Irons v. Manuf'rs Nat. Bank

The principal facts which I deemed it necessary to consider for the disposition of the point now in question are these: William H. Adams was a shareholder in the Manufacturers’ National Bank. In November, 1874, the bank suspended payment, closed its doors, and by a vote of the shareholders went into voluntary liquidation, being at that time largely indebted beyond its assets. Subsequently, James Irons, a judgment creditor, filed a creditor’s bill, and obtained the appointment of a receiver to administer the assets of the bank. After the passage of the act of June, 80, 1876, in regard to…