City of Portland v. State Bank

This is a suit by the City of Portland, a municipal corporation, against the State Bank of Portland, a corporation, Frank Bramwell, Superintendent of Banks, and his deputy.

A city ordinance exists in Portland providing for the deposit of city funds in any bank in the city, with a paid-up capital stock of $25,000, on pledge of certain designated government and municipal securities. In pursuance of an application made by the defendant *269bank to the city authorities and its pledge of certain United States bonds, City of Portland Improvement bonds and Portland Harbor bonds, the city deposited with…