Jacobson v. Ruden

In 1924 the Rowena State Bank became involved, and it was necessary that the bank increase its cash reserve. The plaintiff, Jacobson, who was chairman of the board of directors, and other directors of the bank, borrowed $5,000 from the Minnehaha National Bank of Sioux Balls, and immediately placed this money to the credit of the Rowena 'bank for its use and benefit. The Rowena bank, prior to the time it closed, had paid $2,500 of this $5,000 borrowed by the directors, and the plaintiff has paid the balance. In 1927 the cash reserve in the Rowena bank again became depleted, and the plaintiff,…