Holderman v. Moore State Bank

The Moore State Bank of Monticello, Illinois, closed its doors and ceased doing business on the 20th of February, 1933, and shortly thereafter two representative suits were filed by creditors seeking to enforce the stockholders’ constitutional liabilities both of which causes were consolidated in one suit. One F. L. Borton was appointed receiver of the stockholders’ liability suit and on May 15, 1937, judgment was obtained against most of the stockholders except those who had paid their liability prior to the entry of such judgments.

This appeal arises out of a petition for refund of capital…