German-American Mercantile Bank v. Foster

Citations

• 116 Wash. 313
• 199 P. 314
• 1921 Wash. LEXIS 831

Syllabus

<p>Corporations (46)—Stock Subscriptions—Actions On—Amendments. A subscriber to tbe capital stock of a banking corporation would not be released by tbe amendment of its articles of incorporation so as to change its name and increase its capital stock for the purpose of absorbing the assets and assuming the liabilities of another bank, since such amendment did not end the corporate existence of the original bank.</p> <p>Same (46). An error in judgment on the part of the bank examiner in permitting one bank to absorb another, resulting in loss to the former, would not constitute a defense against the liability of a nonassenting stockholder in an action to recover on his subscription to the capital stock of the original bank.</p>