Napa Savings Bank v. County of Napa

The only question for determination is whether the complaint states facts sufficient to constitute a cause of action, the appeal being from a judgment entered by default against the. defendant for failure to answer after its demurrer had been overruled.

After a suitable allegation of the corporate capacity of plaintiff and of defendant, it appears: “That on the first Monday in March, 1909, at 12 o ’clock meridian, plaintiff was engaged in the business of a savings and loan corporation, viz., in the savings bank business, at Napa, California, and had a capital of $25,000, a surplus of $6,500 and savings deposits in the sum of $279,741.23; and at said time and on said date the plaintiff had and owned the following property, viz., real estate, assessed at the sum of $640; money on hand assessed at $1,540; solvent credits, not secured by mortgage or trust deeds, assessed at $40,910.28; promissory notes secured by mortgage or trust deeds on real estate, assessed at $164,426.53; and money (including capital and surplus) and savings deposits invested in quasi-public corporation bonds of the state (incorporated and organized under the laws of the state of California, and having their…