Citizens Bank of Lane v. Needham

The opinion of the court was delivered by

Burch, J.:

The plaintiff in each of these cases is an insolvent bank in process of liquidation, suing by its receiver. The defendant in each case is a stockholder of the bank. The purpose of each action was to enforce the stockholder’s double liability. Before his bank was finally closed, and while its capital was impaired, each defendant paid to the' bank, on account of his stock, which was fully paid up, an additional sum equal to par value of the stock. In each case the judgment of the district court sustained the contention of the receiver that,…