Superintendent of Banks of New York v. Moors

Carrying out the provisions of art. VIII, § 7, of the Constitution of New York, adopted in 1894, its banking law (Laws of 1914, c. 369), § 120, provides: “The stockholders of every bank shall be individually responsible, equally and ratably and not one for another, for all contracts, debts and engagements of the bank, to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares.”

The Bank of • United States is a banking corporation formed under the laws of New York. The defendants are partners in a stock brokerage business in…