Bobo v. Board of Levee Commissioners

46 So. 819, 92 Miss. 792
CourtMississippi Supreme Court
DecidedMarch 15, 1908
StatusPublished
Cited by18 cases

This text of 46 So. 819 (Bobo v. Board of Levee Commissioners) is published on Counsel Stack Legal Research, covering Mississippi Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Bobo v. Board of Levee Commissioners, 46 So. 819, 92 Miss. 792 (Mich. 1908).

Opinion

Whiteield, C. J.,

delivered the opinion of the court.

The act of March 20, 1908, under review, is as follows:

“Depositories for Yazoo-Mississippi Delta Levee Board.
“Section 1. Be it enacted by the Legislature of the state of Mississippi that the treasurer of the board of commissioners for the Yazoo Mississippi Delta shall deposit, or require to be deposited, the funds of said board now on hand or hereafter received, in such bank or banks as shall be selected, designated or commissioned by the said board of commissioners in the manner hereinafter provided. All such funds so deposited shall be subject to payment upon demand by the treasurer on his warrant. “What Banks Qualified' to be Depositories.
“Sec. 2. No bank shall be selected to receive on deposit any funds belonging to said board of commissioners except such banks as are located in counties lying wholly, or partly, within the Yazoo-Mississippi Delta district.
“Depositories must Furnish Security for Funds.
“Sec. 3. Before any bank or banks shall be entitled to receive on deposit any funds belonging to said board of commissioners, such bank or banks shall deposit with the treasurer of said board of commissioners either or any of the following bonds, to-wit: Bonds of the United States of America. Bonds of the state of Mississippi. Bonds of the Yazoo-Mississippi Delta levee board. Bonds of any county lying in whole or part in said levee district. Bonds of any city located in a county which is in whole or in part in the said levee district.
“Bonds Deposited for Security — Guaranty Bond Also Given!
[805]*805“The validity of such bonds to be approved by the attorney of said board of commissioners. The par value of which said bonds so deposited shall be equivalent to fifty per cent, of the estimated maximum amount, which will not be kept on deposit in said bank under the provisions of this act. Said bonds shall be deposited as collateral security, and the treasurer of said board shall have the right, power and authority to declare said bonds to be the property of said levee board, immediately upon the failure or refusal of any bank or banks to pay any legally authorized warrant for any amount not exceeding the then deposit, drawn on it or them by the treasurer of said board of commissioners, the said treasurer may then proceed under the direction and authority of the board of commissioners to dispose of said bonds in such manner as the said board of commissioners may see fit. In addition to the deposit of bonds said bank or banks shall also file with the treasurer of said board a bond or bonds signed by four or more individual sureties, or two or more surety companies authorized to do business in the state of Mississippi, which said bonds shall be subject to the approval of the said board of commissioners or the president and two members of said board, if the board shall not be in session, but if said indemnifying bond be approved by the president and two members, their action shall be ratified or annulled by the board at its next regular or special meeting. The amount of said indemnifying bond or bonds shall be equivalent to seventy-five per cent, of the estimated maximum amount which will be kept on deposit in said bank. Said bond or bonds to be conditioned according to the law fixing the penalty and conditions for the bond of the treasurer of said levee board, and in addition to the above mentioned security the stockholders of all banks qualifying as depositories under this act are hereby made liable for any loss sustained on account of the failure of such depository to faithfully discharge its duties as depository, and to pay .over all amounts deposited with it upon demand, each stockholder being so liable for an amount equal to the par value [806]*806of his stock in such bank. In the event any bondsmen or stockholder reimburses said board of commissioners for any loss occasioned by a failure of a depository to faithfully discharge its duties as such, he is hereby subrogated to the rights of said board of commissioners against the other bondsmen and stockholders in such depository as before prescribed. It is further provided that the creating of this additional security and the acceptance of the collateral hereinbefore mentioned shall not be construed as waiving any rights, benefits, or privileges conferred by law upon the commission in the matter of recovering public moneys or trust funds from banks in which they may be deposited. When the said board shall have selected a bank as its depository it shall be the duty of the secretary thereof to, within ten days thereafter, notify said bank of its selection, and the estimated maximum amount of money which will be on deposit at any time therein in order that said bank may know the amount of security to be filed.
“Sec. 4. The words “bank” or “banks,” whenever used in this act, shall include trust companies.
“How Banks to be Selected for Depositories.
“Sec. 5. The said board of commissioners shall select thé bank or banks in which the said funds are to be deposited in the following manner, to-wit: The said board of commissioners shall meet in special session on the first Tuesday in the month of May, 1908, and every two years thereafter, and by order designate a bank or banks in each and every county lying wholly or partly within said levee district, in which said banks so selected and designated the funds of the Yazoo-Mississippi Della levee board now on hand or hereafter to be received shall be deposited by the treasurer of said board, when said bank or banks shall have qualified to receive such deposit as hereinbefore provided. The said board of commissioners shall by order direct its treasurer to deposit and to keep on deposit, except when drawn in the regular course of business, in each county [807]*807that proportionate part of the funds of said levee board which is paid into the treasury of said board of that county, and in drawing from said depositories any funds in the due course of business the treasurer shall at all times endeavor in so far as possible to maintain a proportionate ratio on deposit. The said board of commissioners may, in their discretion, designate more than one bank in any or each of said counties as depositories, and in that event the proportion of funds to which that county is entitled shall be divided in such a manner as the board may see fit to divide same between such depositories in that county. And in case there shall be no bank in any county in said levee district willing to accept said deposit and to qualify under the provisions of this act, to receive the same, then and in that event the proportion' of the funds which would otherwise be deposited in such county shall be divided amongst the remaining counties in proportion to the amount such counties contribute to the revenue of said board, and this same deposit of funds shall be made in case of the banks of any county, after having qualified and received the deposit, shall surrender their deposits or refuse to continue as depository. And said board shall have the power, and it shall be its duty, to select and designate depositories at any regular or special meeting when such election shall be necessary.
“Expenses of Delivery of Eunds to be Paid by Depository— Banks to Guarantee Payment of Warrants.
“Sec. 6.

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Cite This Page — Counsel Stack

Bluebook (online)
46 So. 819, 92 Miss. 792, Counsel Stack Legal Research, https://law.counselstack.com/opinion/bobo-v-board-of-levee-commissioners-miss-1908.