Wedemeyer v. Hindelang
Michigan Supreme Court
Appeal from Washtenaw; Kinne, J. Bill by William W. Wedemeyer, receiver of the Chelsea Savings Bank, against Victor D. Hindelang and others to enforce the statutory liability of the stockholders in said bank to the depositors. From a decree for complainant, defendants appeal. It is provided (2 Comp.
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Appeal from Washtenaw; Kinne, J. Bill by William W. Wedemeyer, receiver of the Chelsea Savings Bank, against Victor D. Hindelang and others to enforce the statutory liability of the stockholders in said bank to the depositors. From a decree for complainant, defendants appeal. It is provided (2 Comp. Laws, § 6135) with respect to banks organized under the laws of this State: “The stockholders of every bank shall be individually liable, equally and ratably, and not one for another, for the benefit of the depositors in said -bank to the amount of their stock at the par value thereof, in addition…
1Opinion of the CourtOstrander, J.
(after stating the facts). No authority has been presented, and we assume none can be found, sustaining the proposition that the assets of a bank, carried in its surplus fund, are in any sense deposits in the bank, or that the stockholders are, to the amount of said fund, depositors in the bank. Undoubtedly the surplus belongs to the stockholders; so does the capital, and, for that matter, so do the undivided profits. But would *603it be contended that in liquidating the affairs of a bank the amount of the surplus is a debt due to stockholders to be proved and paid ratably with the claims of…
2Cases cited2 opinions
- Foster v. RowMichigan Supreme Court · 1899
- State Savings Bank v. FosterMichigan Supreme Court · 1898
3Cited by7 opinions
- Fischer v. ChisholmSupreme Court of South Carolina · 1931
- McCaslin v. AlbertsonMichigan Supreme Court · 1937
- In Re Graham's EstateMichigan Supreme Court · 1936
- Reichert v. Farmers' & Workingmen's Savings BankMichigan Supreme Court · 1932
- Citizens Bank v. MobleySupreme Court of Georgia · 1928
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