Fuller v. Ledden

Citations

• 87 Ill. 310

Syllabus

<p>1. Stockholder of bank—liability to creditors of the bank—when suit must be brought. Under the charter of the Bank of Chicago, which provided, “ each stockholder shall be liable to double the amount of stock held or owned by him, and for three months after giving notice of transfer,” etc., it was held, that a stockholder assumed a primary liability to creditors of the bank to an amount double his stock, and not a secondary one; and having incurred such liability he was not released therefrom by his not being sued within three months after a transfer of his stock.</p> <p>2. The fair and reasonable construction of such clause in the charter is, that a stockholder is liable for debts incurred while a member, and, also, for such debts as the bank should contract for and during the ensuing three months after giving notice of a transfer of his stock. The clause does not relate to the time in which suit must be brought to enforce his liability.* </p>