Madsen v. Borthick

OAKS, Justice:

Plaintiffs deposited money in Grove Finance Co., a corporation plaintiffs claim is a banking business within the meaning of the state law regulating banks. U.C.A., 1953, § 7-3-1, et seq. 1 Plaintiffs allege that these deposits were made in reasonable reliance upon defendants’ duty to perform specified statutory functions with respect to that institution. 2 Defendants are the State of Utah and its Commissioner of Financial Institutions, who, plaintiffs allege, “wholly failed to discharge” their statutory functions. As a result, plaintiffs allege, Grove Finance Co. has become…