of .....................,19............. Dated at................ this................. day of. . . . 19. . ...................................................................................... Justice of the Peace.” One extra day’s notice to be given, up to twenty days, for each twenty additional miles. They are taken before a justice of the peace or a commissioner. They can only be taken by written questions and answers proposed by counsel and administered by the magis­ trate. Objections are minuted on the deposition by the magistrate, but he does not pass upon the validity of such objections. Deposi­ tions shall be signed by the deponent, and he shall be sworn to testify to the truth, the whole truth, and nothing but the truh. They must be enclosed in an envelope and sealed up by the magistrate, with the following endorsement:  "“To the Supreme Court: Enclosed is the deposition of.....................to be used,in the action of.....................vs............................... Sealed up by me. . ................... Justice of the Peace.” They should then be mailed to the clerk of the court where they are to be used. No deposition can be used in a jury trial unless taken before the Tuesday next preceding the Tuesday on which the term commenced. A copy of the notice with the affidavit of service must be annexed to the deposition. The following is a form for the caption of the ■deposition: “ State of............................ County of.............. i .■ . . . ss. Personally appeared before me, a Justice of the Peace within' and for said County, the within named................................on the..................day of .................... . 19..., at......... o’clock in the.............noon, at the office of................................................ Street, in............................ in said County, and made oath that the annexed deposition by him subscribed con­ tains the truth, the whole truth, and nothing but the truth relative to the cause for which It. was takeh. Said deposition is taken at the ............request of..................... of............................................... to be used in the.................................. Court, in an action now pending (or to be entered) in said Court, wherein of, etc., is plff. and of, etc., is deft. The taking of said deposition was begun at.................. o’clock in the ................ noon of said day, and was continued until finished. The said.....................was (not) present and did (not) object.  Dated at said.....................this................. day of...................... 19............. ....................................... Justice of the Peace” Descent of Property. The real estate subject to dower or curtesy ■and homestead shall descend in equal shares as follows: 1. To the children and to the legal representatives of such of them as are dead. 2. If there be no issue, to the father and mother in equal shares, if both are living, and to the father or mother, if one of them is dead. 3 If there be no issue or father or mother, in equal shares to the brothers and sisters or their representatives. 4. To the next of kin in equal shares. If a person dies under age, his estate, derived by •descent or devise from his father or mother, shall descend to his brothers and sisters, or their representatives, if any, to the exclusion of the other parent. No representation allowed beyond the degree of brothers’ and sisters’ grandchildren. The personal estate shall be distributed as follows: 1. To the widow, her share according to law 2 To the same persons who would take as in the case of realty The widow is entitled, in addition to her dower and homeste»ti to one-third or one-half of the personalty, as she does or does not leave issue surviving, and she holds the same interest in the real estate bv releasing her dower and homestead, and by waiving any provision in the will in her favor. In case the real estate (provided no issue survives) does not exceed $5,000 in value, the survivor husband or wife takes the whole thereof. The same provision exists as to distribution of the personalty. As to any balance above $5,000, the distribution is made according to the other provisions of the law, as above set forth. A surviving husband has the same rights in his v ife^s estate that a wife would have in her husband s estate. (See Dower.) 4 widow is entitled to dower in the real estate of which her husband died seized, excepting in land not under cultivation or in a wood lot. not used in connection with a farm. The dower may be assigned by metes and bounds, and the widow has an undivided nf the rents and profits until dower is assigned. She net part o much of the real estate of her late husband may be endowee • • (,ome eqUal to one-third of the total income. 6^oansy“tExcluded from testifying because of - 5 V wham the party is an executor, administrator or guardUn of insane, and the subject of the testimony occurred during thf lifo of the deceased to the ward ’s insanity, the life of the deceasta, or oi prior i ardjan of the insane personunless gleets the to Testify or when it is clearly shown to the court that injustice may be testily, oi, wuc testimony of such person. Husband and wife6 are competent witnesses for or against each other, except as to matted which in the opinion of the court, might lead to the violaof msrital confidence, in criminal proceedings, respondent may tion of marital coninie elects but not otherwise. Conviction tfStlf>-nfamous^rime does not bar the party from giving evidence but bears upoiThTs credibility. The rules of common law govern generally the admissibility of evidence. msv bP taken twenty-four hours after judgment, and Executions mayand police courts in sixty days; before are returnable before 3 * . t ial term of court. Writ of possession superior court, at the . d *ent A review may be granted by the issued sixty days after j f, to have been done through accident, mfetake Sortunm Beal property taken under execution may be redeemed within one year.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1877  Exemptions. Homestead to the value of $500; necessary apparel and bedding and household furniture to the value of $100; bibles and school books in use in the family, library to the value of $200; one cow, one hog, and one pig, and pork of same when slaughtered; tocls of occupation to the value of $100; six sheep and their fleeces, one cooking stove and its furniture, provisions and fuel to the value of $50, and one sewing machine; one yoke of oxen, or a horse, when required for actual use; domestic fowls not exceeding $50; one pew, one lot in a cemetery; and hay not exceeding four tons. Fraud. Aside from criminal frauds, the superior court, in the exercise of its equity functions, has jurisdiction over frauds. Garnishment. Known to our law as trusteeing. Any personal action except trespass, defamation of character, and malicious prose­ cution, may be begun by trustee process. Trustees are not charge­ able upon default. Wages earned after the service of the writ are not held by the process. Twenty dq'lars in wages are exempt as against all claims except for necessaries. (Subject to passage of pending legislation—1913.) Holidays. (See table, page 13.) Husband and Wife. They may make ante-nuptial agreements which can be in lieu of dower, homestead, and distributive share. (See Arrest, Aliens, Descent of Property, Dower, Divorce, Married Women, and Wills.) Interest. At the rate of G per cent per annum. If any person, upon any contract, receives at a higher rate than 6 per cent, he for­ feits three times the excess paid, to the person aggrieved and suing therefor; but no contract is invalidated by reason of any stipulation for usurious interest; the money actually advanced may be recovered with legal interest. Interest upon all judgments is at the rate of G per cent per annum. Interest upon unpaid taxes is at the rate of 10 per cent after the first day of December following their assessment, until sale of property taxed, and 12 per cent thereafter until time of redemption. Upon current accounts interest commences from date of demand for payment, unless controlled by the custom of trade, which is a question of fact to be determined by a trial thereof. Judgments are not a lien upon real estate, except when attach­ ment is made on the original process, when a lien exists for thirty days after judgment. Six per cent annual interest allowed on judgments. In actions on mortgages the judgment is conditional, that if the mortgagor pay the amount of the judgment within two months, the judgment shall be void. Judgments are rendered on the last day of the term of the court where the action has been disposed of. Liens. Besides the common law lien the legislature has provided for a lien upon all the effects and baggage of a boarder; also liens or the pasture of horses, cattle, sheep, or other domestic animals. A person who may have performed labor or furnished material toward building, repairing, fitting or furnishing a vessel shall have a lien thereon for