Long v. Farmers & Merchants State Bank

The First National Bank of Sheridan, Illinois, assumed the deposit liabilities of the Farmers and Merchants State Bank of Sheridan, by contract entered into on June 22, 1931. Pursuant to the contract, the State Bank delivered to the National Bank its assets, both real and personal, by proper conveyances and assignments, and at such time ceased to do business.

The National Bank suspended business on March 4, 1.933, under the moratorium then declared, and never reopened for business. The present receiver of the National Bank filed this complaint early in 1936, seeking to enforce constitutional…