Farmers-Exchange Bk. of Millersburg v. McDaniel

Opinion op the Court by

Judge Thomas

Reversing.

Long prior to March 12, 1932, there existed and were being operated two banks in the town of Millers-burg, Ky. One of them was incorporated and known as the Exchange Bank and the other as the Farmers Bank. Because of shrinkage in value of assets of each of the institutions, and to escape the liquidation of both, they began negotiations to consolidate, and a committee of three from each bank was appointed to make an invoice of the assets and liabilities of each corporation. They did so, and in one list they placed what they considered the solvent…