Central Trust Co. v. Bank of Mullens

Lively, Judge:

The Bank of Mullens, prior to its failure, was legally designated as a state depository, and on April 17, 1926, executed a bond payable to the State in the proper penalty with Fidelity & Deposit Company of Maryland as surety conditioned that it would repay the State’s money deposited with it together with 3% interest thereon. On April 20, 1927, the bank then being insolvent .and now insolvent, was closed by the commissioner of banking and Central Trust Company was appointed as receiver. On this date, the bank had state money amounting to $18,249.50. On April 11, 1928, the…