Arend v. Fulton, Supt. of Banks

OPINION

By LLOYD, J.

On July 22, 1933, the Superintendent of Banks assumed charge of the property and assets of The Commercial Banking & Trust Company, Sandusky, Ohio, for purposes of liquidation. The bank was incorporated in 1922 as a commercial hank, savings bank and trust company “exercising all powers which may he exercised by a corporation engaged in such business, and the doing of the things necessary or incident thereto.” Pursuant to a resolution of its board of directors, the bank, in April, 1927, executed a declaration of trust, conforming to which participation certificates, executed…