In Re Bank of San Pedro

1 Cal.2d 675 (1934) In the Matter of the BANK OF SAN PEDRO (a Corporation) in Conservation of Assets. EDWARD RAINEY, Superintendent of Banks, et al., Respondents,

v.

JOHN SULENTOR et al., Appellants.

L. A. No. 14808. Supreme Court of California. In Bank.

October 22, 1934. H. A. I. Wolch for Appellants. [677]

Sullivan, Roche, Johnson & Barry and Henry H. Childress for Respondents.

Clifton A. Hix, as Amicus Curiae on Behalf of Appellants.

SHENK, J.

Acting under the authority of section 135c, added to the Bank Act in 1933 (Stats. 1933, p. 318), the Superintendent of Banks appointed Henry E. Sherer as Conservator of the Bank of San Pedro. Subsequently the conservator sold certain assets of the Bank of San Pedro to Bank of America National Trust & Savings Association for the sum of $1,047,330.60. Thereafter the Superintendent of Banks and the conservator filed in the superior court their return and petition for confirmation of the sale. Objections to the confirmation were filed by the appellants, a copartnership doing business as Standard Fisheries Company, and Louise A. Steele, for and on behalf of themselves and all other depositors and creditors of the San Pedro Bank. The Van Camp Sea Food Company, Inc., a large depositor, filed a document called "intervention", praying that the sale be confirmed. The matter came on regularly before the court and after a full hearing the court found and concluded that the sale had been fairly made and legally conducted; that the price was not disproportionate to the value of the property sold; that a better price or better terms for all of said assets could not be obtained; and that it would be and is for the benefit, advantage and best interest of the Bank of San Pedro, its depositors and creditors, that said property be sold as one parcel for the price and upon the terms stated in the offer of Bank of America National Trust & Savings Association; that the objections interposed against the sale were not well founded, and that the sale be confirmed. A decree ratifying, approving and confirming the sale was accordingly entered.