Shornick, Rec. v. Butler

In December, 1922, the appellees were directors and stockholders of the Crothersville State Bank, for which the appellant is now receiver. During that month the directors of said bank made an arrange ment for the bank by which the appellees became personal sureties for public funds to be deposited with the bank .under the public depository law. (§12621, et seq., Burns 1926.)

In consideration of the agreement of appellees to sign the bond as personal surety, it was agreed by the directors for the bank that good and valid notes out of the assets of said bank in the amount of $30,000.00 face…