Bassett v. Merchants Trust Co.

On December 23d, 1931, the bank commissioner issued an order restraining The Merchants Trust Company from the continued exercise of its corporate franchise, and on December 24th, 1931, The Citizens’ and Manufacturers’ National Bank of Waterbury was appointed temporary receiver of the defendant, was thereafter appointed permanent receiver, and has duly qualified as such and is now acting in that capacity. The Congress of the United States has passed an Act under the terms of which there has been organized a corporation entitled "Reconstruction Finance Corporation” for the purpose of providing…