Phoebus v. Sterling

John H. Ghingher, receiver for the Deals Island Bank, on September 20th, 1935, brought an action by titling against Harry T. Phoebus in the Circuit Court for Somerset County, and on November 4th, 1935, the plaintiff filed in that case a declaration, in which he alleged that the defendant was a stockholder in the bank, that the bank was insolvent, that its liabilities exceeded its assets by more than the par value of its stock, that the defendant held fifty shares of the capital stock of the bank, and was therefore indebted to the receiver for the par value of the stock, $500, that he had paid…