South Bend State Bank v. Department of Financial Institutions

This is an appeal from a judgment rendered by the Marshall Circuit Court. The basis of the controversy is a written agreement entered into by the South Bend State Bank, first party, and the First National Bank and the Union Trust Company, second parties, all of South Bend, Indiana.

The agreement was executed on the 31st day of January, 1931, and in substance recited that because of subnormal financial -conditions the first party had suffered loss, and was unable to continue a banking business, although it was at that time solvent; that two-thirds of the owners of its -capital stock had…