Reichert v. Fidelity Bank & Trust Co.

Defendant Fidelity Bank & Trust Company, originally organized as a trust company, was authorized to conduct a general banking business, with commercial and savings departments, under 3 Comp. Laws 1929, § 12019.

For some years, petitioner, Paw Paw Savings Bank, had kept a commercial deposit account with defendant and sometimes borrowed money from it. Defendant was closed October 7, 1931, at which time petitioner owed it $10,734.35 on a note for borrowed money and had commercial credits on deposit account and certificate of $9,415.85.

When the note was given, defendant’s officers “allotted and…