Devney v. Harriet State Bank
Supreme Court of Minnesota
Action in the district court for Hennepin county to recover $1,800, the value of certain shares of stock converted. The answer alleged that on August 30,1915, the stock was of no greater value than $1,050. The case was tried before Leary, J., who denied defendant’s motion for a directed verdict, and directed a verdict in favor of plaintiff for. the value of the stock on August 30, 1915, as found by the jury.
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Action in the district court for Hennepin county to recover $1,800, the value of certain shares of stock converted. The answer alleged that on August 30,1915, the stock was of no greater value than $1,050. The case was tried before Leary, J., who denied defendant’s motion for a directed verdict, and directed a verdict in favor of plaintiff for. the value of the stock on August 30, 1915, as found by the jury. From an order denying its motion for a new trial, defendant appealed.
1Opinion of the Court
Taylor, O.
The superintendent of banks, having found that the Harriet State Bank held a considerable amount of worthless paper, notified its president and board of directors to make an assessment of 40 per centum on its capital stock to make up the deficiency. The board of directors adopted a motion levying the assessment, but the matter was never presented to or passed upon by the stockholders. O. W. Miller, who held 15 shares of the capital stock, failed to pay his assessment, and for the purpose of enforcing such payment his stock was sold by the bank at public auction in the manner…
2Cases cited2 opinions
- Berg v. Duluth, South Shore & Atlantic Railway Co.Supreme Court of Minnesota · 1910
- Slette v. LarsonSupreme Court of Minnesota · 1914
3Cited by4 opinions
- Duke v. ForceWashington Supreme Court · 1922
- Farmers & Mechanics Savings Bank v. Crookston State BankSupreme Court of Minnesota · 1926
- Jackson v. Minnetonka Country ClubSupreme Court of Minnesota · 1926
- Minnesota State Bank v. TabbottSupreme Court of Minnesota · 1931