Bell v. Culler

Opinion by

Mr. Justice Horace Stern,

The Secretary of Banking became the Receiver in 1931 of the Farmers and Merchants Bank of West Newton, Pa., incorporated under the Act of May 13, 1876, P. L. 161. On June 18, 1940, having concluded that the assets of the bank would be insufficient to pay its creditors in full, he determined to enforce the additional statutory liability of the stockholders, and levied an assessment against them of $100 per share. He mailed to each of them a notice of the assessment and a demand for payment, and instituted actions at law against those who failed to respond.…