Peurifoy, Receiver v. Gamble, Receiver

The opinion of the Court was delivered by

Mr. Justice StabeER.

On June 25, 1926, the American Bank & Trust Company of Columbia (hereinafter referred to as the Columbia Bank), finding itself unable to meet its obligations, closed its doors; and on July 19, 1926, James E. Peurifoy was appointed receiver, and duly qualified as such. At that time the Home Bank of Barnwell (hereinafter referred to as the Barnwell Bank), had on deposit with the Columbia Bank approximately $33,000, and owed it on notes approximately $20,000. After-deducting and offsetting the amount of the notes, the Columbia Bank…