Green v. City of Homewood

The Bank of Ensley, proceeding according to the provisions of chapter 25, article 8, §§ 891-905, of the Code, deposited with the state treasurer state bonds to the amount of $10,000 as.security for the faithful performance of its duties as a state depositary. As such depositary the bank was authorized to receive state funds in an amount equal to the par value of the bonds so deposited, in no case to exceed its paid-in capital stock, surplus, and undivided profits. Section 893. But “no state depositary shall receive or have at any time an amount of said money or funds in excess of the face…