Davis v. Johnson
North Dakota Supreme Court
From a judgment of the District Court of Sheridan County, Honorable W. L. Nuessle, Judge, defendant appeals. The receiver of an insolvent corporation, a bank, has no title or im terest in the matter of the statutory liability of the stockholders of such bank, and he cannot maintain an action against a stockholder to recover on such liability. This right only exists in the creditors of the bank.
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From a judgment of the District Court of Sheridan County, Honorable W. L. Nuessle, Judge, defendant appeals. The receiver of an insolvent corporation, a bank, has no title or im terest in the matter of the statutory liability of the stockholders of such bank, and he cannot maintain an action against a stockholder to recover on such liability. This right only exists in the creditors of the bank. Comp-. Laws 1913, §§ 7995-7908. And the court may compel all the creditors to come in as parties and present and prove their claims. Comp. Laws 1913, § 7321; 7 B. C. L. art. 373; McLaughlin v. O’Neill…
1Opinion of the CourtChristianson, J.
This is an action brought by the plaintiff as receiver of the Farmers & Merchants State Bank of.Denhoff, an insolvent banking corporation, against the defendant as a stockholder in said bank, to enforce the liability created by § 5168, Compiled Laws 1913, which provides that the shareholders of every banking association organized under the laws of this state “shall be individually responsible, equally and ratably, and not one for another, for all contracts, debts and engagements of such association made or entered into to the extent of the amount of his stock therein at the par value thereof,…
2Cases cited7 opinions
- Terry v. AndersonSupreme Court of the United States · 1877
- Bennett v. ThorneWashington Supreme Court · 1904
- Scott v. District Court of the Fifth Judicial DistrictNorth Dakota Supreme Court · 1906
- Shuey v. AdairWashington Supreme Court · 1901
- State v. BogardusWashington Supreme Court · 1904
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3Cited by9 opinions
- Broderick v. AdamsonNew York Supreme Court · 1933
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- Baird v. McMillanNorth Dakota Supreme Court · 1925
- Reimers v. LarsonNorth Dakota Supreme Court · 1925
- Baird v. NelsonNorth Dakota Supreme Court · 1931
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