Howell v. Fogg

Jayne, C. C. J.

The controversial issue of law in this action has been submitted by stipulation of counsel to the court for determination. The basic facts essential to the consideration of the issue are admitted.

An examination of the complaint discloses that this action is prosecuted by the plaintiff as receiver of the First National Bank of Ocean City, New Jersey, an insolvent national banking association, to recover from the defendant, a stockholder, an assessment levied by the comptroller of the currency of the United States on February 1st, 1933, upon the stockholders of the insolvent…