Director of Liquidations v. Exchange Trust Co.

This bill is now prosecuted by the director of liquidations, appointed pursuant to St. 1939, c. 515, § 1, and in possession of the Exchange Trust Company, to enforce the statutory liability of the stockholders of the trust company to contribute to the assets in the director’s hands an amount equal to the par value of their stock. G. L. (Ter. Ed.) c. 172, § 24. (See now this section as most recently amended by St. 1937, c. 248.) G. L. c. 167, § 24, as amended. St. 1939, c. 515, § 2. St. 1941, c. 143, § 2. The present appeal relates only to the claim of the director against George W. Judkins,…