Tyler County v. Branch-Middlekauff Inv. Co.

FOSTER, Circuit Judge.

In June, 1921, on account of the suspension of the Tyler County State Bank, county depository, Tyler eounty, Tex., had no cash in its treasury with which to pay outstanding obligations and current expenses, its credit was destroyed, and some of its outstanding warrants were selling as low as 25 cents on the dollar. In this-situation the county judge endeavored to interest a number of parties in the purchase of refunding warrants, and finally entered into an agreement with II. C. Burt & Co., by which the latter agreed to buy $50-000, par value, general funding warrants,…