Niles v. Olszak
Ohio Supreme Court
Error to the Circuit Court of Lucas county. The Dorr Street Savings Bank Company, of Toledo, made an assignment to C. F. M. Niles for the benefit of its creditors. Niles filed his account in the probate court of Lucas county, to which exceptions were filed by certain creditors of the bank.
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Error to the Circuit Court of Lucas county. The Dorr Street Savings Bank Company, of Toledo, made an assignment to C. F. M. Niles for the benefit of its creditors. Niles filed his account in the probate court of Lucas county, to which exceptions were filed by certain creditors of the bank. The exceptions were based on the fact, that the assignee had allowed certain stockholders who were indebted to the savings bank company for unpaid stock subscriptions, to set off against the same, the amounts due them on certain deposits, which they had in the bank. The exceptions were sustained by the…
1Opinion of the CourtJohnson, J.
The only question presented by this record is, can a stockholder in a savings and loan association, organized under the statutes of this state, when the company becomes insolvent, *232set off as against its assignee for the benefit of its creditors, a claim for money, which he has on deposit with the loan association, against his liability for the unpaid part of his stock subscription?
The courts below held that he could not do so, notwithstanding the general terms of our statute on the subject of set-off. They adopted and applied the doctrine, that the capital stock of a corporation, constitutes…
2Cases cited13 opinions
- Sawyer v. HoagSupreme Court of the United States · 1873
- Clark v. BeverSupreme Court of the United States · 1891
- Fogg v. BlairSupreme Court of the United States · 1891
- Wheeler v. . MillarNew York Court of Appeals · 1882
- Shickle v. WattsSupreme Court of Missouri · 1887
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