United States Fidelity & Guaranty Co. v. McCain

The appellees. are the receivers of a defunct bank and their sureties, and this suit was brought against them by the appellant, a creditor of the bank, for an alleged loss sustained by it because of the mismanagement by the receivers of the bank’s funds.

According to the allegations of the bill, in 1912 the Union Bank & Trust Company, a banking corporation, was placed in the hands of the appellee receivers for the purpose of winding up its affairs and the distribution of its assets. The bank was a depository for Lauderdale county, the surety on its bond therefor being the appellant herein.…