Banking Comm. of Wisc. v. Jacobson

The Milwaukee Commercial Bank was a state bank doing a general banking business in the City of Milwaukee, in the State of Wisconsin, under the laws of that state. The bank became what is termed a delinquent bank in Wisconsin law, and under that law possession was taken of it by the state banking authorities on May 25, 1933. Upon the delinquency of the bank each stockholder therein became liable to an assessment in an amount equal to the face value of his stock. On May 31, 1933, the Commissioner of Banking for the State of Wisconsin made an assessment against each stockholder of 100% of the…