Rayle v. Bennett

The first question asked by the Court of Appeals is whether the superintendent of banks is authorized to take over for liquidation and administer the assets of a chartered bank which has become dissolved by the expiration of its charter, and where the charter of this bank is never afterwards revived. Also whether the case of Garrison v. Marietta Trust Co., 155 Ga. 562 (118 S. E. 48), is authority for an answer to this question in the *899affirmative. The learned counsel for plaintiff in error take the position that when the charter expires there is no longer a legal entity. To quote from their…