First Nat. Bank of Las Vegas, N. M. v. Franklin Bank

• Citation: 233 S.W. 11
• Decision Date: 01 April 1921
• Docket Number: No. 21683.,21683.
• Parties: FIRST NAT. BANK OF LAS VEGAS, N. M., v. FRANKLIN BANK et al.
• Court: United States State Supreme Court of Missouri

233 S.W. 11

FIRST NAT. BANK OF LAS VEGAS, N. M., v. FRANKLIN BANK et al.

No. 21683.

Supreme Court of Missouri, en Banc.

April Term, 1921.

Rehearing Denied July 8, 1921.

Appeal from St. Louis Circuit Court; Benjamin J. Klene, Judge.

Snit by the First National Bank of Las Vegas, New Mexico, against the Franklin Bank, William L. Garrels, administrator d. b. n. c. t. a. of the estate of Gerhard W. Garrels, deceased, and others. Judgment for plaintiff, and the defendants named appeal. Affirmed in part, and reversed and remanded in part, with directions.

T. Percy Carr and O'Neill Ryan, both of St. Louis, for appellants.

D'Arcy & Neun and Edward D'Arcy, all of St. Louis, for respondent First Nat. Bank of Las Vegas.

W. B. & Ford W. Thompson, of St. Louis, for respondents Buddecke.

GRAVES, J.

This is the second appearance of this case here. When first here it was the case of First National Bank of Las Vegas N. M., v. Franklin Bank et al., a suit in equity. First National Bank v. Franklin Bank, 211 S. W. 3. Here the original facts may be found.

The opinion in that case speaks for itself, and with the conclusions there reached we are satisfied. By that judgment we reversed the judgment nisi, but remanded the cause, with specific directions. 211 S. W. Ice. cit. 8. These directions read:

"The judgment of the St. Louis city circuit court is reversed, and the cause remanded, with directions that an accounting be had, if necessary, to ascertain how much of the amount arising from the final sale of the property of the Las Vegas Railway & Power Company under the decree of foreclosure was distributed on account of the $150,000 in bonds heretofore mentioned, and the amount to which plaintiff would have been entitled out of such distribution after payment in full of the claims of the Franklin Bank and the International Bank, for which said bonds, or any part thereof, were pledged as collateral security, and to enter its judgment therefor, not exceeding the sum, and interest, expressed in plaintiff's note for $9,010, against the defendant Caroline F. Carrels, executrix of G. W. Carrels, deceased."

Pursuant to these directions, the trial court entered a judgment as follows:

"Now on this day, this cause coming on for hearing upon motion filed on the 5th day of May, 1919, by the above-named plaintiff for an accounting against the above-named defendant W. L. Carrels, administrator de bonis non with the will annexed of G. W. Carrels, deceased, come the plaintiff and the said defendant W. L. Carrels, administrator, as aforesaid, and the above-named defendant Franklin Bank, and defendant William A. Buddecke, Clara Buddecke, Hulda Buddecke, and Bertha A. Buddecke, by their respective attorneys, and submit the same to the court upon the plaintiff's said motion for an accounting, the answer and return of said W. L. Carrels, administrator as aforesaid, to said motion for accounting, the mandate and opinion of the Supreme Court of the state of Missouri ordering and requiring an accounting by said W. L. Carrels as such administrator, as necessary, to determine the amount due by said administrator to the plaintiff, and the evidence of record and introduced by plaintiff and defendant W. L. Carrels, administrator as aforesaid; and the court having heard and fully considered the same, as well as the argument of counsel of the said parties, and being now fully advised in the premises, and having ascertained that all necessary facts to take said accounting as ordered by the mandate of the Supreme Court are already incorporated in the bill of exceptions heretofore filed in this court, doth find, adjudge, and decree that the following is a full and true accounting of the amount distributable on the $150 first mortgage 5 per cent. bonds of the Las Vegas Railway & Power Company, a corporation, on the second foreclosure sale had on April 3, 1911, and the amount due to plaintiff after paying all prior claims thereon of the Franklin Bank and the International Bank of St. Louis, to wit:

"The trustee's report of the first foreclosure sale held on March 15, 1909 (1 New Mexico Rec. p. 108), which was afterward set aside, shows that he had on hand after the sale the sum of $4,803.09 in cash, which was not sold at said sale, out of which to pay the costs of said foreclosure.

"The trustee's report was approved: by the decree of the district court (1 New Mexico Rec. p. 265) showing a total payment covering, all the costs of the first foreclosure sale, of $1,016.54, leaving a balance of $3,786.55 in cash, which was distributed on the 300 bonds. The second New Mexico Record (page 81) shows the distribution on this basis of $474.25 to 38 of said bonds, or $12.50 per bond, which makes a distribution of $1,875 to the credit of the 150 bonds involved in this case.

                The sale price at the second foreclosure "
                 sale, April 3, 1911, was.........................  $126,500 00
                 The cost of said sale (assuming that
                such costs should be chargeable against
                plaintiff) were (2 New Mexico Rec. p. 25)
                  Publication of notice of sale
                To Optic Publishing Co................ $ 96 75
                To La Vozdel Pueblo...................   91 90
                To Albuquerque Morning Journal           50 00
                To special master.....................  300 00
                   Total .........................................  $    538 65
                                                                    ___________
                Net proceeds of second sale.......................  $125,961 35
                Distributed after first sale out of cash remaining
                  on hoed, as aforesaid...........................     3,786 55
                                                                    ___________
                Total distribution on 300 bonds...................  $129,747 90
                Total amount distributed on 150 of said
                 bonds held by G. W. Garrels, being ½
                 of said $129,747.90..............................    64,873 95
                 Prior claims of Franklin Bank. (Record
                pp. 78, 80, 101, 438)
                Paid on $5,000 note............... $ 5,190 00
                Paid on $4,200 note...............   2,555 54
                Paid on $25,000 note..............  22,254 46
                Balance due on above 3 notes
                 on March 15, 1909................ $ 3,695 54
                                                   __________
                                                   $33,695 54
                 Prior claims of International
                Bank of St. Louis
                Paid on $15,000 note (Rec. p. 81,
                 438) ...........................  $ 7,500 00
                Balance due on same on March
                 15, 1909 .......................    7,500 00
                                                   __________
                                                   $48,695 54         48,695 54
                                                                    ___________
                    Balance applicable on plaintiff's claim
                     on March 15, 1909......................        $ 16,178 41
                The Court doth further find that plaintiff's
                 claim on March 15, 1909, was $9,000
                 with interest to that date at 8 per cent.
                 per annum from February 21, 1908 (Rec.
                 pp. 11 and 110), of........................        $  9,766 00
                Which sum, together with interest thereon
                 at the rate of 6 per cent. per annum
                 from March 15, 1909, to June 10, 1919, or          $  5,997 99
                                                                    ___________
                   Makes a total of.........................        $ 15,763 99
                Plaintiff is further entitled to costs of
                 printing abstract of the record in the
                 Supreme Court, as taxed by said court
                 at ........................................             426 00
                                                                    ___________
                  Making a total sum of.....................        $ 16,189 99
                

"On which plaintiff is entitled to judgment against defendant W. L. Carrels, administrator as aforesaid.

"Wherefore, it is ordered, adjudged, and decreed by the court that the plaintiff have and recover of the estate of G. W. Carrels, deceased, in the hands of W. L. Carrels, administrator de bonis non with the will annexed of the estate of G. W. Carrels, deceased, the said sum of $16,189.99 found to be due as aforesaid, together with interest and costs.

"And the court does further find that the plaintiff is not entitled to the relief prayed for in its fourth amended petition against defendants Franklin Bank, International Bank, William A. Buddecke, Clara Buddecke, Hulda Buddecke, and Bertha A. Buddecke.

"Wherefore, it is...