Pool v. Chapman

On May 31, 1921, the •Guaranty State Bank of Sipe Springs, Tex., ■admittedly insolvent, was placed in the hands of the commissioner of banking of this state. On August IS, 1920, one J. B. Pool sold his ■30 shares of stock in that bank. Since this sale was made less than 12 months prior to the failure of the bank, the commissioner assessed Pool, along with present stockholders, 100 per cent, on his former stock. He refused to pay, and this suit followed. The district court held him liable. Its judgment was affirmed by the. Court of Civil Appeals. •See 271 S. W. 427.

The opinion of the Court of…