v0822-619

IN THE

United States Circuit Court of Appeals

FOR THE NINTH QRCUIT

ARTHUR H. BROWN, as Receiver of the First Trust

and Savings Bank of Billings, Montana,

Appellant,

vs.

AMERICAN BONDING COMPANY OF BALTI-

MORE, MARYLAND, a Corporation,

Appellee.

BRIEF OF APPELLEE.

WALSH, NOLAN & SCALLON,

Solicitors for Appellee.

This cause presents no disputed question of facts. All

the material allegations of the bill are expressly admitted by

the answer. It was heard upon the bill and answer and the

sole question was that of whether the State of Montana and

the complainant, its assignee, subrogated to its rights, may

claim a preference in the distribution of the assets of the insol-

vent First Trust and Savings Bank of Billings.

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