Bates v. Seeds

The plaintiff in this case is the receiver of the Delaware State Bank of Manchester, Iowa, which bank was adjudged insolvent May 24, 1932, and placed in receivership; plaintiff herein being superintendent of banking of the State of Iowa.

This bank was organized in 1867 as a State bank, and up to the time it was placed in receivership, May 24, 1932, it had a capital of $100,000, and assets considerably in excess of $2,000,-000, the defendant being the owner of a hundred shares of stock, that is to say, one-tenth of the stock of the bank. Manchester is a town of about 3,500 people, and is the…