Paul Olesen v. F. H. Retzlaff and Others

Statutory basis of cause of action for damages for receiving money in insolvent bank. 1. The cause of cation alleged in the original complaint, realleged with some additions in the amended complaint, is based upon G.S. 1923 (2 Mason, 1927) § 10407, making it an offense in directors to receive deposits of money in an unsafe or insolvent bank, knowing or having good reason to know its condition, from the violation of which there arises in a depositor the right to recover of the directors his damages.