May v. Genesee County Savings Bank
Michigan Supreme Court
Appeal from Ingham; Person, J. Bill by John A. May, receiver of the Ingham County Savings Bank, against the Genesee County Savings Bank, to enforce defendant’s statutory liability as a stockholder in complainant bank. From a decree for complainant, defendant appeals. On July 20, 1895, Mr. Arthur O. Bement borrowed $4,000 of the defendant bank, giving his promissory note, payable on demand.
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Appeal from Ingham; Person, J. Bill by John A. May, receiver of the Ingham County Savings Bank, against the Genesee County Savings Bank, to enforce defendant’s statutory liability as a stockholder in complainant bank. From a decree for complainant, defendant appeals. On July 20, 1895, Mr. Arthur O. Bement borrowed $4,000 of the defendant bank, giving his promissory note, payable on demand. The note recited that certificate No. 188, for 50 shares of the capital stock of the Ingham County Savings Bank, was deposited with the defendant as collateral security for said loan. Bement’s certificate…
1Opinion of the CourtGrant, C. J.
(after stating the facts). The statute under which this liability is sought to be enforced against defendant reads as follows:
*333“The stockholders of every bank shall be individually liable, equally and ratably, and not one for another, for the benefit of the depositors in said bank, to the amount of their stock at the par value thereof, in addition to the said stock; but persons holding stock as executors, administrators, guardians, or trustees, and persons holding stock as collateral security, shall not be personally liable as stockholders, but the assets and funds in their hands constituting…
2Cases cited3 opinions
- Pauly v. State Loan & Trust Co.Supreme Court of the United States · 1897
- Anderson v. Philadelphia Warehouse Co.Supreme Court of the United States · 1884
- Richardson v. AbendrothNew York Supreme Court · 1864
3Cited by1 opinion
- Welch v. GillelenCalifornia Supreme Court · 1905