Reichert v. American State Savings Bank

The treasurer of School District No. 7, Lansing township, Ingham county, deposited school money in the American State Savings Bank of Lansing, without the security required by 2 Comp. Laws 1929, §§ 7112, 7113."^

This is an appeal by the school district from an adjudication that school money so on deposit in the bank at the time a receiver was appointed is not a preferred claim.

The depository was informally designated by some of the school officers, but no vote was had or record made. The treasurer, under mandate of the statute, should have exacted a bond but failed to do so.

Counsel for…