Dalby v. Kalahar

ARANT, Circuit Judge.

Appellants were assessed as owners of stock in the Citizens Savings Bank of Mt. Clemens, Michigan. They claim that they held the stock merely as trustees and, in consequence, that they are exempt from liability under Sec. 11945, 3 Mich. Compiled Laws for 1929, Mich.Stat.Ann., Vol. 17, Sec. 23.52.

Appellant Hiram J. McGill was president of the Citizens Savings Bank, and appellants Spencer Dalby and Arch Richards were directors. Robert M. Allan was president and apparently in general control of the American State Bank of Detroit.

Early in 1929, Allan, ostensibly for the…