Frazier v. Schultz

The controversy before us on this appeal involves the question of the power of a board of county commissioners to make settlement of claims of the county for moneys on deposit in two banks that had been closed on account of insolvency.

The material facts are as follows: On December 17th, 1923, the First State Bank of Crosby failed and closed its doors. At that time the county of Divide had on deposit in such bank $15,574.82 of county funds. As security for the moneys so deposited the county held a depository bond executed by the bank and by C.J. Clark and L.S. Clark, as sureties. On October…