State Bank & Trust Co. v. Commercial Trust & Savings Bank

Mr. Presiding Justice McSurely

delivered the opinion of the court.

By their bill in chancery complainants alleged that as sureties upon the bond of C. A. Rogers, collector of the town of the city of Evanston, they paid the amount of his defalcation and sought to have defendant Commercial Trust & Savings Bank held liable, asserting that they had become subrogated to the rights of the city of Evanston, and that this defendant had permitted Rogers to withdraw the funds of the town and use them for his own purposes; upon reference to a master in chancery it was decreed that the Commercial bank was…