Sneeden v. City of Marion

WHAM, District Judge.

By his bill the plaintiff, receiver of the City National Bank of Herrin, seeks to have the delivery and pledge'of certain bonds by said bank to secure a deposit prior to the appointment of the receiver, of funds of the city of Marion, 111., by Ray C. Carroll, as city treasurer, held an illegal and ultra vires act on the part of said bank and its officers; to have the defendants enjoined from disposing of said bonds and to have the same returned to the plaintiff. Plaintiff alleges that the pledge of assets of the bank to secure a deposit was not only beyond the power of…