Peck v. State Bar of California

SHENK, J. An action was brought by Nels Greva and others, who were depositors in the savings department of the Pan American Bank of California, which is in process of liquidation, for a declaration of the powers and duties of the defendant as liquidating agent, under the provisions of the California Bank Act. They sought a declaration that the defendant Superintendent of Banks, as such liquidating agent should transfer the balance of funds in the commercial department, after payment of 100 per cent of the claims of the depositors in that department and before payment to them of any interest during the period of liquidation, to the savings department to be applied to the payment of the claims of the savings depositors. In the action of Wood et al. v. Rainey, etc., consolidated therewith, the plaintiffs were stockholders of the bank. They sought a similar declaration and in addition a declaration that no interest should be paid to the creditors or depositors before distribution to the stockholders. The court declared and decreed