Brock v. Gormley

The banking act of 1919 (Code, § 13-1903), provides that: “Whenever a stockholder in any bank is individually liable under the charter, and shall transfer his stock, and have such transfer entered upon the books of the bank or give to the bank written notice thereof, he shall be exempt from such liability by such transfer, unless such bank shall fail within six months from the date of the entry of such transfer or from the delivery of such notice to the bank.” Thus an assigning stockholder may relieve himself from liability only by (1) having the stock transfer entered on the books of the…