People's Bank Liquidating Corp. v. Beashea Drainge Dist.

This suit was brought during the year 1936 by the appellants, as holders of certain unpaid bonds of a first series issued by the Beashea Drainage District in Neshoba County, and the complaint is that a great portion of the funds of the district were unlawfully diverted by the commissioners and the depository hank, which should have been applied to the payment of such bonds. A decree was asked against the district in its corporate capacity, ■ the commissioners thereof and the sureties on their official bonds, the Bank of Philadelphia as the de facto depository of the funds in question and the…