Lewis v. Robertson

Citations

• 21 Miss. 558

Syllabus

<p>A note executed by a stockholder in the Commercial Bank of Natchez, payable to the bank and discounted by it for the purpose of paying a call by the bank on his subscription for stock, after the first and several other calls on his stock had been paid, is a valid obligation on the maker of the note ; which may be enforced after a judgment of forfeiture against the bank, under the act of 1843, by the trustee appointed by the court.</p> <p>The trustee of a bank, under the act of 1843, succeeds to all the rights of the bank ; he is to collect all debts due to the bank, and apply them to the payment of debts due from the hank ; and an amount due for stock in the hank is as much a debt as any other liability.</p> <p>However it might be if there were no creditors of the hank, it is clear thé stockholders are bound to pay up all the ■ arrearages due for stock, if necessary to form a fund for the payment of the debts of the institution.</p>