Wasson v. Wooten

T. J. Gaughan, Special Chief Justice.

On February 28, 1933, the Bankers’ Trust Company, People’s Trust Company and Union Trust Company, all of Little Rock, Arkansas, being* unable to meet the current lawful demands of their respective depositors, continued business under what is termed a restricted deposit basis. On May 1, 1933, the State Bank Commissioner took charge of each of said banks, and soon thereafter issued charters for three new banks.

A part of the assets of each of the banks was pledged to the Reconstruction Finance Corporation to secure a loan for amounts sufficient to pay the…