Coffin Brothers & Co. v. Bennett

In July, 1926, the Richland State Bank, organized under the laws of the State of Georgia, closed its doors and turned its affairs over tp the defendant in error, the Superintendent of Banks for the State. In the following September the Superintendent issued a notice to each of the plaintiffs in error .that an assessment of 100 per centum on the par value of his stock was levied, as necessary to pay the depositors in full. These proceedings were under and in accordance with the Banking Act of Georgia, of 1919, as amended in 1925, codified in 12 Park’s Annotated Code, § 2268(t). That section…