First National Bank & Trust Co. v. Storms

Acting under 2 Comp. Laws 1929, §§ 9710-9716, defendants organized an unincorporated association and conducted a private banking business. After operating eight or nine years the bank became insolvent. September 27, 1930, plaintiff, on petition of a majority of association’s trustees, was appointed receiver. Some months later, it being made to appear to the court that the bank’s assets were insufficient to meet its -liabilities to the extent of ma-ny thousand dollars, the receiver was directed by the court to file a bill in equity against the members of the association to collect from them ‘…