Drapeau v. Fullerton Securities Corp.

The plaintiff, as Building and Loan Commissioner, brought the action to recover an assessment levied by him as such commissioner from the defendant as a stockholder of the Pan-American Building-Loan Association then in course of liquidation, pursuant to the provisions of the Building and Loan Association Act of 1931. A general demurrer to the complaint was sustained. The only question involved on this appeal from the judgment for the defendant is the propriety of the order on the demurrer.

The assessment was levied on December 5, 1932, and the complaint was filed on April 10, 1933. The…