Mildenstein v. Hirning

On March 19, 1921, the People’s State Bank of Canova, S. D., accepted the note of one Aldrich in the amount of $10,300, and, in exchange therefor, delivered to him $300 in cash and ten certificates of deposit of $1,000 each. Said Aldrich later delivered to the bank, as collateral to^ the note, stock in the People’s Telephone Company of Canova, S. D. One of the ten certificates of deposit of $1,000 each was later negotiated to plaintiff. The People’s State Bank of ¿Canova became insolvent on or about October 26, 1921, and its affairs were taken charge of by the state banking department, and…