Williams v. McCord

The state superintendent of banking was'duly • appointed receiver of the Sac County State Bank, of Sac City, Iowa. As such receiver, he brought an action' in equity in the district court of Sac County against a number of individuals whom he alleged to be stockholders in said bank. The petition alleged that said bank was insolvent; that the plaintiff in said action had' been appointed receiver of said bank; that the assets of said bank were wholly insufficient to pay the claims against said bank; that a deficiency of approximately $350,000 would result; that the full amount of the statutory…