Cohen v. North Avenue State Bank

Mr. Presiding Justice O’Connor

delivered the opinion of the court. .

This suit in equity is brought by creditors of the North Avenue State Bank on behalf of themselves and other creditors against former and final stockholders of the bank, to enforce the superadded constitutional liability of the stockholders. The bank was closed by the State Auditor June 18, 1932. The State Auditor, July 11, 1932, which was prior to the filing of the complaint in the instant case, had filed a suit in the circuit court of Cook county for the liquidation of the bank.

The cause was referred to a master who took the…