First State Bank (Dannebrog, NE)

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VOTE TO ACCEPT FIVE THOUSAND (Continued from page 1) protested to said loans soon he had learned that they were made; that Chris Appel and Roy Appel were the active managers of said bank and that both of said parties are financially irresponsi ble. That your receiver has been ered the sum of $5000 in full setlement of the liability of said parties as directors of said bank; that said compromise does not clude settlement of any liability the receiver may still have against said parties by virtue of stockholders liability under the provisions of the constitution; that your receiver believes it is for the best interests of this trust to said sum of $5000. WHEREFORE, your receiver prays the order of this court, authorizing and directing the receiver to compromise and settle and discharge the above named directors from all and further liability by virtue of the management and con!uct by them of the affairs of the First State Bank, Dannebrog Nebraska, and in particular on count of loans made by them in excess of the limit authorized by law, upon the payment to him of the sum of $5000. Clarence Bliss, Receiver First State Bank, Dannebrog, Nebraska. statement of the terms of the proposed compromise, attached to the above, and approved by Stoll, chief of the receivership division of the state department of trade and commerce, read as follows: The offer of compromis sale as follows: The directors of the First State Bank, Dannebrog, Nebraska, have offered to pay the sum of $5000 in settlement of their liability as directors of the said bank, and in particular on account of certain loans made in excess of the legal limit; that your receiver is advised that none of said directors have property from which judgement could be collected cept Frank Taylor and John Lemburg; that the said John Lemburg man advanced in age and and physically disabled mentally on of his that Frank account age; Taylor did not actively participate in the making of said loans and there are great many legal questions and defenses raised by said might and is believed that the offer of $5000 should be accepted rather than enter into prolonged and pensive litigation. Reading of the called considerable and said to indicate that enough the first reaction of the gathering was one of indignation. First, cause the sum offered appeared so in comparison with insignificant the losses for which the directors with being responsicharged ble, and the $5000 would yield the dividend of less than depositors Second, because percent. were anxious to press good many the against the directors charges and officers most responsible and let justice take its course. But even though it apparently their sense of all that was against explanation of the just. an status of the depositors, should case be taken to caused all but two of those present at the to vote "yes" to the quesmeeting "Shall the offer of tion, compro-