American Surety Co. of New York v. Pearson
Supreme Court of Minnesota
Action in the district court for Ramsey county by the American Surety Company of New- York for a decree adjudging plaintiff’s claim against the Marine Mills State Bank to be a preferred claim. From the order, Brill, J., sustaining defendants’ demurrer to the complaint, plaintiff appealed.
1Opinion of the Court
Lees, C.
On February 17, 1919, the superintendent of banks took possession of the property of the Marine Mills State Bank on the ground that it was in an unsafe condition to transact business and proceeded to wind it up. Prior thereto, the state treasurer had deposited state funds in the bank amounting to $3,305.48. Plaintiff was surety on the bond given by the bank to the state to secure the repayment of such funds. In response to the demand of the state treasurer, plaintiff paid the amount of the deposit to the state and filed its claim with the superintendent of banks, asking that it be…
2Cases cited1 opinion
- State v. BellSupreme Court of Minnesota · 1896
3Cited by11 opinions
- United States F. & G. Co. v. BramwellOregon Supreme Court · 1923
- State ex rel. Rankin v. Madison State BankMontana Supreme Court · 1923
- Buena Vista County v. Marathon Savings BankSupreme Court of Iowa · 1924
- National Surety Co. v. MorrisWyoming Supreme Court · 1925
- Shaw v. United States Fidelity & Guaranty Co.Texas Commission of Appeals · 1932
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