Andrew v. State Bank of Swea City

The State Bank of Swea City, Iowa, was engaged in the banking business at Swea City, and had operated for several years prior to November 26, 1926, on which date, pursuant to a resolution of its board of directors, the bank temporarily closed its doors. This was done in order to work out a plan whereby its creditors and depositors could rehabilitate the bank and make good its impaired capital.

It appears that, on the 2d day of December, 1926, it was voted by the board of directors to place the bank in the hands of the state banking department for liquidation. It also appears that the…