Friede v. Sprout

The plaintiff, a resident of Minnesota, is the receiver, appointed by the Federal Farm Loan Board, * *513of an insolvent joint stock land bank known as Southern Minnesota Joint Stock Land Bank of Minneapolis, incorporated on June 25, 1919, under the Federal Farm Loan act. Act of July 17, 1916, c. 245, 39 U. S. Sts. at Large, 374; U. S. C. Title 12, c. 7, §§ 641, et seq. Smith v. Kansas City Title & Trust Co. 255 U. S. 180. Under that act, every stockholder is liable for the debts of the bank to the extent of the par value of the stock held by him. * On July 28, 1932, creditors brought a bill in…