State Ex Rel. Rankin v. Banking Corp.

The Banking Corporation of Montana, being insolvent, failed to open its doors for business on the morning of the second day of May, 1923. On application of the attorney general, Claude C. Gray was duly appointed receiver and entered upon the discharge of his duties. On October 11, 1923, the receiver brought suit against the Federal Reserve Bank of Minneapolis to recover the sum of |8,574.88, which he alleged was the property of the insolvent estate and was wrongfully withheld from him. The Federal Reserve Bank disclaimed any interest in the money and asked that the Stanton Bank, as claimant,…