Bank of Litchfield v. McClure

STONF, Justice.

Judgment on the pleadings ordered against defendant, he appeals from an order denying his motion for a new trial.

December 18, 1929, the Bank of Litchfield (organized under the state laws) transferred all its assets to another bank which assumed its deposits and bills payable. But two creditors soon appeared and procured judgments against it aggregating upwards of $18,000. Thereupon the commissioner of banks “took control of the Bank of Litchfield” and ordered an assessment on its stockholders to raise funds to pay the judgments against it. Due notice of the order of assessment…