City of Rice Lake v. Citizens' State Bank

In the state of the record, no issues of fact having been raised by the answer of the defendant bank and the defendant commissioner of banking, we are presented solely with a question of law as to the legal sufficiency of the cross-complaints. The principal contention of the appellants is that the debtor of the insolvent bank cannot set off against this debt his liability as a surety upon a bond given by the bank to secure the repayment of deposits. The depository bond in this action was conditioned to be void “if the said bank shall truly and faithfully account for and pay over on demand any…