Grange Nat. Bk. v. First Nat. Bk.

On January 15, 1918, the defendant, First National Bank of Bradford, determined voluntarily to go into liquidation and constituted E. E. Lindemuth liquidating trustee. Plaintiff held eighty shares of the Bank's stock, having acquired them from W. W. Bell, which were never transferred upon the books of the Bank. On March 2, 1918, a liquidating dividend of $58.33 1/3 per share on its capital stock was declared with the option to holders to take shares in the newly formed McKean County Trust Company at the ratio of two old shares for one new. To pay those who elected to take cash in liquidation…