Northwestern Trust Co.'s Case (No. 1)

Opinion by

Mr. Justice Stern,

On July 17, 1931, the Secretary of Banking took possession of the Northwestern Trust Company. In April, 1933, he took possession of the Christian A. Eisher Building and Loan Association, the Fred Sehmidheiser Building and Loan Association and the Successful Building Association. When the Trust Company closed its doors the Christian A. Fisher Building and Loan Association had on deposit with it a balance of $51,921.09, but owed it $14,000 on loans represented by the Association’s demand note; the Fred Sehmidheiser Building and Loan Association had on deposit with it…