Hopkins v. Glendenning

The Citizens State Bank of Arlington,

having become insolvent, suspended business on October 22, 1926, and was taken over by the superintendent of banks. An inventory of the assets'of the bank was made by a representative of the banking department, and the defendant was given notice in the course of liquidation that the assets of the bank were insufficient to pay its liabilities and demand was made that he pay his liability as a stockholder in such bank. A plan of reorganization was agreed upon under the provisions of Chap. 104, Laws 1925, ,and the same was presented by petition to the circuit…