Broderick v. Adamson

The action is by the Superintendent of Banks for an assessment against stockholders of the Bank of United States in liquidation. Plaintiff moves to strike out the first and third affirmative defenses as insufficient in law. The first defense alleges in effect that the assessment is premature and that until there has been a liquidation of the assets it cannot be determined whether the stockholders’ liability exists, that the assets may be sufficient to pay all claims, and that no deficiency may exist. By section 7 of article 8 of the Constitution and sections 80 and 120 of the Banking Law…