Bicknell v. Hood

The receiver of the Bank of Saginaw, a banking corporation organized under the laws of the State of Michigan, brings this action against the defendant to recover an assessment on the forty shares of the capital stock of the bank of which the defendant was the record owner when the bank was compelled to suspend business in 1933.

The facts alleged in the pleadings and adduced upon the trial of the action show that the bank was insolvent in October, 1933, and that it still is unable to meet its liabilities and that early in 1933 a conservator was appointed by the Commissioner of the Banking…