Adair v. Reorganization Inv. Co.

THOMAS, Circuit Judge.

This is a suit by the receiver -of the Grand National Bank of St. Louis, Missouri, to recover from the alleged beneficial owner of 2,476 shares of stock a 100% assessment. There was a judgment for the defendant and the receiver appeals.

The Grand National Bank of St. Louis was a national banking association organized under the banking laws of the United States. It failed on March 3, 1933, and was thereafter taken over by the Comptroller of the Currency. A receiver was appointed; and a 100% assessment was made on April 23, 1934, payable May 31, 1934. At the time the bank…