Taylor v. County of Genesee

In October, 1933, Mark A. Wilson as receiver of the Union Industrial Trust & Savings Bank, of Flint, Michigan, entered into an agreement with the Reconstruction Finance Corporation for the purpose of making a loan to pay bank debts and pay a dividend to depositors.

The agreement upon which the loan was made provided in part as follows:

“Applicant agrees to take all necessary action to preserve the lien of any obligation pledged hereunder from impairment by limitation or otherwise, and agrees to pay, or cause to be paid, promptly when due, if funds are available for the purpose, all insurance…