State ex rel. Sorensen v. Security State Bank

This appeal was taken by American Surety Company of New York, intervener, because the district court denied reclassification of intervener’s two claims as preferred claims. They had been allowed as general claims in favor of the respective depositors and had been assigned later to intervener.

The Security State Bank of Plainview was taken over by the department of trade and commerce on October 12, 1927, and operated for a time by the guaranty fund commission. It was found insolvent and a receiver was appointed by the district court for Pierce county on March 27, 1929. When the receiver took…