Bates v. Peru Savings Bank

On the 15th day of July, 1930, a lengthy contract was entered into between the Peru Savings Bank of Peru, Iowa, and three banks of Winterset, Iowa. It is not necessary to a proper understanding of the case to incorporate the language of the contract in the opinion. In substance and effect, the three Winter-set banks agreed to advance sufficient cash to pay the depositors of the Peru Savings Bank. In order that the depositors of the Peru Savings Bank might be paid in full, it was necessary for two of the Winterset banks to advance $19,409.29 and for the third to advance $19,409.30. The Peru…