Citizens National Bank's Trustee v. Town of Loyall

Opinion op the Court by

Stanley, Commissioner—

Reversing. •

When the Citizens National Bank of Harlan was placed in receivership, the town of Loyall had on deposit $1,471.38 in a checking account and $3,371.15 in the savings account. The latter was the sinking fund provided for an issue of bonds. The bank owned town warrants amounting to $1,187.64. With the approval of the comptroller of the treasury, it was proposed, in substance and effect, that a part of the assets of the defunct bank should be sold to the Harlan National Bank, and it would assume to pay 50 per cent, of the deposits and act…