American State Savings Bank v. American State Savings Bank

Plaintiff, American State Savings Bank, as trustee under a bank depositors’ agreement, filed a bill in tbe circuit court of Ingbam county asking for a construction of the agreement •with reference to its power to mortgage assets, to realize cash, in order to make payment on claims of depositors, and to terminate its trust. All of the depositors under reorganization had, upon payment of 50 per cent, of their claims, relieved the bank of further liability, received “certificates of participation,” and agreed to look for the balance of their claims to the liquidation of the trust assets,…