Spencer v. Womack

Womack sued the appellants, Spencer and Triplitt, to recover damages. Womack purchased from' appellants four shares of stock in the Farmers’ State Bank & Trust Company of Gorman for $500; About 30 days thereafter the bank failed, and passed into the hands of the banking commissioner for liquidation. The commissioner levied an assessment against all stockholders for the par value of their stock, wherefore Womack was compelled to pay $400. He sued to recover this amount and the amount paid for the stock, alleging that the purchase was induced by the'false and fraudulent representations of the…