Emery v. Shinn

This suit was brought by the receiver of the American Home Security Bank, a Michigan corporation, to recover a stock assessment of 100 per cent., levied by the State banking commissioner upon his finding of insolvency of the bank, and made under claim of power conferred by Act No. 32, Pub. Acts 1933, as amended by Act No. 95, Pub. Acts 1933. Defendant admitted all averments of fact in plaintiff’s declaration but contended that, in point of law, the determination of necessity and the order for enforcement of the statutory liability was a court function and, under article 4 of the State…