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lease and discharge to said bank, for all payments made on account of such deposit prior to the receipt by said bank of notice in writing signed by any one of such joint tenants, not to pay such deposit in accordance with the terms thereof. (Laws 1915, p. 154.)

Sec. 11780. Special remedies applicable to banks doing a safe deposit business.-Every bank doing a safe deposit business shall be entitled to the following special remedies in enforcing the liability of depositors and of renters or lessees of boxes:

1. Whenever any bank doing a safe deposit business shall have received personal property upon deposit, as bailee, and shall have issued a receipt therefor, it shall be deemed a warehouseman as to such property, and all existing statutes and laws affecting warehousemen shall apply to such deposits, and the corporation shall have a lien on such deposit or the proceeds thereof to the same extent and with the same effect, and enforceable in the same manner, as now provided by law with reference to "warehousemen."

2. If the amount due for the rental of any safe or box in the vaults of any bank shall not have been paid for one year, such bank may, at the expiration thereof, send to the person or persons, partnership or corporation in whose name such safe or box stands on its books a notice in writing in a securely closed postpaid registered letter, directed to such renter or lessee at his, their or its postoffice address, as recorded upon the books of the bank, notifying such renter or lessee that if the amount due for the rental of such safe or box shall not be paid within thirty days from date, the bank will then cause such safe or box to be opened, and the contents thereof to be inventoried, sealed, and placed in one of the general safes or boxes of the bank.

Upon the expiration of thirty days from the date of mailing such notice, and the failure within said period of time of the renter or lessee in whose name the safe or box stands on the books of the bank to pay the amount due for the rental thereof to the date of notice the bank may, in the presence of a notary public and of its president or cashier, cause such safe or box to be opened, and the contents thereof, if any, to be removed, inventoried and sealed up by such notary public in a package, upon which the notary public shall distinctly mark the name of the renter or lessee in whose name the safe or box stood on the books of the bank, and the date of removal of the property, and when such package has been so marked for identification by the notary public, it shall, in the presence of the president or cashier of the bank be placed by the notary public in one of the general safes or boxes of the bank, at a rental not to exceed the original rental of the safe which was opened, and shall remain in such general safe or box for

a period of not less than two years, unless sooner removed by the owner thereof, and the notary public shall thereupon file with the bank a certificate under seal, which shall fully set out the date of the opening of such safe or box, the name of the renter or lessee in whose name it stood and a list of the contents, if any. A copy of such certificate shall within ten days thereafter be mailed to the renter or lessee in whose name the safe or box so opened stood on the books of the bank, at his, their or its last known postoffice address, in a securely closed postpaid, registered letter, together with a notice that the contents will be kept, at the expense of such renter or lessee, in a general safe or box in the vaults of the bank for a period of not less than two years. At any time after the mailing of such certificate and notice, and before the expiration of two years, such renter or lessee may require the delivery of the contents of the safe as shown by said certificate, upon the payment of all rentals due at the time of opening of the safe or box, the cost of opening the box, the fees of the notary public for issuing his certificate thereon, and the payment of all further charges accrued during the period the contents remained in the general safe or box of the bank. After the expiration of two years from the time of mailing the certificate herein provided for, the bank shall mail in a securely closed postpaid registered letter, addressed to such renter or lessee at his, their or its last known postoffice address, a notice stating that two years have elapsed since the opening of the safe or box and the mailing of the certificate thereof, and that the bank will sell all the property or articles of value set out in said certificate, at a time and place stated in such notice, not less than thirty days after the time of mailing such notice, and stating the amount which shall have then been due for rental up to the time of opening such safe, the cost of opening thereof, and the further cost of safe-keeping all of its contents for the period since the opening of the safe or box. Unless such renter or lessee shall pay on or before the day mentioned all said sums, and all the charges accruing to the time of payment, including advertising, the bank may sell all the property or articles of value set out in said certificate, at public auction, at the time and place stated in said notice, provided a notice of the time and place of sale has been published once within ten days prior to the sale, in a newspaper, published in the place where the sale is held. From the proceeds of the sale, the bank shall deduct all its charges as stated in said notice, together with any further charges that shall have accrued since the mailing thereof, including reasonable expenses for notices, advertising and sale. The balance if any, of such proceeds shall be held as a special deposit by the bank. The bank shall file with such deposit a certificate stating the name and last known place of residence of the owner of the

property sold, the articles sold, the price obtained therefor, and showing that the notices herein required were duly mailed and that the sale was advertised as required herein. The bank holding such balance shall credit the same to the owner of the property, and pay the same to such owner, his, their or its assignee or legal representative, on demand and satisfactory evidence of identity. If such balance remains in the possession of such bank for a period of five years, unclaimed by the person, partnership or corporation legally entitled thereto, it shall be treated as an unclaimed deposit. Whenever the contents of any such safe or box, so opened, shall consist either wholly or in part, of documents or letters or other papers of a private nature, such documents, letters or papers shall not be sold, but shall be retained by the bank for a period of ten years from the time of the opening of the box, and, unless sooner claimed by the owner, may be thereafter destroyed in the presence of an officer of the bank and a notary public not an officer or employe of the bank. The provisions of this section do not preclude any other remedy by action or otherwise now existing for the enforcement of the claims of a bank against the person in whose name such safe or box stood, nor bar the right of a bank to recover so much of the debt due it as shall not be paid by the proceeds of the sale of the property deposited with it. (Laws 1915, p. 155.)

Sec. 11781. Private bankers defined.-Private bankers are declared to be those who carry on the business of banking by receiving money on deposit, with or without interest, by buying and selling bills of exchange, promissory notes, gold or silver coin, bullion, uncurrent money, bonds or stocks, or other securities, and of loaning money, without being incorporated. (Laws 1915, p. 157.)

The assets of a private bank are distinct from those of the owner. State ex rel. Barker v. Sage, 267 Mo. 493, 184 S. W. 984.

Sec. 11782. Requirements for private banker. No person or company of persons shall engage in the business of banking as private bankers without a paid-up capital of not less than ten thousand dollars, and if said banking business is to be carried on in a city having a population of one hundred and fifty thousand inhabitants or more, then without a paid-up capital of not less than one hundred thousand dollars, nor until he or they shall have made a statement, subscribed and sworn to as correct and true before a notary public by each person connected with such business as owner or partner, setting forth: First, the names and places of residence of all persons interested in the business, all of whom shall be residents of this state, and the amount of capital invested; and second, the name in which the business is to be conducted and the place at which it is to be carried on; which

statement shall be acknowledged, recorded in the office of the recorder of deeds of the county in which the bank is to be located, and a certified copy of such recorded instrument shall be filed in the office of the bank commissioner: Provided, that hereafter no new private bank shall be established. (Laws 1915, p. 157.)

Where an individual banker dies solvent and sole owner of the assets of the bank, the probate court has sole jurisdiction. In re Purl's estate, 147 A. 105, 125 S. W. 849. See State ex rel. Barker v. Sage, 267 Mo. 493, 184 S. W. 984.

Since the act of 1915 no new private banks could be established in this state. At the present time there are only four private banks in the state.

Sec. 11783. Private bank not to make loan on personal security of owner in excess of ten per cent of paidup capital. No private bank or banker in this state shall make any loan or discount on account of the personal security or obligation of the proprietor, owner or partner in such private bank in excess of ten per cent of the paid up capital and surplus of such private bank or banker. For any violation of the provisions of this section, the bank commissioner shall have authority, in his discretion, to make application for the appointment of a receiver for such private bank or banker, as now provided by law in case of insolvent banks and trust companies. (Laws 1915, p. 157.)

See notes to two preceding sections.

Sec. 11784. Funds of private bank not to be used in other business-twenty per cent of net profits to be placed in surplus. No private banker shall employ any part of his capital, or any funds deposited with or borrowed by him, in dealing or trading in, buying or selling lands, goods, chattels, wares or merchandise, but he may sell and dispose of all kinds of property which may necessarily come into his possession in the collection of his loans. or discounts. Nor shall any such banker use or employ his capital or funds deposited with or borrowed by him in any other manner than banks are by this article permitted, or loan a greater amount to any person or loan any sum whatever, except upon like security as is required to be taken by banks. Neither shall the profits of such private bank be distributed to the owners thereof without first setting apart to surplus accounts at least twenty per cent of the net profits each year until the surplus equals twenty per cent of the capital, and said surplus shall not be diminished except for the payment of any losses which may occur: Provided, if there are undivided profits, these shall first be used in payment of such losses. (Laws 1915, p. 158.)

Assets of private banks are to be applied first to payment of claims against bank and, second, to payment of individual creditors of owner. State ex rel. Barker v. Sage, 267 Mo. 493, 184 S. W. 984. Shipping cattle in name of bank in order that the proceeds may be used to pay debt of the owner is not in violation of this section. Farmers Bank v. Ry., 119 A. 1, 95 S. W. 286; Griffin v. Ry., 115 A. 549, 91 S. W. 1015.

Sec. 11785. Application of and penalty for violation of provisions of this article.-All the provisions of this article shall, so far as the same are applicable, apply to all private bankers doing business in this state; and any private banker who shall fail to make and file the statement required by this article of banks incorporated under the provisions of this article, or so much thereof as may be required by the bank commissioner, or shall fail or refuse to make or render any other report or statement required by the banking laws of this state, or who shall, willfully and corruptly, make any such statement falsely, or who shall violate any of the provisions of this article, he or they, and each of them, shall be deemed guilty of a misdemeanor, and, upon conviction thereof, upon information or indictment, shall be punished by a fine, for each offense, not exceeding five thousand dollars nor less than five hundred dollars, or by imprisonment not less than one nor more than twelve months in the city or county jail, or by both such fine and imprisonment. The cashier of each private bank shall give bond to the state of Missouri, for such sum, and conditioned, as may be required by the commissioner, which shall be approved by the commissioner, and filed in his office. (Laws 1915, p. 158.)

Sec. 11786. Private banker not required to pay additional tax or license. No private banker or banking institution, after having made, recorded and filed the statement required by this article, shall be required to pay any license or tax not required of banks. (Laws 1915, p. 158.)

Sec. 11787. Moneys forfeited-to whom paid. All moneys forfeited under the provisions of any section of this article, when recovered, shall be paid into the state treasury for the use of the state banking department, where not otherwise provided by the Constitution. (Laws 1915, p. 158.)

Sec. 11788. Definitions of terms used in chapter.-Surplus. The term "surplus," when used in this article, means the excess of assets over liabilities, including liability to stockholders.

Surplus fund. The term, "surplus fund," when used in this article, means a fund created pursuant to the provisions of this article by a bank from its net earnings or undivided profits, which to the amount specified in this article is not available for the payment of dividends and cannot be used for the payment of expenses or losses so long as any such corporation has undivided profits.

Total profits. The term, "total profits," when used in this article, means the total amount of undistributed net earnings of any corporation to which this article is applicable from the date of its organization, including such portions of its surplus fund or

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