Shaw v. McMillan

The Cooper State Bank was organized in April, 1927, with a capital stock of $25,000. It thereafter became insolvent, and in October, 1928, was closed by the state banking commissioner. Some time later the commissioner assessed the stockholders of the bank 100 per cent, of the par value of their stock in order to meet the indebtedness of the bank. The appellee was among those against whom that assessment was made. He was assessed as the owner of five shares of stock. He paid the assessment on one share of the stock, but refused to pay more. This suit was then filed by the banking commissioner…