Whitlow v. Monroe

Plaintiffs, trustees of the segregated assets of the First State Bank of South Haven, Michigan, brought a bill of complaint to recover an assessment against the stockholders of that bank. They appeal from a decree dismissing the bill as to all defendants except C. J. Monroe Sons Real Estate Company.

This bank was closed under a proclamation of the governor on February 14, 1933, and a conservator was appointed on March 27, 1933. On May 11, 1933, a plan of reorganization of the bank was approved by the State banking commissioner and the governor and a 100 per cent, stock assessment was levied…