Andrew v. Farmers Trust & Savings Bank

This appeal presents but one question for decision: Is a stockholder of a bank who, in response to a resolution by its board of directors, has paid a 50-per-cent assessment, prior to the closing of the.bank, in order to make good the impairment of its capital, entitled to a credit therefor on a 100-per-cent assessment subsequently sought to be levied by the receiver of the bank in conformity to statutory provisions? The question must be answered in the light of the record facts and the interpretation to be given to the language of the statute. The statutory provision reads:

“All stockholders…