Appeal of Means
Supreme Court of Pennsylvania
Appeal from the Court of Common Pleas of Franklin county: Of May Term 1877, No. 229. This was an appeal by Joseph M. Means and others, stockholders of the Farmers’ & Mechanics’ Bank of Shippensburg, Pa., an insolvent corporation, from a decree making them liable for the debts of the bank.
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Appeal from the Court of Common Pleas of Franklin county: Of May Term 1877, No. 229. This was an appeal by Joseph M. Means and others, stockholders of the Farmers’ & Mechanics’ Bank of Shippensburg, Pa., an insolvent corporation, from a decree making them liable for the debts of the bank. The bill was filed by Jonathan A. West for himself and other creditors of the hank against Joseph M. Means and a large number of stockholders, and averred as follows: The incorporation of the bank by an act of the legislature, approved April 11th 1862 ; the fact that the defendants w'ere stockholders of the.…
1Opinion of the CourtJustice Mercur
The Act of 16th April 1850, Pamph. L. 478, contains general provisions applicable to all banks thereafter to bo created under any special Act of Assembly. It prescribes a. general system for the creation, government and liquidation of banks. It specifically declares that the stockholders of every such bank, in addition to the corporative liability, shall be jointly liable to the creditors of said bank, being noteholders, in their individual capacities for the amount of all notes issued; and the manner of enforcing such liability in case of the insolvency of the bank is also prescribed. The…
2Cited by12 opinions
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- Gordon, SEC. of Bk. v. BiesingerSupreme Court of Pennsylvania · 1938
- Kirschler v. WainwrightSupreme Court of Pennsylvania · 1917
- DeHaven v. PrattSupreme Court of Pennsylvania · 1909
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