State v. Bank of Magdalena

OPINION OF THE COURT

WATSON, J.

Appellee is the receiver of the insolvent Bank of Magdalena, appointed under the provisions of Laws 1919, c. 120,- § 32. Appellant being a debtor of the bank, made claim to a set-off, which the district court denied.

When the bank suspended payment, appellant was-indebted to it on past-due notes aggregating some $4,800. Socorro county had on deposit in the bank some $10,000. The deposit was secured by a bond given by the United States Fidelity & Indemnity Company. This surety held indemnity in the form of a bond, given by four.of the directors of the bank, of whom…