People ex rel. Nelson v. Joliet Trust & Savings Bank

The successor receiver and a depositor’s committee of the Joliet Trust and Savings Bank have appealed from a decree of the circuit court of Will county denying the prayer of their separate petitions to have declared null and void a written agreement made by the bank to segregate certain of its assets to secure the deposit of the county treasurer. The agreement was incorporated in and was the basis of a former order of the court in the receivership proceedings. The chancellor held the former order was res adjudicata.

The facts are not in dispute. On January 19, 1932, before the bank closed,…