Kehl v. Smith

Appeal from an order overruling a general demurrer to the complaint in an action to rescind a sale of bank stock to plaintiffs and to enjoin defendant Smith, as superintendent of banks, from taking any steps to enforce stockholders’ double liability against plaintiffs. The complaint is long, but sets out, in substance, simply, that during the month of July, 1925, the defendant, Farmers’ '& Merchants’ State Bank of Hecla, was insolvent, and that, knowing such insolvency, the superintendent of banks and the stockholders of the bank at that time entered into a conspiracy to reorganize the bank…