McDermott's Estate

Klein, J.,

As a result of an examination made by the Pennsylvania Department of Banking in March 1930, it was ascertained that the Metropolitan Trust Company was in an unsafe and unsound condition. In order to prevent its being taken over by the department, an agreement was made with the Bankers Trust Company, dated May 22,1930, whereby the Metropolitan agreed to transfer its assets to the Bankers, which agreed to pay and discharge all of the liabilities and obligations of the Metropolitan to its depositors. The directors of the Metropolitan, as part of the transaction, executed a bond in the…