American State Bank v. Van Dyke

The bill of complaint was filed in this cause for the purpose of enforcing the statutory double liability of stockholders in the American State Bank. See 3 Comp. Laws 1929, § 11945. There was a very large number of stockholder defendants, including appellant William Van Dyke. Mr. Van Dyke in his answer to the bill of complaint set forth that on or prior to the day the assessment was made (March 12, 1931) he had sold his 375 shares of stock in the American State Bank to brokers trading on the Detroit Stock Exchange for a total consideration of $5,736; and for this reason he disavowed liability…