Fugate v. Creech

Opinion op the Court by

Stanley, Commissioner—

Reversing.

The appeal is from an order overruling a motion to set aside a judgment as "being void.

Some time before November 10, 1932, the Citizens. Bank of Cumberland had been closed as insolvent and. an assessment of 50 per cent, placed upon the stockholders by the State Banking Commissioner. It appears that the demands of the Banking Department had been met, and the assets turned over to the former stockholders to liquidate and pay or settle with the remaining depositors. They executed a writing which named C. G. Smith as their agent for that…