Detroit Trust Co. v. Granger

Plaintiff, as receiver, brought suit against William B. Granger, Frank E. Quisenberry and his wife, Emilie, to enforce payment of a stockholder’s liability of $2,500 on account of the ownership of 25 shares of the capital stock of the Guaranty Trust Company of Detroit. Granger, who was vice-president of the Grand Ledge State Bank, turned over the stock to the cashier of that bank shortly after the middle of March, 1931, with directions to sell it on the open market. The cashier on the 20th day of March, 1931, forwarded the stock certificate for sale to responsible brokers in Detroit, who used…