Nettles v. Rhett

MYERS, District Judge.

This is an action originally brought in the state court against the defendant stockholders of Peoples Investment Corporation to enforce payment of asserted secondary liability of 74,000 shares of stock of defunct Peoples State Bank of South Carolina, of record on the stock book of the bank in the name of investment corporation when the bank failed on December 31, 1931.

Peoples State Bank is now in liquidation, with receivers appointed by this court. In other proceedings in the state court, under South Carolina practice, plaintiff was appointed receiver to enforce and…