State Ex Rel. Mothersead v. Kelly

This action was instituted to recover upon an assigned statutory stockholder’s liability arising out of an insolvent state bank. The trial court sustained a demurrer to the third amended petition. The material facts presented follow:

Defendant Kelly was the owner of $3,000 par value stock of the Blaine County Bank. The Bank Commissioner of the state of Oklahoma, on December 21, 1925, declared said bank insolvent; that official assessed the full statutory liability against the stockholders and, upon! order of the district court of Blaine county, sold the assets of the insolvent bank, including…