State v. Bank of New England
Supreme Court of Minnesota
Upon the application of the state of Minnesota, one of its creditors, a receiver for the insolvent Bank of New England was appointed in December, 1893, by the district court for Hennepin county. In 1895 an order was made allowing one J. A. Hanson, on behalf of the creditors of the bank, to intervene in the receivership action for the purpose of enforcing the statutory liability of the stockholders, and he filed a supplemental complaint against the several stockholders.
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Upon the application of the state of Minnesota, one of its creditors, a receiver for the insolvent Bank of New England was appointed in December, 1893, by the district court for Hennepin county. In 1895 an order was made allowing one J. A. Hanson, on behalf of the creditors of the bank, to intervene in the receivership action for the purpose of enforcing the statutory liability of the stockholders, and he filed a supplemental complaint against the several stockholders. From a judgment entered pursuant to the findings and order of Elliott, J., John F. Calhoun appealed. One who takes stock in a…
1Opinion of the CourtBuck, J.
J. A. Hanson, as intervenor and as plaintiff, in his own behalf and in behalf of numerous other creditors of the defendant bank, brought this suit against the stockholders thereof to enforce their statutory liability.
The Bank of New England was incorporated under the laws of this state in the month of January, 1892, with a capital of $50,000. In June, 1892, the stockholders voted to increase the capital stock to $100,000, and it is a part of this increased capital stock that was claimed to have been held by the defendant Calhoun. There was no dispute but what the bank was hopelessly insolvent…
2Cases cited3 opinions
- Burgess v. SeligmanSupreme Court of the United States · 1883
- National Bank v. CaseSupreme Court of the United States · 1879
- Pullman v. UptonSupreme Court of the United States · 1878
3Cited by4 opinions
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- Gruetzmacher v. QuevliSupreme Court of Iowa · 1929
- Hamilton v. LevisonU.S. Circuit Court for the District of Southern New York · 1911
- Way v. BarneySupreme Court of Minnesota · 1914