Farmers State Bank v. Reed

The opinion of the court was delivered by

Hopkins, J.:

The action was instituted by the receiver of the plaintiff, an insolvent bank, to recover from the defendant his statutory liability as a stockholder. The defendant was also a director of the bank and had been for several years before it failed, and together with other directors and officers of the bank, had executed several written guarantees to other banks whereby he guaranteed for the bank the payment of certain notes. After the failure the defendant paid certain sums of money because of the guarantees. He was the owner of 23 shares of…