In Re Drumright State Bank

In this case the question occurs on the asserted right to a preferred claim against the assets of the Drumright State Bank, a failed bank in the hands of the state bank commissioner.

The facts are: The Maytag Company of Newton, Iowa, shipped a car of merchandise to Drumright, Okla., sending the bill of lading to the Drumright State Bank to be delivered when the bank collected $9,111.40, for immediate remittance to the Maytag Company.

E. L. Thomas of Drumright, a depositor in the bank, with ample funds on deposit in his account, on August 9, 1932, took up the bill of lading, directing the bank…