Tooele Co. Bd. of Ed. v. Hadlock, State Bank Com'r

The Tooele County State Bank, hereinafter referred to as the “bank,” became insolvent, and on January 14, 1931, was closed and taken over by the state bank commissioner hereinafter referred to as the “commissioner,” who since that time has been in charge of the bank and its assets for the use and benefit of creditors. At the time of the bank’s closing the Tooele county board of education, hereinafter referred to as the “board,” had a substantial deposit in the bank. The bank when closed had cash assets made up as follows: Cash in its own vaults $10,440, on deposit in Utah State National Bank…