Farrell v. Cootway (In re Farmers & Traders Bank of Wrightstown)

• Decision Date: 15 February 1944
• Citation: 12 N.W.2d 925,244 Wis. 576
• Court: Wisconsin Supreme Court
• Parties: In re FARMERS & TRADERS BANK OF WRIGHTSTOWN. FARRELL et al. v. COOTWAY et al.

244 Wis. 576

12 N.W.2d 925

In re FARMERS & TRADERS BANK OF WRIGHTSTOWN.

FARRELL et al.

v.COOTWAY et al.

Supreme Court of Wisconsin.

Feb. 15, 1944.

Appeals from an order of the Circuit Court for Brown County; Henry Graass, Judge.

Special proceedings in the matter of the Segregated Trust of the Farmers & Traders Bank of Wrightstown, etc., wherein C. W. Cootway and others, trustees of the Segregated Trust of the Farmers & Traders Bank of Wrightstown, filed petitions against Richard J. Farrell, guardian, etc., and the Board of Deposits of Wisconsin, and others for an order regarding the payment of final liquidating dividends on certificates issued by the trustees. From the order Richard J. Farrell, guardian, and others appeal. There were three notices of appeal. A motion for dismissal of appeals was filed.-[By Editorial Staff.]

Motion granted, and appeals dismissed.

Special proceedings in the liquidation of the above named trust. From a final order made therein appeals were noticed. A motion of the respondents for dismissal on the ground that no appeal lies from the order is granted. The facts are stated in the opinion.

John E. Martin, Atty. Gen., and Warren H. Resh, Asst. Atty. Gen., C. G. Mathys, of Madison, and Richard J. Farrell, of Green Bay, for appellants.

Strehlow & Cranston, of Green Bay, for respondents.

FOWLER, Justice.

There is a motion to dismiss the appeal. The order appealed was made in proceedings to liquidate the assets of the segregated trust created in the stabilization of a bank under the Wisconsin statutes. It directed payment of a final dividend of twenty per cent of the face of the certificates issued by the trustees, refused interest thereon, and ruled the dividend to be in full payment of the certificates. The certificate holders, who are the beneficiaries of the trust, claimed to be entitled to interest on their certificates and the bank claimed to be entitled to the fund remaining in the hands of the trustees after payment of the dividend and the expenses of the Banking Commission in supervising the administration of the trust. The bank's claim was allowed. The trust was created in proceedings to stabilize a bank under the statutory provisions referred to and set out in the margin of the opinion of this court in Re Farmers Exchange Bank, 242 Wis. 574, 576, 8 N.W.2d 535,9 N.W.2d 595. In that case we held that no appeal lay from an order of the circuit court made in proceedings to liquidate the segregated trust created in bank stabilization proceedings on the grounds that the statutes providing for the stabilization of banks and the creation of segregated trusts in such proceedings created a new remedy; that the proceeding is a ‘special proceeding’; and that where a new remedy by special proceedings is created, no appeal lies from orders made in such proceedings unless provision for appeal is expressly made in the statute creating the remedy. That decision would clearly rule this case except for the fact that the legislature shortly after its rendition and manifestly induced by it, by Ch. 505, Laws of 1943, expressly granted the right of appeal from final orders made in special proceedings ‘without regard to whether’ such proceedings involve ‘new or old rights, remedies or * * *...