Fidelity Etc. Co. v. State Bank of Portland

On February 16, 1922, the State Bank of Portland, a banking corporation organized under the laws of this state, had become insolvent, and the defendant F. C. Bramwell, as State Superintendent of Banks, took charge of its assets for the purpose of liquidation. At that time, the State of Oregon had on deposit therein various sums of money, which with interest thereon amounted to the total sum of $151,783.35. In order to secure the state for the repayment of these sums, that bank as principal, executed four bonds to the state, on three of which this plaintiff was surety, and on the other, the…