Melaven v. Schmidt

OPINION OF THE COURT

SIMMS, J.

Appellant was held liable under chapter 149, Laws of 1923, as a stockholder of the insolvent People’s Bank & Trust Company of Las Vegas, N. M., to the extent of 100 per cent, of her stock therein, or $7,900, and was denied an offset of this liability against a deposit greater than the amount of judgment against her.

The bank was incorporated in the latter part of the year 1912, and after the adoption of our Constitution, art. 11, § 13, of which reads as follows:

“The legislature shall provide for the organization of corporations by general law. All laws relating to…