Guardian Bank and Trust Co. Case

Opinion by

Mr. Justice Maxey,

On September 30, 1933, the then Secretary of Banking took possession of the Guardian Bank and Trust Company in accordance with the Act of May 15, 1933, P. L. 565, 71 PS 733, known as the “Department of Banking Code.” The Secretary filed a third and partial account of his receivership on June 25, 1937, showing that all depositors had received the full amount of their deposit balances and that cash and other assets remained which he proposed to disburse in the following manner: First, to the payment of general claims; second, to the payment of interest on time…