Michigan Trust Co. v. City of Red Cloud

Jackson, C.

It is not our purpose to enter into an extended statement of the facts and circumstances involved in this controversy. They are detailed at length in former opinions of this court. Michigan Trust Co. v. City of Red Cloud, 3 Neb. (Unof.) 722; 69 Neb. 585. Briefly stated, in 1893, the Farmers & Merchants Banking Company, located at Red Cloud, closed its doors, and for the purpose of liquidating its indebtedness entered into an agreement with the creditors for one year’s time with which to meet their demands. Certificates of indebtedness were issued, payment of which was guaranteed by…