Barr v. Dorman, Banking Securities Comm'r

OpiNion op the Court by

Creal, Commissioner

Affirming.

In June, 1928, the directors of the Oldham Bank & Trust Company and of the People’s Bank & Trust Company, both engaged in banking business at La Grange in Oldham county, under authority granted'by their respective stockholders, entered into a contract with the directors of the Bank of La Grange, whereby the latter agreed to and did take over their assets and assumed all their liabilities except such as were due or might arise on account of capital stock. It was stipulated in the contract that the proceeds so taken over by the latter bank…