Alba Nat. Bank v. Shaw

In April, 1926, the First State Bank of Alba failed, and its affairs passed into the hands of Chas. O. Austin, then banking commissioner of Texas. As assessment of 100 per cent, of the par value of the shares of stock was- made by him against the stockholders, for the purposes authorized by the statute. Some time later Austin filed this suit against J. L. Shoemaker, Jr., who appeared on the books of the insolvent bank as the owner of five shares of stock. Shoemaker answered alleging that he was not the owner of the stock at the time the bank failed, but had, in December prior to that date,…