Faircloth v. Atlantic City

AVIS, District Judge.

In the bill of complaint it is alleged that the Chelsea-Second National Bank & Trust Company of Atlantic City, N. J. (hereinafter called bank), was declared insolvent by the Comptroller of the Currency on January 27, 1933; that the complainant Charles A. Faircloth was duly appointed receiver of said insolvent bank, and since the aforesaid date the bank has not reopened and is in process of liquidation. The bill further alleges that while said bank was open for business, and in order to secure deposits of the public funds of the city of Atlantic City, a municipal…