Village of Monticello v. Citizens State Bank

The appeal is from a judgment for $4,901.90 in- favor of plaintiffs as a preferred claim against the Citizens State Bank of Monticello, Minnesota, and A. J. Veigel as its receiver.

The facts are these: Worth Brasie, one of Monticello’s first settlers, who for many years was there engaged in business, in April, 1920, proposed in writing to the three banks therein to create a trust fund for the erection of a public library building in the village for the use and benefit of its inhabitants, by depositing for that purpose $10,000, one-third thereof in each of the said banks, of which defendant…