National Warehouse Corp. v. Banking Commission

The Milwaukee Commercial Bank was closed May 25, 1933. The Banking Commission took charge and proceeded to wind up the affairs of the bank. At the time of closing, petitioner had on deposit in a general checking account the sum of $1,520.52 and in a special account the sum of $97.40. But the petitioner had obligations due die bank in the amount of $1,019.63, evidenced by two ordinary promissory notes, and a $500 note which was secured by a mortgage trust indenture dated May 1, 1933, payable to bearer May 1, 1935, and upon which two semiannual interest instalments were due and unpaid at the…