Chapman v. Guaranty State Bank

About the 1st of April, 1922, the Traders’ State Bank of Cleburne, Tex., became insolvent, and was taken in charge by Ed Hall, the commissioner of insurance and banking, who began the liquida-1 tion of such bank. In the process of liquidation the commissioner of insurance and banking negotiated a sale of a large part of the assets of the Traders’ State Bank to the Guaranty State Bank of Cleburne, which was organized and incorporated for the purpose of taking over the assets of the Traders’ State Bank and conducting the liquidation. The agreement entered into was substantially as follows: The…