Hansen v. Agnew

This action was brought against certain stockholders of an insolvent bank, the First Farmers-Merchants Bank & Trust Company of Cen-traba, to enforce the habihty created by Art. 12, § 11, of the constitution of the state of Washington. This section reads, in part, as follows:

“Each stockholder of any banking or insurance corporation or joint stock association shall be individually and personally liable equally and ratably, and not one for another, for all contracts, debts, and engagements of such corporation or association accruing while they remain such stockholders, to the extent of the…