Armstrong v. McAdams

WOODROUGH, Circuit Judge.

J. W. Armstrong, as receiver of the First National Bank of Jonesboro, Ark., a national banking association, sued H. II. McAdams and C. W. Pittinger as stockholders of the bank to enforce liability for a stock assessment of 100 per cent, duly made by the Comptroller. 12 USCA § 64. This appeal is taken from a decree dismissing the suit at the cost of the receiver; the purpose of the receiver being to fasten the liability upon H. H. McAdams.

The allegations of the bill of complaint material for present consideration are that H. II. McAdams became the owner of 306 shares…