Howard v. Goodnough

Opinion by

Mr. Justice Walling,

Upon investigation, the Controller of the Currency condemned certain notes owned by the First National Bank, of Emporium, Penna., amounting to approximately $103,000, and ordered their liquidation. These were not presently collectable and, hence, the bank’s ten directors, on August 27,1926, entered into a written agreement whereby they undertook to advance the amount above stated; seven agreed to advance $12,800 each and each of the remaining three a smaller sum. The agreement placed the handling of the fund and general management in charge of three of the…