South Philadelphia State Bank's Insolvency

Opinion by

Mr. Chief Justice Moschzisker,

The South Philadelphia State Bank became insolvent' and was taken in charge by Peter G. Cameron, State Secretary of Banking; when he filed an account in the court below, the National Surety Company, which had entered a bond to secure the Commonwealth of Pennsylvania against loss as a depositor in the bank and had paid the Commonwealth the amount of its deposit, $10,000, claimed the right to stand, by subrogation, in the place of its payee, in all respects. This demand was listed as an “objected claim,” and the court below refused to allow it, on the…