State Ex Rel. State Bank Com'r v. Martin

The statutory liability of a stockholder in the failed Exchange Trust Company is sought to be recovered in this action. The appeal occurs upon judgment of the trial court sustaining a demurrer to the petition and dismissing the cause.

The petition alleges organization of the Exchange Trust Company, pursuant to a written agreement dated April 20, 1918, executed between stockholders of the Exchange National Bank and trustees, ffiy the agreement ownership of stock in the trust company was limited to persons who were or should become stockholders in the bank. Under the agreement the trust stock…