Farmers State Bank v. Herron

This is an action to recover an indebtedness from the defendant, George W. Herron, a stockholder in the plaintiff bank, and to establish and foreclose a lien on the defendant’s stock claimed to exist under § 5160, Comp. Laws 1913.

The defendant, Kimball, a transferee of the stock, subsequent to the indebtedness of the defendant, Herron, was made a party, and it is conceded that Kimball was a purchaser for value in good faith, and without notice of the indebtedness of Herron to the bank.

The trial court made findings of fact and conclusion of law favorable to the plaintiff, and upon application…