Citizens Bank & Trust Co. v. Mabry

Buford, C.J.-

— In this case the defendant in error sued the plaintiffs in error as owners and holders of the capital stock of The Franklin Bank on a stock assessment made by tbe Comptroller in process of liquidation of the affairs of The Franklin Bank, which had become insolvent.

The defense interposed was that the assessment could not be enforced against Citizens Bank & Trust Company or the liquidator thereof, because the acquisition of the capital stock of The Franklin Bank by Citizens Bank & Trust Company was ultra vires and the obligation created by the statute and the assessment therefor…