Delaney v. Farmers State Bank in Merkel

The Farmers State Bank of Merkel, Tex., having become insolvent its assets were, on or about February 17, 1930, taken over for liquidation by the banking commissioner. By contract dated April 14, 1930, duly authorized and confirmed by the district court, as provided by law, the banking commissioner sold and transferred all the assets of said insolvent bank, except stockholders' assessments, to a newly organized banking corporation named Farmers State Bank in Merkel. The consideration for such sale and transfer was the promise and obligation of the new bank "absolutely and at all events to…