Industrial Profit Sharing Bank v. Carlisle

The opinion of the Court was delivered by

Mr. Justice Stabler.

According to the statement of fact contained in the record, on January 16, 1925, the defendant signed a subscription to the capital stock of the Industrial Profit Sharing Bank, but refused to pay-the obligation when called upon. Some time later, just when is not shown, the bank failed, and the directors about two years thereafter proceeded to liquidate the affairs of the corporation in accordance with law. On August 23, 1928, action was brought on the subscription. The defendant pleaded:

“That his defense to this action is that about…