People Ex Rel. Nelson v. Wiersema State Bank

Adolph S. Helmquist was appointed receiver of the closed Wiersema State Bank. He filed a petition in the superior court of Cook county to declare invalid a pledge made by the bank of certain assets to secure the deposit of the Fernwood Park District and for an order to return to petitioner the securities deposited in escrow with the Chicago Title and Trust Company. The contracts for the pledge and escrow were executed prior to the closing of the bank. The petition alleges that the president and cashier of the bank were without power to enter into the arrangement and it was therefore ultra…