(Download) "Andrew v. Iowa State Bank" by Supreme Court Of Iowa. " Book PDF Kindle ePub Free
eBook details
- Title: Andrew v. Iowa State Bank
- Author : Supreme Court Of Iowa.
- Release Date : January 17, 1933
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 58 KB
Description
This is a controversy between the receivers of two insolvent banks over the right to the possession of $5,000 worth of government bonds now in the hands of the clerk of the lower court under a stipulation, pending the result of this action. Appellant concedes that claimant is entitled to preference for the entire claim filed, but contends that appellee is not entitled to a lien against the government bonds. D.T. Eels was appointed receiver of the Simmons & Co. Bank on December 15, 1930. He resigned on September 12, 1931, and J.H. Lewis, the present receiver, was appointed as his successor. When the first receiver was appointed, the district court, making the appointment, also made an order designating the Iowa State Bank of Osceola as the sole depository of the receivership funds of the Simmons & Co. Bank. The order of such appointment required the Iowa State Bank to deposit government bonds with the Central National Bank & Trust Company of Des Moines as security for the repayment of the receivership funds deposited in its bank, and that said securities be sufficient to cover the entire amount of funds deposited. On December 16, 1930, the Iowa State Bank by resolution, duly adopted by its board of directors, accepted the office of depository with all the obligations incurred thereby, and authorized and directed its cashier to carry out the obligations imposed upon it by the order of court designating it as depository, and authorized and directed its cashier to comply therewith.