County of Presque Isle v. Presque Isle County Savings Bank

Sharpe,. J.

Plaintiff, county of Presque Isle, filed a bill of complaint against tbe Presque Isle County Savings Bank, the trustees of tbe segregated assets of tbe bank, and the commissioner of tbe banking department of'tbe State of Michigan. Tbe purpose of tbe bill, among others, was to review tbe method of collecting tbe stock assessment levy and tbe appropriation of tbe proceeds of that assessment to capitalize tbe reorganized bank..The bank closed its doors in February, 1933, in conformity with tbe governor’s bank moratorium order; and later opened under a conservator. A 100 per cent,…