Tobin v. Seaborn

OPINION

By the Court,

Taber, J.:

In 1931 Edward J. Seaborn, as state bank examiner, commenced an action, No. 35851, in the Second judicial district court, Washoe County, against the Security Savings & Loan Association, was appointed and qualified as receiver of said association, and took possession of its assets. On April 7, 1932, said receiver placed “on deposit” approximately $60,000 in the Reno National Bank. As security, the bank pledged to the receiver bonds, debentures, and securities in the aggregate amount of $67,000. At the same time the bank and the receiver entered into the following…