Shekell v. Ypsilanti Savings Bank

During August and October, 1930, plaintiff deposited $1,600 with defendant bank and received in return three certificates of deposit payable to plaintiff upon demand with interest at three per cent, per annum if left three months or four per cent, per annum if left six months.

On July 24, 1931, the defendant bank was placed in the hands of a receiver and so continued until December 23, 1931. During this interval of time, efforts were being made to reopen the bank. A reopening was finally made possible by the signing of a depositors’ agreement by 96 per cent, of the depositors. Thereupon the…