United States v. Ascher

McCORMICK, District Judge.

On December 20, 1934, this class action, by plaintiffs for themselves and on behalf of all other creditors was filed in this court to enforce the liability of California-residing stockholders of Central Republic Trust Company (formerly Central Republic Bank and Trust Company), an Illinois state bank, to the creditors of said bank, pursuant to Section 6, Article XI of the Constitution of the State of Illinois, Smith-Hurd Stats., and Section 6, Chapter 16% of the Illinois Banking Act, Smith-Hurd Stats. The constitutional provision is as follows: “Every stockholder in a…