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APPOINTED RECEIVER Roy A. Nelson to Direct Minnesota Stock Land Bank. Roy A. Nelson of Minneapolis yesterday was appointed receiver of the Southern Minnesota Joint Stock Land Bank at Minneapolis, it was announced by Paul Bestor, farm loan commissioner.
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Farm Loan Bank in Hands of Receiver Minneapolis, May 3.-(P)-Failure of the Southern Minnesota Joint Stock Land Bank of Minneapolis to pay $530,000 bond interest due May 1 sent that farm mortgage institution into receivership Monday by action of its directors. The land bank has assets of $22,700,000. It has outstanding $21,038,700 in bonds, issued with farm mortgages as security. The loans are on farms in Minnesota and South Dakota. Roy A. Nelson, vice president and general manager, was appointed receiver by the Federal Farm Loan board.
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FARM LOAN BANK RECEIVER NAMED The Southern Minnesota Joint Stock Land Bank of Minneapolis, formerly of Redwood Falls, a farm mortgage institution with assets of $22,700,000, went into receivership Monday as result of failure to pay $530,000 of bond interest due May 1. Roy A. Nelson, vice president and general manager of the bank, was appointed receiver by the federal farm loan board, which supervises joint stock and other federal farm banks. The bank has outstanding about $21,000,000 of bonds, issued with farm mortgages as security. The bank's loans are on farms in Minnesota and South Dakota. It is not a bank of deposit, and finances its business through sale of its bonds, which are largely held by eastern investors. The institution was organized here in 1919 but was moved to Minneapolis in 1926. In 1928 a number of Minneapolis men were elected directors and a new management was installed, with Mr. Nelson at the head.
FARM LOAN BANK RECEIVER NAMED The Southern Minnesota Joint Stock Land Bank of Minneapolis, formerly of Redwood Falls, a farm mortgage institution with assets of $22,700,000, went into receivership Monday as result of failure to pay $530,000 of bond interest due May 1. Roy A. Nelson, vice president and general manager of the bank, was appointed receiver by the federal farm loan board, which supervises joint stock and other federal farm banks. The bank has outstanding about $21,000,000 of bonds, issued with farm mortgages as security. The bank's loans are on farms in Minnesota and South Dakota. It is not a bank of deposit, and finances its business through sale of its bonds, which are largely held by eastern investors. The institution was organized here in 1919 but was moved to Minneapolis in 1926. In 1928 a number of Minneapolis men were elected directors and a new management was installed, with Mr. Nelson at the head.
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(Feb. 23-March 30) NOTICE OF MORTGAGE FORECLOSURE SALE. Default having occurred in the conditions of that certain mortgage made by Arthur G. Marks and Alice Marks, his wife, as mortgagors, to Southern Minnesota Joint Stock Land Bank of Minneapolis, a Federal corporation, mortgagee, dated March 1, 1929 and with a power of sale therein contained and filed for record in the office of the Register of Deeds in and for Redwood County, Minnesota on March 28, 1929 at 9:15 o'clock A. M., and recorded in Book "83" of Mortgages on page 189, by which default the power of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice as principal and interest, the sum of Three Thousand Five Hundred Seventy-seven and 60-100 Dollars ($3,577.60). NOW THEREFORE, NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by said mortgage, viz: The Southwest Fractional Quarter of Section Nineteen (19), Township One Hundred Twelve (112), Range Thirtynine (39), Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the Court House in the City of Redwood Falls, Redwood county, Minnesota, on April 10, 1933 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law, subject to redemption within twelve months from said date of sale. Dated February 20, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage. J. M. Woodworth, Attorney for Holder of said Mortgage 454 McKnight Building, Minneapolis, Minnesota. 34-6ts.
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(Feb. 23-March 30) NOTICE OF MORTGAGE FORECLOSURE SALE. Default having occurred in the conditions of that certain mortgage made by Arthur G. Marks and Alice Marks, his wife, as mortgagors, to Southern Minnesota Joint Stock Land Bank of Minneapolis, a Federal corporation. mortgagee, dated March 1, 1929 and with a nower of sale therein contained and filed for record in the office of the Register of Deeds in and for Pedwood County. Minnesota on March 28, 1929 at 9:15 o'clock A. M., and recorded in Book "83" of Mortgages on page 189, by which default the power of sale has become operative, and no action or proceeding having been instituted at law or otherwise to recover the debt secured by said mortgage or any part thereof and whereas there is due and claimed to be due upon said mortgage at the date of this notice as principal and interest, the sum of Three Thousand Five Hundred Seventy-seven and 60-100 Dollars 1$3 577.60). NOW THEREFORE. NOTICE IS HEREBY GIVEN: That by virtue of the power of sale therein contained, said mortgage will be foreclosed by a sale of the mortgaged premises described in and conveyed by said mortgage, viz: The Southwest Fractional Quarter of Section Nineteen (19), Township One Hundred Twelve (112), Range Thirtynine (39), Redwood County, Minnesota, which sale will be made by the Sheriff of said Redwood County at the main front door of the Court House in the City of Redwood Falls, Redwood county, Minnesota, on April 10, 1933 at ten o'clock in the forenoon of that day, at public vendue, to the highest bidder for cash, to pay the debt then secured by said mortgage and taxes if any on said premises and the costs and disbursements allowed by law, subject to redemption within twelve months from said date of sale. Dated February 20, 1933. ROY A. NELSON, AS RECEIVER OF SOUTHERN MINNESOTA JOINT STOCK LAND BANK OF MINNEAPOLIS, Holder of said Mortgage. J. M. Woodworth, Attorney for Holder of said Mortgage 454 McKnight Building, 34-6tm. Minneapolis, Minnesota.
Sue Stockholders Where They Live Is Court Ruling Minnesota Bank Receiver Can't Combine Action in Hartford County Suits brought by Ervin J. Friede, receiver-trustee for the creditors of the closed Southern Minnesota Joint Stock Land Bank of Minneapolis, against Connecticut stockholders of the bank, must be filed in the counties where the defendants reside, it was held Wednesday by Judge Earnest C. Simpson of the Superior Court. About 50 actions have been filed in Hartford County and several of the defendants, living in other counties, pleaded to the jurisdiction, to which Wells, Davis, Schaefer & Locke, counsel for the receiver-trustee, filed a demurrer. Judge Simpson overruled the demurrer, which will result in suits being brought against defendants in Fairfield, New London and New Haven Counties. The bank went into receivership May 2, 1932. On April 20, 1935, under a federal law, assessments were levied against the stockholders to the extent of the par value of the stock held by them. Hartford County residents named in the action and the amounts claimed from them follow: John F. Forward, $2500; John C. Franfield, $600; Mary R. Frisbie, $1000; Robert T. Hurley, $200; Cleveland Litchfield, $300; Charles C. Russ, $1000; Horace C. Swan, $600, all of Hartford; Mrs. Emorette H. Case, West Hartford, $5500; Martha B. Horton, Unionville, $600; Harold C. Rossberg Willes, $500; Alice T. Rossberg, $1500, Dorothy L. Sengle, $2700, all of New Britain; Esther Porter Pratt, Wethersfield, $1000; Herbert B. House, Manchester, executor under the will of Charles E. House, $2500; Clarence A. Mason, executor under the will of Gertrude W. Mason, Farmington, $200; Hartford National Bank & Trust Co., executor under the will of Lilla M. Burt, $2000. The suits were authorized by the United States District Court of Minnesota.
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(April 9-May 14) NOTICE OF SALE UNDER JUDGMENT OF MORTGAGE FORECLOSURE State of Minnesota, County of Redwood. District Court, Ninth Judicial District. E. J. Friede as Receiver of the Southern Minnesota Joint Stock Land Bank of Minneapolis, formerly Southern Minnesota Joint Stock Land Bank of Redwood Falls, Minnesota, a federal corporation, Plaintiff vs. John A. Bergblom, E. A. Miller (also known as Earl A. Miller) and Dora B. Miller, his wife. Defendants. NOTICE IS HEREBY GIVEN: That by virtue of the judgment entered in the action above entitled, whereby it is adjudged, among other things, that there is due to the plaintiff the sum of Five Thousand One Hundred Eighty-nine and 66-100 Dollars and interest thereon from the 6th day of April, 1936 at six (6) per cent per annum, and that the land therein described be sold to satisfy the same, with the costs and expenses of such sale, a certified transcript of which judgment has been delivered to me by the court, I, the undersigned sheriff of the County of Redwood, State of Minnesota, will offer and expose for sale at public auction to the highest bidder, on the 23rd day of May, 1936 at ten o'clock A. M., at the front door of the Court House in the City of Redwood Falls, in said county and state, the land described and directed to be sold in said judgment lying and being in the County of Redwood, State of Minnesota, to-wit: The West Half of the Southeast Quarter (W/SE%) of Section Twenty-four (24), Township One Hundred Ten (110), North of Range Thirty-nine (39). West of the 5th P. M., containing eighty (80) acres, more or less, according to U. S. Government Survey thereof. or so much thereof as shall be necessary to satisfy said judgement, the interest thereon, and the costs and expenses of such sale; subject to redemption within one year from the date of conformation of said sale. Dated April 6, 1936. L. J. KISE, Sheriff of Redwood County, Minnesota. 41-6ts
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(April 9-May 14) NOTICE OF SALE UNDER JUDGMENT OF MORTGAGE FORECLOSURE State of Minnesota, County of Redwood. District Court, Ninth Judicial District. E. J. Friede as Receiver of the Southern Minnesota Joint Stock Land Bank of Minneapolis, formerly Southern Minnesota Joint Stock Land Bank of Redwood Falls, Minnesota, a federal corporation, Plaintiff vs. John A. Bergblom, E. A. Miller (also known as Earl A. Miller) and Dora B. Miller, his wife. Defendants. NOTICE IS HEREBY GIVEN: That by virtue of the judgment entered in the action above entitled, whereby it is adjudged, among other things, that there is due to the plaintiff the sum of Five Thousand One Hundred Eighty-nine and 66-100 Dollars and interest thereon from the 6th day of April, 1936 at six (6) per cent per annum, and that the land therein described be sold to satisfy the same, with the costs and expenses of such sale, a certified transcript of which judgment has been delivered to me by the court, I, the undersigned sheriff of the County of Redwood, State of Minnesota, will offer and expose for sale at public auction to the highest bidder, on the 23rd day of May, 1936 at ten o'clock A. M., at the front door of the Court House in the City of Redwood Falls, in said county and state. the land described and directed to be sold in said judgment lying and being in the County of Redwood, State of Minnesota, to-wit: The West Half of the Southeast Quarter (W/SE%) of Section Twenty-four (24), Township One Hundred Ten (110), North of Range Thirty-nine (39). West of the 5th P. M., containing eighty (80) acres, more or less, according to U. S. Government Survey thereof. or so much thereof as shall be neeessary to satisfy said judgement, the interest thereon, and the costs and expenses of such sale; subject to redemption within one year from the date of conformation of said sale. Dated April 6, 1936. L. J. KISE, Sheriff of Redwood County, Minnesota. 41-6ts
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(April 9-May 14) NOTICE OF SALE UNDER JUDGMENT OF MORTGAGE FORECLOSURE State of Minnesota, County of Redwood. District Court, Ninth Judicial District. E. J. Friede as Receiver of the Southern Minnesota Joint Stock Land Bank of Minneapolis, formerly Southern Minnesota Joint Stock Land Bank of Redwood Falls, Minnesota, a federal corporation, Plaintiff vs. John A. Bergblom, E. A. Miller (also known as Earl A. Miller) and Dora B. Miller, his wife. Defendants. NOTICE IS HEREBY GIVEN: That by virtue of the judgment entered in the action above entitled, whereby it is adjudged, among other things, that there is due to the plaintiff the sum of Five Thousand One Hundred Eighty-nine and 66-100 Dollars and interest thereon from the 6th day of April, 1936 at six (6) per cent per annum, and that the land therein described be sold to satisfy the same, with the costs and expenses of such sale, a certified transcript of which judgment has been delivered to me by the court, I, the undersigned sheriff of the County of Redwood, State of Minnesota, will offer and expose for sale at public auction to the highest bidder, on the 23rd day of May, 1936 at ten o'clock A. M., at the front door of the Court House in the City of Redwood Falls, in said county and state, the land described and directed to be sold in said judgment lying and being in the County of Redwood, State of Minnesota, to-wit: The West Half of the Southeast Quarter (W%SE%) of Section Twenty-four (24), Township One Hundred Ten (110), North of Range Thirty-nine (39). West of the 5th P. M., containing eighty (80) acres, more or less, according to U. S. Government Survey thereof. or so much thereof as shall be neeessary to satisfy said judgement, the interest thereon, and the costs and expenses of such sale; subject to redemption within one year from the date of conformation of said sale. Dated April 6, 1936. L J. KISE, Sheriff of Redwood County, Minneseta. 41-Ots