First National Bank v. Stephen

Mr. Presiding Justice Huffman

delivered the opinion of the court.

Appellant was engaged in a general banking business in the city of Morris, Illinois. Pursuant to the national bank moratorium of March, 1933, it was closed. Subsequently, it developed from an examination by the bank examiners, that approximately $60,000 of paper and securities carried among the assets of the bank would have to be removed and replaced with new assets acceptable to the comptroller of the currency, through the chief examiner’s office for that area, before the bank would be permitted to reopen for business. In an…