Busy Stores Corporation v. Chronister

The Farmers Bank & Trust Company was a corporation engaged in the banking business at Russellville, and on December 2, 1931, the Busy Stores Corporation had on'deposit with it the sum of $1,330.78'. On the date stated the doors of the bank were closed by the State Bank Commissioner, and J. S. Turner ivas named liquidating agent by the commissioner to take over its assets for the purpose of liquidation.

W. J. Chronister ivas an officer, stockholder and depositor of the bank. After Turner’s appointment as liquidating agent Chronister proposed to the State Bank Commissioner that if he were…