Jacobson v. Allen

Without passing upon subordinate questions raised by the demurrer, the bill must be held bad because the right of action sought to be enforced does not exist in favor of the complainant. The defendants are sued as stockholders of the bank of Chicago, an insolvent corporation of the state of Illinois, and the bill seeks to charge them with a liability imposed by one of the sections of the incorporating act, which provides that “each stockholder shall be liable to double the amount of stock held or owned by him, and for three months after giving notice of transfer.” The bill alleges that in a…