Andrew v. Citizens State Bank

Hamilton, J.-

The Citizens State Bank of Mt. Vernon, Iowa, was organized by Olin J. Sweet in 1901, with a capital stock of $25,000. It continued as a going concern until September 22, 1931, at which time the court adjudged said bank to be insolvent and appointed L. A. Andrew, Superintendent of Banking of the State of Iowa, receiver. Thereafter, under proper order of court, suit was brought by the receiver against the stockholders to collect a 100 per cent assessment on the shares of the capital stock of said bank. The stock records of the bank disclosed that C. Falcon, who was president of the…