City of Cloquet v. Northwestern State Bank

Demurrers to the complaint were overruled; in so doing the court certified the questions presented to be important and doubtful. Defendants appeal.

The substance of the complaint may be stated thus: Prior to 1925, the defendant bank had been and during that year was a duly designated depository for the funds of plaintiff; that in July, 1925, the bank deposited $35,000 in liberty bonds with the city treasurer in lieu of surety bonds, pursuant to the provisions of L. 1925, p. 168, c. 173; that on September 13, 1926, the defendant commissioner of banks took possession of the property and business…