In Re American Bank Trust Co. of Ardmore

MeNEILL, C. j.

This action involves the question of allowance of the statutory interest bearing rate on a deposit after .the date of insolvency of a bank.

On May 26, 1933, the State Bank Commissioner took charge of the American Bank &. Trust Company of Ardmore, Okla., by reason of its insolvent condition. At that time the city of Ardmore had on deposit $49,-305.91 of public funds deposited by the city of Ardmore. The bank, prior thereto, had agreed under contract and statutory authority to pay three per cent, interest on the average daily balances on these public funds.

The city of Ardmore,…