Andrew v. Farmers & Merchants State Bank

— The Farmers & Merchants State Bank of Cascade, an Iowa banking institution, became insolvent and went into the hands of a receiver on June 28, 1932. L. A. Andrew, the superintendent of banking of the state of Iowa, appellant, was duly appointed receiver of the defunct bank, as required by the Iowa statutes.

On June 28, 1932, according to the stipulation of the parties, shortly prior to the failure and closing of the bank, it issued and drew, in the ordinary course of business, a draft for $315.32,- in payment of clearings, to the appellee, Merchants National Bank of Cedar Rapids. This draft…