Culp v. First Commercial Savings Bank

Charles M. Burger was a stockholder in the First Commercial Savings Bank of Con stantine, which was closed by proclamation of the governor February 14, 1933. On June 6, 1933, the commissioner of the State banking department levied an assessment of 100 per cent, of the value of the stock against the stockholders in accordance with the provision of Act No. 66, § 48, Pub. Acts 1929 (3 Comp. Laws 1929, §11945 [Stat. Ann. § 23.52]). The bank was later reorganized. On failure of Burger to pay his stock assessment, his stock was can-celled by the commissioner. Burger appealed to this court from such…