Andrew v. Citizens State Bank

The Citizens State Bank of Eagle Grove operated as a banking institution for a number of years prior to the appointment, on December 19, 1925, of L. A. Andrew, superintendent of banking, as receiver. In 1924 and 1925, the bank had received from the Bankers Trust Company, A. B. A. travelers’ checks. Upon receipt of each installment of checks, the bank executed a written agreement, which recited, inter alia:

“After receipt, checks are held by the consignee in trust for the trust company and the consignee shall be responsible for the safe-keeping of such checks. * * * The consignee, in its issue…