City of Ada v. Spencer

The parties to this appeal are the same a® they .appeared in the district court.

The plaintiff, city of Ada, wag a depositor in the Guaranty State Bank of Ada; Okla., which bank became insolvent.and closed its doors on the 31st day of January, 1921. Defendant, E. L. Spencer, was a stockholder and president of the said bank. At the time the bank became insolvent and was taken charge >of by che Bank Commissioner the plaintiff had on deposit therein the sum of $11,853.96. The plaintiff, in order to protect its deposits in said bank, secured from it an indemnifying or depository bond, which bond…