Mercantile State Bank v. Farmers Home Bank of Lily

Plaintiff, an incorporated bank of Minneapolis, this state, sued defendant, a bank at Lily, South Dakota, and garnished The First National Bank of Minneapolis. The facts deemed material were stipulated, and may be thus stated: Defendant, organized and existing under the laws of South Dakota, was doing a banking business at Lily, that state, and, on July 30, 1923, was insolvent. It had a balance of $4,176.60 in its deposit account with the First National Bank, when, on the day mentioned, because of its insolvency, the superintendent of banks of South Dakota, pursuant to its statutes, took…