Smyth v. Kaspar American State Bank

Plaintiffs, present and former owners of certificates of beneficial interest issued by defendant bank pursuant to a plan of reorganization and reopening of the bank on January 15, 1935, payable “without interest, solely out of the future recoveries and net profits . . . before any dividends or returns of any kind or character are paid on the capital stock of the bank,” suing on behalf of themselves and of all owners of certificates on December 15, 1948 and their successors in interest, appeal from that part of an order entered on the pleadings which dismissed for want of equity the second…