« AnteriorContinuar »
business of banking within this State, in manner provided for in the six following sections, viz.:
SEC. 6. On the thirtieth day of June, eighteen hundred and Persons reninety-seven and thereafter on the thirtieth day of June in posito to make every third [year] as hereinafter set forth, it shall be the duty report, when. of each person, co-partnership, company or corporation who shall be engaged in the trust business or the business of banking within this State, and as a part of such business, receive in any manner whatever, moneys, or securities of persons upon deposit, to make a report as hereinafter provided of all such deposits which have escheated to the State of Michigan and also report all such deposits where the person making the same has not had any dealings with such person, co-partnership, company or corporation in relation to such deposits within three years before making such report, and the person, co-partnership, company or corporation receiving such deposit shall have good reason to believe that the depositor is dead and that such deposit should escheat to the State of Michigan. Such report shall be made to the Commissioner of Banking and shall contain a truthful statement in detail of the following matters, viz.: First, The name of the person making such deposit;
show what. Second, The amount and date of such deposit and whether the same are in money or securities, and if the latter, the nature of the same;
Third, Any interest due on such deposits, if any, and the amount thereof;
Fourth, The sum total of such deposits, together with the interest added thereto due from such person, co-partnership, company or corporation on account of such deposit or deposits and interest thereon to such depositor, but nothing contained herein shall require any corporation or person renting locked boxes or safes in vaults for storage purposes to open or report concerning property stored therein. Such report itemized as aforesaid shall be signed by the person making the same and shall be sworn to before a person competent to administer oaths as a full, complete and truthful statement of each of the items therein contained, and if made for and on behalf of a co-partnership or company, such report may be signed and sworn to by any person composing such co-partnership or company and if made for and on behalf of a corporation, such report shall be signed and sworn to by the president of such corporation, but in each of the two last instances such signing and swearing to such reports shall appear to be for and on behalf of such co-partnership, company or corporation as the case may be. After the making, signing and swearing to such Report to be
filed, where. report as herein provided, the same shall be filed in the office of the Commissioner of Banking of the State of Michigan and it shall be the duty of such Commissioner to endorse or cause to be endorsed thereon the time at which such report was received and filed, which endorsement shall be signed by such
commissioner or some person legally competent to sign the same, and thereafter such report shall be and remain a part of
the official records of the office of Commissioner of Banking. False report
If any false statement in such report is signed and wilfully perjury.
sworn to, it shall be deemed perjury on the part of the person signing and swearing to the same and such person shall be liable to be proceeded against and punished as in other cases
of perjury. Penalty for SEC. 7. If any person, co-partnership, company or corporafailure to make report. tion shall after being required so to do by the Commissioner of
Banking, fail to make, sign, and swear to and file such report in manner and time as aforesaid, he, they, or it shall become liable to and shall forfeit to the people of the State of Michigan the penal sum of three hundred dollars for each of such failures, and an additional penal sum of ten dollars for each
and every day while said report shall remain unfiled as aforeHow col. said. Such penal sum or sums may be collected as hereinafter
provided by an action in assumpsit or any other proper legal action to collect a debt, brought in the name and on behalf of the people of the State of Michigan in any court having legal jurisdiction thereof, and any judgment rendered therefor and costs of suit may be collected out of the property of such a person, co-partnership, company or corporation against whom such judgment is rendered by execution in like manner as other judgments and costs of suit in such cases in such courts
are collected. Moneys SEC. S. It shall be the duty of the Attorney General to com
8 recovered to be paid mence any such action for the collection of such penal sum as. into court.
hereinbefore provided and to duly prosecute them for effect. After any judgment for such penal sum or sums is rendered the amount of such judgment with costs of suit may be paid into court by the person, co-partnership, company or corporation against whom the same shall be rendered or if in such judg. ment and costs are collected by execution, the money collected on such judgment and costs shall be paid into court; and in either case the court receiving the money on such judgment shall immediately transmit the same or cause the same to be transmitted to the probate court of the county wherein such judgment was rendered, and it shall be the duty of the said probate court to give or cause to be given to the court transmitting such money a receipt for the same; and such probate court shall also as soon as possible transmit or cause to be transmitted the money so received to the State Treasurer of the State, who shall give or cause to be given to such probate court his receipt therefor as such treasurer, which the said probate court shall file or cause to be filed in his office, and the
same shall thereafter remain a part of the official records of Money placed such office. Such money so received by the State Treasurer to credit of primary shall be placed to the credit of the primary school fund. school iuud.
SEC. 9. It shall be the duty of the Attorney General to see Attorney that such reports are properly made in manner and time as prosecute ror hereinbefore provided; and if the same are not filed in time and jailure to manner as hereinbefore provided, to take all proper steps to secure the proper making and filing of the same; and it shall be his duty to promptly prosecute to effect and to collect all such penal forfeitures herein before provided for. In the protection of the interests of the State in such deposits as aforesaid, the Attorney General shall have power and it is hereby created his duty in addition to the other means hereinbefore provided. If he shall have good reason to believe that a proper disclosure has not been made by any firm, co-partnership, company or corporation, in any of the reports in this act provided for, and that there are moneys or securities in their custody which has escheated to the State, to apply to the circuit court of the proper county by special motion for leave to file a bill in chancery, and upon due showing and leave granted to file a bill in chancery in the name and on behalf of the people of the State of Michigan against such person, co-partnership, company or corporation in any court having jurisdiction of such suit in chancery or other proper proceedings to compel a full, complete and truthful statement of the matter in this act required to be contained in the reports aforesaid. In any suit or proceeding in this act provided for to be commenced against any such person, co-partnership, company or corporation doing a banking business as aforesaid, no demand for security for Secority for costs shall be entertained by the court before whom such suit or proceedings shall be pending.
SEC. 10. If, by any of such reports in this act provided for When adminit shall appear, or if in any manner it shall come to the knowl- deposits to be edge of the Attorney General that a person has deposited with applied for. any person, corporation, company or co-partnership doing a banking or trust business, any money or securities and has had no dealings with such person, co-partnership, company or corporation in regard thereto within seven years from the date of the last deposit made by him, and that there is good reason to believe that such person is dead and that his estate should escheat to the State of Michigan; then, and in that case it shall be the duty of the Attorney General to take proceedings to have an administrator appointed in the proper probate court to administer upon the estate of such missing depositor as a deceased person. Such administrator shall be appointed as to person and manner of appointment as is provided for in sections three and four of this act. After the appointment of such Rights of adadministrator and upon his giving due and sufficient bonds to be required by the court, he shall have the right to demand and receive from any such person, co-partnership, company or corporation having any deposits of money or securities of such missing person within its possession and control and he shall have all the rights of action to reduce such money or securities to his personal possession and control as administrator as
costs not demanded.
. Administrator, duties of
Presumption of death.
aforesaid as any other administrator yould have if administering upon the estate of a deceased person.
SEC. 11. After such money and securities as above provided have been legally reduced to the possession and control of such administratrator he shall proceed to administer thereon as is herein provided for the administration of escheated estates, and avails of such money or securities shall in like manner be disposed of as herein provided for the disposal of the avails of escheated estates.
SEC. 12. Such administrator shall also administer upon all the other property belonging to such missing person the same as if such missing person were known to be dead. Such administration and the disposal of the avails of such property shall be in accordance with the provisions of this act in relation to escheated estates.
SEC. 13. If any person shall disappear and his whereabouts remain unknown for the space of seven years, and no knowl. edge of such person can be procured for such space of seren years, he shall be presumed to be dead, and if there are no person or persons found who would be his heir or heirs at law, if he were dead, administration shall be taken upon his estate in accordance with the provisions of this act in relation to escheated estates, and the avails of such estate shall be disposed of as provided in this act for the disposal of the avails of escheated estates.
SEC. 14. The Attorney General shall have the right to call upon the prosecuting attorney of any county wherein any such estate is being administered for, his services on any occasion in any matter relating to such estate; and such prosecuting attorney shall render such services whenever required by the Attorney General without compensation therefor.
SEC. 15. Whenever any such estate has been fully and completely administered by the probate court having jurisdiction thereof, the Attorney General shall see that all the property of whatever name or nature remaining in such estate after due administration thereon is turned over to the care and custody of the Auditor General, State Treasurer and Secretary of State, and to their successors in office who shall take the same as trustee thereof in accordance with the provisions of act number one hundred and fifty-one of the laws of Michigan, approved May eighteenth, eighteen hundred and forty-six, and who as soon thereafter as possible shall cover such property or the avails thereof into the State Treasury for the use of the primary school fund. If any such property consists of real estate, the same shall be sold and conveyed by said trustees in manner as hereinafter set forth.
SEC. 16. Whenever such real estate shall come into the care and custody of said trustees as provided for in the preceding section, the same shall be sold and conveyed by said trustees in manner as follows: The said trustees, at as early a date as is consistent with the interest of the State in said real
Custody of remainder of estate.
Manner of sale of real estate.
estate, shall publish a notice of the public sale of the same at a time and place in said notice specified, in the county where such real estate is situate, which notice shall be published at least six successive weeks prior to said sale in some newspaper printed and circulated in said county. If, in the judgment of Sale may be
adjourned. said trustees, the interests of the State in said real estate can thereby be subserved said sale may be adjourned by them from time to time, but not to exceed three months from the first publication of said notice. If there be no newspaper printed and circulated in the county where said real estate is situate, then and in that case, said notice shall be published in a newspaper printed and circulated nearest to where said real estate is situate. A notice of sale may also be published in such other manner as said trustees may deem to be for the best interests of the State in said real estate.
SEC. 17. Such sale shall be between the hour of nine o'clock Hour of sale. in the morning and the setting of the sun the same day, to the highest responsible bidder therefor.
SEC. 18. On such sale, the said trustees may give such Terms of sale. length of credit not exceeding three years, and for not more than three-fourths of the purchase money, as they shall deem best calculated to produce the highest price, and shall secure the moneys for which credit is given by a bond of the purchaser, and by a mortgage on the real estate sold.
SEC. 19. An affidavit of said trustees, or one of them, or of Deed to be some other person having knowledge of the fact that notice of trustees. such sale was given as provided in this act, shall be made before some officer authorized to administer oaths, and shall be attached to the deed of conveyance given by said trustees on the sale of such real estate. Upon such sale, a deed of said real estate shall be made, executed and delivered to the purchaser or purchasers thereof by said trustees.
SEC. 20. All personal property coming into the care and Personal custody of said trustees may be sold and conveyed by them, either by public or private sale, as they shall deem to be to the best interests of the State therein. SEC. 21. Said trustees shall keep a full, true and accurate Record of
, account of all the property of whatever name or nature, which what to shall come into their care or custody from such escheated contain. estates; the nature of such property, and when received; the time and manner of the disposal thereof, the amount of moneys received therefor, and the time and amount of money covered into the State treasury on account of such estate; which account shall be kept in the office of the State Treasurer and shall become a part of the public records of such office.
SEC. 22. If at any time the real estate or personal property When owner belonging to such escheated estates comes into the care and found prior custody of said trustees, and before the sale thereof by them, the person supposed to be deceased or any person or persons shall appear before the Board of State Auditors and file with such board satisfactory proof by a duly certified copy of an