Peurifoy, Rec'r v. Loyal

(dissenting) : This action was originally commenced on November 24, 1926, by J. E. Peurifoy, as Receiver of American Bank & Trust Company, against Ivy M. Mauldin and American Surety Company. The bank closed its doors on June 25, 1926, and on June 26th was taken over by the State Bank Examiner. On July 19, 1926, the plaintiff was appointed Receiver of its assets, under an order of Court passed in the case of Rice v. Columbia, 143 S. C., 516, 141 S. E., 705.

The defendant Mauldin had been president of the bank from the time of its organization until its collapse.

It is alleged in the complaint…