Home State Bank v. Swartz

The plaintiff bank sued the defendant upon a liability incurred by him as one of its stockholders conformably to an assessment levied to make good an impairment of the capital stock of the bank pursuant to the provisions of section 6109d, Chapter 90 of the 1923 Session Laws. The regularity of the proceedings preliminary to suit is not questioned. The amount payable by defendant was determined to be $500. When after demand he did not pay, his ten shares were sold for $10, leaving a balance due the bank of $490, the amount for which the suit was brought.

With the complaint the plaintiff filed an…