Reichert v. Peoples State Bank for Savings

In full accord with the provisions of Act No. 22, Pub. Acts 1931, the Peoples State Bank for Savings of Muskegon, in lieu of a depository bond, securing funds of the county of Muskegon, deposited with the Bankers Trust Company of Muskegon, under a written agreement, approved as to form by the commissioner of the banking department, and executed by the bank and county and the trust company, certain United States treasury certificates. The bank failed and the trust company sold the pledged certificates and paid the proceeds to the county, as provided by the mentioned act. The receiver for the…