Shaw v. Hailey

October 17,1930, the Farmers’ & Merchants’ State Bank of Conroe, Tex., failed, and its affairs passed into the hands of James Shaw, banking commissioner of Texas. An assessment of 100 per cent, of the par value of the shares of stock was made by him against the stockholders, for the purposes authorized by the statute. Appellee, Hailey, appeared on the stock book of the insolvent bank as the owner of ten shares of stock. This suit was filed against Hailey to enforce his alleged liability. He answered by general demurrer, general denial, and specially, as follows:

“For further and special answer…