Bankers Trust Co. v. Hill

Faville, J. —

The appellee is a banking institution located at Des Moines, and at the inception of the contract involved in this action, the First National Bank of Cambridge was a corporation engaged in the banking business in the town of Cambridge. It will be referred to hereafter as the Cambridge bank. The appellants were directors in said bank. The appellee was a correspondent bank of the Cambridge bank. It appears that the Cambridge bank had made “excess loans” to some of its customers-: that is to say,-the bank had .loaned to certain of its customers an amount in excess of the legal limit…