Reichert v. Berkley State Bank

Two questions are certified to this court from the Oakland circuit.

“1. Where a bank has been duly designated as a depository for township funds, files a qualifying bond as required by section 1017, 1 Comp. Laws 1929, and receives deposits of township money, but thereafter cancels such bond or permits it to lapse, with the knowledge of the township officials, who thereafter designate another depository, but the township treasurer fails to withdraw the money and it is retained by the bank without bond, is the township, upon subsequent insolvency of the bank, entitled to have such funds repaid…