Studebaker v. Perry
Supreme Court of the United States
ERROR TO THE CIRCUIT COtiRT OF APPEALS FOR THE SEVENTH CIRCUIT. On November 9, 1899, m the Circuit Court of the United States for the Northern District of Illinois, John Perry, as receiver of the National Bank of Kansas City, brought an action against Clement Studebaker, to recover an assessment made by the Comptroller of the Currency on stock held by the defendant in said bank.
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ERROR TO THE CIRCUIT COtiRT OF APPEALS FOR THE SEVENTH CIRCUIT. On November 9, 1899, m the Circuit Court of the United States for the Northern District of Illinois, John Perry, as receiver of the National Bank of Kansas City, brought an action against Clement Studebaker, to recover an assessment made by the Comptroller of the Currency on stock held by the defendant in said bank. The declaration set forth the incorporation of the National Bank of Kansas City ; the ownership by the defendant of 189 . shares of its capital stock of the par value of $100 each; the insolvency of the bank; an…
1Opinion of the CourtJustice Shiras
The single question for our determination is whether the Comptroller of the Currency, acting under the national banking laws, can validly make more than one assessment upon the shareholders of an insolvent national banking association.
It is not denied by the plaintiff in error that the first assessment, which he voluntarily paid, was insufficient to pay the debts and liabilities of the bank, but his contention is that the Comptroller of the Currency exhausted his power to levy assessments upon the shareholders of stock in an insolvent national bank by a single exercise of that power. He…
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