Kingston v. Creedon

The appellant claims that the action cannot be maintained against him because, (1) the selling bank had gone out of existence and therefore could not be a “delinquent bank;” (2) the guaranty forming the basis of the only claim against the selling bank expired in one year and the seller owed no indebtedness; (3) the appointment of trustees by the selling bank to administer its retained assets deprived the commissioner of power to liquidate the bank; (4) the attempt to take over the bank was ineffectual because no order for taking it over was ever made by the commissioner; also because no order…