Siegel v. Archer

“On January 16, 1932, Walter D. Schreeder, a depositor in the American Trust and Savings Bank of Evansville, instituted an action against the stockholders of the bank to enforce their liability for assessment as such stockholders. The complaint alleged that the suit was brought for the benefit of the plaintiff (Walter Schreeder) individually and for the benefit of all other persons similarly situated. It further alleged that the bank was closed as an insolvent bank on October 17, 1931, by order of the State Bank Commissioner of Indiana, and that since that date it was being liquidated under…