Andrew v. Alta State Bank

The superintendent of banking took charge of the Alta State Bank on the morning of June 11, 1926, and closed its doors. On June 8th, the intervener (Railroad Company)- purchased and paid for a draft of $290, drawn on the Security Bank of Sioux City, to the order of the Commercial Bank of Waterloo.

On June 9th, the intervener purchased a like draft on the same drawee, and to the same order, for $760. On June 10th, it purchased a like draft for $220. None of these drafts were ever paid. It appears that the draft of June 8th was presented through the clearing house on June 11th, and was marked…