Town of La Fayette v. Williams

THOMAS, Justice.

The suit is to declare a preference in favor of the municipality against the superintendent of banks and the funds of the suspended bank. The decree was against the municipality.

On February 17, 1933, the municipality drew its check on the bank in the sum of $6,426.04, for the purchase of light, water, and sewer bonds of the town of La-Fayette, which, according to an agreement between the owners of the bonds, were to be delivered to the First National Bank of Birmingham, Ala., on February 20, 1933, at which time and place the municipality would pay for the same.

The municipality…