First National Bank, Fort Lee v. Burdett

The opinion of the court was delivered by

Wells, J.

After the bank holiday of March 5th, 1933, the First National Bank of Fort Lee, Fort Lee, New Jersey, met with financial difficulties and was taken over by the comptroller of the currency. A liquidation plan was worked out and approved by the comptroller. Its provisions are embodied in an agreement dated October 22d, 1934, and entered into by and between “The First National Bank of Fort Lee, Fort Lee, New Jersey” (hereinafter referred to as the “Old Bank”), and the “First National Bank in Fort Lee,” the complainant (hereinafter referred to as…