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The Maryland Code : Public General Laws and Public Local Laws, 1860
Volume 145, Page 58   View pdf image (33K)
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58 BANKS. [ART. 12.

ARTICLE XII.
Banks.

SEC. 1. Any person having a claim upon or holding a note of
any bank in this State under one hundred dollars, after demand '
of payment of such claim or note at the bank and refusal or
neglect to pay, may recover judgment for the same before a
justice of the peace of the- county or city where the bank is esta-
blished, with interest at the rate of six per centum per annum
from the time of the demand and refusal.

2. Upon application made to the Circuit Court of any county,
or the Superior Court of Baltimore city, or to the judge thereof
in the recess, supported by affidavit to be filed in the case, stating
that a bank located in the county or city refuses to pay specie for
its notes, and upon the court being fully satisfied that such bank
does refuse to pay specie for its notes, the said court may order
its clerk to issue a scire facias in the name of the State of Mary-
land, and directed to the said bank by its corporate name and
style, to show cause why its charter shall not be declared forfeited
by the judgment of the said court.

3. The said courts, or the judge thereof in the recess, in all
cases where such scire facias is issued against a bank, shall issue
an injunction to restrain such bank from improperly disposing
of its funds or property, and shall appoint a receiver if the said
court or judge shall deem the same necessary to promote the
interest of the creditors of said bank.

4. If it shall appear to the court on the return of the said scire
facias that the bank named in such writ has refused to pay in
specie on demand any debt or liability whatsoever, the charter
of such bank shall be adjudged forfeited, and the court shall ap-
point one or more trustees, upon the recommendation in writing
of one-fifth at least of the creditors in amount, to settle up the
affairs of such bank, and distribute its property and effects among
the creditors and others entitled to the same according to their
respective rights.

 

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The Maryland Code : Public General Laws and Public Local Laws, 1860
Volume 145, Page 58   View pdf image (33K)
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