\,
O’FFICE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
rroooroble Jno. tk. LeAdams
Codmion4r, Department 41 banking
Au8tln, 74x86
Dew hr. Jun;lsonr
h re8poct to the
In the oaptioa
8 Finonac Corpore-
curporatlon organ-
ons of Artia1t
scnktiter of tbim
bushems Daoclabcr 10,
und4v the4 exutdnin~
rtrant by reason of bor-
n la of date indloatod retlost-
n the mm of $6 ,lar).77, the
C the corporation lacklnr: m8ld
ne; the 1i~blllLier of said cer-
yoretlon, exclueite of’ Its llabillty to itm
ltostictldsrs 8~ much. The oop~on e8pltaI atoak
of thi* oorporation 18 on 8 no-par bada. An-
other ray of mteting the finanoiel posttion Of
tLt0 coatpany an of date rdatlcncd iu tu dvise
dtut 16uscs in aseets ~ertn set up in the stm
of $r, #7L-7.%J, rim the nnLirP CapLtul acoount
US’ clre instLtutlun 4411% f%l,6?b).61.
lPoll~lnr this rxrtlnltian tbr! corpora-
tion was qdflsed C&t /I 4~ de4md to ba in-
RC~VC* 6b tbc ext*mt of $a,m1.77~ and said
c wp w*tl*n raji requestad tO cause thn asmets
1:’ E:I? wrjqany tn bs inoreaeed crald ammnt
i&w uidoh raquert 04rtah of the dirb-atot&
tif+rorrd 10 CIWP the espital iqalrment er in-
soltenoy by 4x4outLna 4 acrtsin guaranty
vuicil was subse~d*atly acoopted by thin UC-
part&ant YO rostoriw; the corporation to SOL-
vcncy, saSd guorb+y teln~: in Ibr t3km of
$ls,6W .h .
lThe cuP,:cratLm ha4 bowi recently OX&I.-
Inti by re~reaentaLlrs0 of t1r.b L)4p4rtax3ntt
SLY US close? nt' bunineec stpttdter m, 1912.
;Fhe PlnarrcAnl condition of the con+sny , au
84t *ub Ln bhe avst rsoont report, rrtlecta
u CeplU~l UCCtUint in the sutt Ur $2Y,O70.42,
and ~~UOified Louma la tlla WUSJof $42,21a .7s,
cbus again ttatablial~ing Y condition of inool-
rcno~ tb thr: nxteht et $14,145.82 - without
rc~.ard co tke outstilrdlng qmrnnty.
0013 are ~leu~ti lo WJC~QS~ a copy cc- natal
guaranty, tugether with exhibits, an t&a ln-
rtruunt aust be canrtrund In urdtv to dct.w-
tclns rherhar or not the extent of lnsoltenq
at the preamt the in 6ftl\4R.P2, w:~lctr would
b4 the proper awunt if’ the ~uarontr is QWect-
Lvc, or $14,lrft.P2, rrbiri: routd hc the !vtaPt
o? inrulrency if the fiuacanty im cna~llfind
tbruugh certuln of it.6 stl~wl;rtl~~s.
the guaranty cootract, a copy ot which ir at-
tubed co your lettor, la in rw~~hr term, and sbli~rtcs
th e guumwr e la tbc lum mentioaad w you, rnd is em-
ditioaed u rolleT~r
walDiTl6hlm TUT tbt bU@PS at all or
mid lmseta 8l~ss&fird bl the surinOr l8
lommo lm set out in ?hbiblt ‘A’ beret0 bt-
t&hi, m&all ~011 &ad truly dlrebugr w
pcyumt in eamh, lrrful ~onay of &ho Utitad
stale0 of Ameriaa, upon tbe agC.r@~rtO et
aaid abllgatiuue or 8ay renaual@ or oxten-
SiQDS ol 88&b, on or before Pcbmac7
1, lQ44,
La UC, BUR of nob 1e.a than fb,MK).OO net,
tt being t&e jwrpoac ef bbi~ guaradty to
guamntee uacandLtlanally the colle6tioa et
o net uumiof $a,500.w 0-w ana 8bote eollact-
lo a mpeme Cr a wilaid suet. olaasititi by tbc
exudmr u 10su0, tbo JIatimal Iduaators
Flame Corporabloa bein(c th e m llmnt, lb the
deterplllutlerr ot State &uklng Comxdulorker et
r e x a s.
l l l,
rThls eontrwt shall baeotienull aI told
upon the remtsratioa ot rolrenc.y, er upon tbe
pa7n;cmtbl the guurntoro at all ot maid l1~) or
mwh rmeunt thsaot as may be DwmmoarT rttbin
tba detel3u.iMtiOD ot tbc LUklry Ciodmsion9!r
to reotorc t&is 8olreDe~ ot raid sarpontim or
UDO~ the ootleotion of the net 8um at @U.mO.Oa
Xw le reapeetfully advised tbmt tbc inntruacnt
La a contlnulnp, ebligatloa, ard rill ba lmb until (inalu-
difq) o’ebrcury 1, 1944.
At will bo uen t&at In the 1ariOuo part8 ot the
a wnliti6
lattuhed bo tbc purnt~ it lo 4xpra8sly requirml
tub ~118 oorysratioa at she tIma of paynioat to it ot the
amount ot tb@ lbli@Uoa on or before February 1, 1~44,
~Dall be sQllOot. 10 0fTect a disaharge of Lhis yuanty
obllgrtlua jmytmt un the llrtcd items ruot be sada on or
before iebruar~ 1, 1944, ami the ooryor~tlon at t&t time
Yowevu, upon the aorperatiaa*o l&Un~ to it a
u o st8 Ch. lUP OS $ v#u ll.@ I at
ib is t1 n, 6r 6t
lu a ytime
fliar to Fe8rubfy 1, 1944. tbo ocrpomtioa ~111 hate
thecebr been rutmU 64 lolren6~ anti1 l turtbu de-
r&ol6no~ ia u4.t~ uim.4. la ltbor vordm, TO omntnm
t.hfI obligotioa to bo b guar&at~of #lvmq ot the cor-
por8ritka (*irtJa tbo p@mal *taiaawd) aa ai February 1,
1944.