Aldrich v. Bingham

Citations

• 131 F. 363
• 1904 U.S. Dist. LEXIS 200

Syllabus

<p>1. National Banks — Insolvency—Stockholders’ Liability — Assessment-Transfers — Infant Transferees.</p> <p>A transfer of stock in a national bank, while it was a going concern, to the stockholder’s infant children, under five years of age, not legally liable to assume all the obligations of stockholders, did not relieve the father from Ms liability for assessments levied on the stock so transferred after the bank’s insolvency.</p> <p>2. Same — Banks—Reorganization as National Bank — Consent of the Stockholders — Estoppel.</p> <p>Where a stockholder in a state bank, after its reorganization as a national bank, accepted dividends on bis individual shares, and in view of tlie tender age of certain children, to whom be had transferred part of his stock, it might be presumed that he also received dividend checks made payable by the bank to the order of such children, be was estopped to deny his liability for assessments levied on such stock by the comptroller on the insolvency of the bank on the ground that he did not expressly assent to the reorganization of the bank.</p> <p>¶ 1. Liabilities of transferrors and transferees of corporate stock for assessments, see note to General Electric Co. v. International Specialty Co., 61 C. C. A. 332.</p>