Pink v. Alden

The action is brought by the Superintendent of Insurance, as liquidator of the Westchester Title & Trust Company, and by certain creditors suing in behalf of all creditors similarly situated, to enforce the claimed liability of the stockholders of the company for obligations arising out of the company’s guaranties to holders of mortgages and mortgage certificates. The alleged liability of the defendants is predicated upon the provision of former section 7 of article VIII of the Constitution of the State of New York, which imposed upon the stockholders of every corporation for banking purposes…