[Download] "Kraus v. United States" by Eighth Circuit Circuit Court of Appeals ~ Book PDF Kindle ePub Free

July 21, 2021

eBook details

Title: Kraus v. United States
Author : Eighth Circuit Circuit Court of Appeals
Release Date : January 22, 1937
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 57 KB

Description

On November 15, 1930, the Interstate National Bank, of Helena, Ark., pledged with the First National Bank of St. Louis, Mo., bonds of the face value of $25,000 to secure the deposits of the City of Helena in the Interstate National Bank. As further security for such deposits, the Interstate Bank, as principal, and the Fidelity & Casualty Company of New York, as surety, delivered to the city a depository bond for $10,000. On December 31, 1930, the Interstate Bank was Closed; the Comptroller of the Currency took it over, and on January 7, 1931, appointed a receiver. On the day the bank closed, the city had on deposit $29,702.41, and on February 4, 1931, the receiver issued to the city a receivers certificate for that amount. The city requested the First National Bank of St. Louis to sell the $25,000 of pledged bonds for the citys account. The First National Bank sold these bonds on February 27, 1931, for $20,000, and remitted the proceeds to the city on February 28, 1931. The city applied them upon the receivers certificate, leaving a balance due thereon of $9,702.41. The Fidelity & Casualty Company paid this balance to the city on March 15, 1931, and took from the city an assignment of the receivers certificate. Thereafter the receiver of the Interstate Bank, between July 17, 1931, and November 17, 1931, paid to the casualty company dividends upon the certificate aggregating $9,702.41, and thereupon the casualty company surrendered to the receiver the certificate. Dividends paid by the receiver to unsecured depositors of the bank amounted to 73 1/3 per cent. of their claims.