Security National Bank v. Appel

MiSER, C.

The Security National Bank of Sioux Falls, respondent herein, in February, 1919, took over and merged within it and purchased the assets of the Security Trust & Savings Bank. Appel, Carlson, and Wobig, appellants herein, both before and after that date, were directors and officers of the Farmers’ State Bank of Unityville, which, since the commencement of the action, but before the trial, has been taken over by the superintendent of banks as an insolvent bank. In November, 1918, Appel, who at that time was president of the Farmers’ State Bank, executed a written guaranty to the…