Marshall v. Tax Commission

The material facts which are controlling on this appeal are not in dispute. During the summer and early fall of 1931, the Citizens National Bank experienced serious *223financial difficulties. On September 29th of that year, the national.bank examiner ordered it to take steps to get under the wing of the First National Bank of Appleton. Negotiations immediately followed, resulting in an interbank agreement dated October 24, 1931. Under that agreement, the First National Bank assumed the liabilities of the Citizens National Bank as of the close of business on October 24, 1931, other than its…