Cosmopolitan Trust Co. v. Cohen

This is an action of contract by the commissioner of banks in possession of the Cosmopolitan Trust Company under G. L. c. 167, § 24, to recover an amount equivalent to the par value of the stock owned by the defendant in the trust company under G. L. c. 172, § 24, whereby stockholders in a trust company are made personally liable for the payment of its contracts, debts and engagements. The declaration alleges that the commissioner has determined that it is necessary to enforce to the full amount the individual liability of all stockholders in the trust company in order to pay its debts; that…