Broderick v. Aaron

I wish to indicate briefly the general views by which I have been governed in passing on the claims to indemnification of stockholders of record who have been held liable to assessments on their stock in The Bank of United States.

Under the statute the stockholder of record is always liable to assessment. But if he has parted with his ownership prior to the closing of the bank he is entitled to indemnification by the real owner. (Johnson v. Underhill, 52 N. Y. 203.) He cannot transfer legal title to his shares except by delivery of his certificates. (Pers. Prop. Law, § 162.) But it is enough…