Collins v. Cole

Thomas F. Cole in his lifetime owned fifty shares of capital stock of the Negaunee State Bank of Michigan having a par value of $100 per share. On November 17, 1932, said bank went into liquidation and on February 6,1933, an assessment of 100 per cent was levied on all outstanding stock. On June 12, 1933, appellant was appointed receiver for the said bank in liquidation. On December 19, 1938, said Thomas F. Cole paid $1,000 on account of the $5,000 levied against his stock, and in July of 1939 he died. Thereafter, proceedings in probate were commenced in the estate of said Thomas F. Cole in…