Farmers State Bank in Merkel v. Delaney

Mr. Judge German

delivered the opinion of the Commission of Appeals, Section A.

The Farmers State Bank of Merkel, having become insolvent, was on February 17, 1930, taken over by the Banking Commissioner for liquidation. By contract dated April 14, 1930, duly authorized and approved by the district court in the manner provided by law, sale of assets of the old bank was made to a new bank, organized under the name of Farmers State Bank in Merkel. Prior to the formal organization of the new bank, those who contemplated such organization prepared a preorganization agreement, which was presented to…