Board of Education of Lonoke Cty. v. Lonoke Cty.

On January 8,1927, the Bank of Central Arkansas closed its doors on account of its insolvency. It was the -county depository of Lonoke County, and was indebted to the county and its various school districts for public funds deposited with it in the aggregate sum of $111,150.50 secured by a bond upon which a number of citizens of the county were sureties, all of whom were then, and are now, solvent and collectively worth more than the amount of the liability arising in favor of Lonoke County bn the depository bond. On the day after the 'bank closed its doors the county judge of Lonoke ’ County…