State Ex Rel. Home Savings & Loan Ass'n v. Skinner

For several years prior to 1931, the Home Savings and Loan Association, a corporation organized under the laws of this state as a savings and loan association, was engaged in business in the city of Seattle. July 7, 1931, the state, acting through Harry C. Johnson, the then director of efficiency, who was of the opinion that the association was insolvent, closed the association and took possession of its assets. Finding that the association was, in fact, insolvent, Mr. Johnson called upon the directors to place it in a sound condition and, upon their failure so to do, filed a petition in the…