Riggs v. Capital Brick Co.

PRATT, District Judge.

The same question arises.in each case,, and a brief statement of the facts in the first named will disclose its. nature.

The plaintiffs are the receivers of the Republic Savings & Loan Association, a corporation organized under the laws of New York,, and now insolvent. The Capital Brick Company, a Connecticut corporation located at Hartford, borrowed $3,500 of the New York corporation. The shareholders of the insolvent corporation were divided into borrowers and nonborrowers. To obtain a loan, it was necessary to subscribe for such a number of shares as at their par value…