Branchville Motor Co. v. Adden

The opinion of the Court was delivered by

Mr. Justice Cothran.

There were two demurrers, by separate defendants, to the complaint herein, but it will be convenient to treat them as one, as they present the same question of law, namely, whether the remedy provided by the Act of 1929, 36 Stat., 199, for the enforcement of the statutory liability of stockholders of banks to depositors, is exclusive of the previously existing direct remedy of depositors against the stockholders.

The Planters’ Bank of Orangeburg closed its doors on November 26, 1929, and, by action of the directors, was placed in the…