Schram v. Cotton

Acting under authority conferred upon him by act of Congress, the Comptroller of the Currency of the United States, on May 16, 1933, “ found and declared ” that it appeared to his satisfaction that, in order to pay the contracts, debts and engagements of First National Bank-Detroit, it was necessary to enforce the individual liability of the stockholders of such bank as prescribed in the Revised Statutes of the United States (§§ 5151, 5234). Accordingly, he levied an assessment and requisition upon the stockholders of First National Bank-Detroit for twenty-five million dollars to be paid by…