United States Fidelity & Guaranty Co. v. Carter

On December 31, 1930, the Chatham Savings Bank, a bank of deposit, created and existing under the laws of the State of Virginia (hereinafter referred to as the bank), suspended payment and closed its doors. Thereafter the State Corporation Commission of Virginia filed, in the Circuit Court of Pittsylvania county its bill in chancery against the bank for the purpose of having its affairs wound up and its assets distributed among its creditors. At the time the bank closed its doors, W. E. Ramsey, the treasurer for Pittsylvania county, Va. (hereinafter referred to as the treasurer), had on…