Schlener v. Davis

SIBLEY, Circuit Judge.

On June 30, 1932, the First National Bank & Trust Company of Chicago Heights, 111., failed, and appellant, John L. Schlener, became its receiver. An assessment of 100 per cent, was made on the stockholders. Ap-pellee, Edward R. Davis, Sr., paid the assessment on 34 shares which then stood in his name, but refused to pay that on 250 shares which on September 20, 1930, had been transferred by him on the bank’s books to his two sons. Suit at law was brought against him in three counts. The first charged that the transfer was made to fman-*372daily irresponsible persons with…