Federal Deposit Ins. Corp. v. Levorsen

Morris, Cb. J.

This is an action to recover tbe statutory superadded liability on ten shares of bank stock. It is brought by tbe receiver of the Farmers and Merchants Bank of Elgin, a state bank. The bank was taken in charge by the State Examiner on October 30, 1937, judgment was entered declaring it to be insolvent on November 30, 1937, and the plaintiff thereafter was named as receiver by the district court.

The defendant was a former owner of ten shares of stock in the defunct bank which he transferred to one J. Q-. Sept on August 13, 1937. The defendant appeals from the judgment of the…