Maytag Co. v. State ex rel. Barnett

In this case the question occurs on the asserted right to a preferred claim against the assets of the Drumright State Bank, a failed bank in the hands of the State Bank Commissioner.

The facts are the Maytag Company of Newton, Iowa, shipped a car of merchan- • dise to Drumright, Okla., sending the bill of lading to the Drumright State Bank to be delivered when the bank collected $9,-111.40, for immediate remittance to the Maytag Company.

E. L. Thomas, of Drumright, a depositor in the bank, with ample funds on deposit in his account, on August 9, 1932, took up the bill of lading, directing- the…