Home Savings Bank v. Fuller

Plaintiffs, as trustees of the segregated assets of the Home Savings Bank of Kalamazoo, commenced law action against defendant to collect 100 per cent, statutory assessment on 10 shares of bank stock.

For the purpose of the motion to dismiss involved in this appeal, it was conceded by both parties that plaintiffs ’ right of action would have been barred by the general statute of limitations (3 Comp. Laws 1929, § 13976 [Stat. Ann. § 27.605]) on July 25, 1939, which date was six years after the statutory stockholder’s assessment had been levied.

The suit was begun by summons issued July 13, 1939,…