Slette v. Larson
Supreme Court of Minnesota
Action in the district court for Clay county to annul an assessment made by defendants as directors of the State Bank of Iialstad, Minnesota, and restrain them from selling the stock of plaintiff in that bank. The case was tried before Taylor, J., who made findings and ordered that the action be dismissed. Plaintiffs’ motion for amended findings was denied. From an order denying their motion for a new trial, plaintiffs appealed.
1Opinion of the Court
Dibell, C.
Action to enjoin the defendants from enforcing an assessment upon the stock of the plaintiffs in the State Bank of Halstad. Findings for the defendants. Plaintiffs appeal from the order denying their motion for a new trial.
1. On September 30, 1907, the defendants, constituting the board of directors of the State Bank of Iialstad, levied an assessment of 90 per cent, upon its capital stock. The bank had a capital stock of $20,000 and carried a surplus of $5,000. Its capital had become impaired.
The directors had no authority, except by direction of the bank examiner, to make an…
2Cases cited1 opinion
- Northwestern Trust Co. v. BradburySupreme Court of Minnesota · 1912
3Cited by6 opinions
- Farmers & Mechanics Savings Bank v. Crookston State BankSupreme Court of Minnesota · 1926
- Porter v. Northern Fire & Marine InsuranceNorth Dakota Supreme Court · 1917
- Devney v. Harriet State BankSupreme Court of Minnesota · 1920
- Jackson v. Minnetonka Country ClubSupreme Court of Minnesota · 1926
- Minnesota State Bank v. TabbottSupreme Court of Minnesota · 1931
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