Little v. . Steele

The plaintiffs contend that the liability of stockholders for assessment in case of insolvency is a contingent asset and constitutes a trust fund for the benefit of depositors and creditors of the bank. They take the position that this liability is not an assignable asset of the bank, Hood, Commissioner, v. Realty, Inc., 211 N. C., 583; and that it constitutes a trust fund to be equitably distributed for the benefit of all creditors, Hood, Commissioner, v. Trust Co., 209 N. C., 367, 184 S. E., 51. It has been so held by this Court in the cases cited and relied on by plaintiffs and in many…