Peoria Investment Corp. v. Hoagland

In February, 1931, the State Trust and Savings Bank of Peoria, a banking corporation, failed and was taken in charg'e by the auditor of public accounts who was contemplating the appointment of a receiver and the liquidation of the bank. William H. Hoagland, now deceased, and whose executrix now appears as defendant, for many years was a stockholder, director and one of the vice-presidents of the bank when the bank failed. The officers of the bank and the auditor formulated and agreed upon a plan to protect the depositors of the bank and to save its stockholders from a stock assessment. Under…