G. M. C. Hotels, Inc. v. Hanson

The complaint shows that the defendant subscribed for stock in the Phillip State Bank & Trust Company, an Illinois corporation, and that as part of her contractual obligations arising from the ownership of the stock is the provision in the constitution of the state of Illinois which binds every stockholder in banking corporations with an individual responsibility to the creditors of that institution “over and above the amount of stock by him or her held, to an amount equal to his or her respective shares so held, for all its liabilities accruing while he or she remains such stockholder.” § 6,…