Bates v. Cooley

This is an action brought by the receiver of an insolvent bank located in Iowa to enforce the superadded liability of a stockholder residing in Washington. Trial by the court resulted in a judgment for plaintiff. The defendant has appealed.

There is no dispute as to the facts, which are as follows : On and prior to June 16, 1932, American Savings Bank & Trust Company of Burlington, Iowa (hereinafter referred to as the bank), was a banking corporation capitalized at three hundred thousand dollars, represented by three thousand shares of capital stock of the par value of one hundred dollars…