Briefly summarize the case and describe what the specifics of theissue was and how it was resolved.
The legislature of the state of Iowa passed a law providingfor the organization and incorporation of bankinginstitutions.Under and by virtue of this law certain persons organised andincorporated under the name of the Iowa City State Bank. Havingcomplied with all the requirements of the law the bankinginstitution began business. In the course of its business it made aloan of $1,500 to Mr. Reinch, who gave his promissory note to thebank for that amount. A few months later the Supreme Court of
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