Taylor v. Gregory Special School District

The Gregory Special School District filed its complaint in the Woodruff Chancery Court against Walter E. Taylor, State Bank Commissioner, in charge of the Bank of Augusta & Trust Company, an insolvent bank, to have its claim adjudged as a preferred claim; the contention being that it became such by virtue of § 74 of act 169 of the Acts of 1931. The facts were agreed to, and a statement of the same filed with the court as follows:

The president of the school district presented a school warrant to the 'bank on October 6, 1931, for $1,000 and obtained a check therefor drawn on the Memphis…