Mulligan v. Emmett State Bank

The opinion of the court was delivered by

Burch, J.:

The action was one by directors of a failed bank against the bank and its receiver, to recover judgment for a sum of money which plaintiffs had paid to discharge a note they had given for the bank’s benefit, and to establish the claim as a common claim, to be paid ratably from the bank’s assets. Plaintiffs prevailed, and defendants appeal.

G. H. Beeler was the holder of a time certificate of deposit for $8,000 issued by the bank, and wished the bank to pay him a higher rate of interest than the certificate bore. The bank was under obligation…