Oklahoma Ex Rel. Johnson v. Cook

The State of Oklahoma, upon the relation of its Bank Commissioner, asks leave to bring suit in this Court to enforce the statutory liability of a shareholder, of a state bank which is in course of liquidation.

The statutes of Oklahoma provide that the shareholders of every bank organized under the state law “shall be additionally liable for the amount of stock’ owned.” Okla. Stat. 1931, § 9130. The Bank Commissioner, when satisfied of the insolvency of a bank, may take possession of its assets and “proceed to wind up its affairs and enforce the personal liability of the stockholders.” Id., §…