Pool v. Chapman

J. B. Pool owned 30 shares of stock, of the par value' of $100 each, in the Guaranty State Bank of Sipe Springs, Tex. On August 18, 1920, he sold and transferred this stock to Thomas J. Driscoll. At that time the debts of said bank were largely in excess of the value of said stock. On May 31, 1921, said bank, then being admittedly insolvent, was placed in the hands of the commissioner of banking. On June 10, 1921, said commissioner of banking levied an assessment of 100 per cent, of the par value of said stock.upon all who held stock therein on May 31, 1921, and upon those who had transferred…