Schafer v. Sell

On June 28, 1933, the Banking Commission took possession of the affairs of the Peoples’ State Bank of Reeseville on the ground of its insolvency. On that date it levied a statutory assessment of one hundred per cent upon the stockholders of the bank.

O. A. Sell, defendant’s husband, was the owner of fourteen shares of this stock. He died testate on February 1, 1930. Defendant was the residuary legatee under the will. The inventory filed in the Sell estate listed the shares of stock in the Peoples’ State Bank of Reeseville at par, and the final account included the stock, at par, with other…