Hirning v. Toohey

BURCH, C.

This action is brought by the state banking department, which at the time of the commencement of the action was in charge of the International State Bank of Sioux Falls, to recover assets belonging to the bank of the face value of about $60,000. These assets were turned over to defendant, Toohey, as treasurer of the city of Sioux Falls to secure a deposit of city funds. The city had about $55,000 on deposit at the time of taking the securities, secured by a personal bond of the officers of the bank. On Thursday afternoon, January 17, 1924, Toohey informally asked the officers of the…