Hood v. Martin

The questions in this case are: (1) whether or not a stockholder in a bank who has been induced to purchase the stock from the bank through the fraud of its president can set up such fraud as a defense against the statutory liability for an assessment after the insolvency of the bank, under the North Carolina statute, amendment 1927, on the subject, the stockholder being guilty of no laches. (2) Could this be done prior to the amendment of 1927? We think so.

N. C. Code of 1931 (Anno.), Micbie, C. S., 218(c), 13(d), is as follows: “All sums collected under tbe levy shall become immediately…