Sanders v. Merchants State Bank

The Merchants State Bank of Centralia was incorporated on May 22, 1900, with a capital stock of $50,000, which was increased on April 21, 1920, to $100,000. The bank ceased to do business on December 8, 1930, as the result of an examination by the Auditor of Public Accounts and his finding that the bank was operated with an insufficient portion of its assets in cash, its cash resources being only $13,915.54 at that time and its liabilities more than $1,000,000. The Auditor appointed a receiver for the bank and filed a bill for the confirmation of the appointment, the dissolution of the bank…