Farmers' State Bank v. Erickson

This was an action brought to enforce stockholders’ liability against the stockholder of a banking corporation, pursuant to article x'8, section 3, Const. S. D., and section 8937, Rev. Code 1919.

By paragraphs 4, 5, and 6 of the answer defendant undertook to set up as defenses, first, that while the bank was still operating as a going concern a 100 per cent assessment was levied upon all stockholders by direction of the state superintendent of banks tomalee good an alleged impairment of capital, and that defendant then held the same stock by virtue of which liability is now sought to be…