Town of Lakeland v. Bekkedal

Upon this appeal there is involved a single question: What construction should be placed upon section 60.29 (25) of the Statutes? Sec. 60.29 relates to the duties and powers of town boards. Sec. 60.29 (25) is as follows:

“To designate the bank or banks where the money belonging to the town shall be deposited, and the security, to be approved by the town board, to be given by such bank or banks. When the money is so deposited the treasurer and his bondsmen shall not be liable for the loss thereof by reason of the failure of such bank or banks. The interest arising therefrom shall be paid into…