Bell, Secy. of Banking v. Brady

Opinion by

Mr. Justice Horace Stern,

This appeal is concerned with the proper application of the statute of limitations to a proceeding by the Secretary of Banking, as receiver of an insolvent bank, to recover an assessment against the stockholders for unpaid stock subscriptions.

The Secretary took possession of Title & Trust Company of Western Pennsylvania, Connellsville, Pa., on July 1,1930. The par value of the stock of this company, which was incorporated under the Act of April 29,1874, P. L. 73, was $100 per share, of which only $50 a share had been called and paid in. As it appeared that…