Feldman v. Arnold

Taylor, C.

The trial court sustained a demurrer to the complaint on the ground that it failed to state a cause of action in favor of plaintiffs, and they appealed.

It appears from the complaint that the Farmers & Merchants State Bank of Montevideo, with a capital stock of $75,000 and deposits exceeding $500,000, held uncollectible paper exceeding $120,000 in amount, and was insolvent; and that the superintendent of banks had notified its officers that it would be closed and put in liquidation, unless sufficient new assets were provided to take care of its liabilities. It further appears from…