People's Banking Co. v. Fidelity & Deposit Co.

On June 29th, 1931, the stockholders of the People’s Banking Company of Smithsburg, Maryland, herein called “the Bank,” at a special meeting, resolved (1) in consideration of the agreement of the Central Trust Company of Maryland, herein called the “Trust Company,” to assume all liability to the depositors of the Bank, (a) to sell all stocks, bonds, and securities held by it at the market price thereof, (b) to sell and transfer to the Central Trust Company, “without recourse,” all its notes, bills receivable, mortgages and judgments at the face value thereof, except certain obligations…