McClaine v. Rankin

Citations

• 197 U.S. 154
• 25 S. Ct. 410
• 49 L. Ed. 702
• 1905 U.S. LEXIS 1215

Syllabus

<p>In the absence of any provision of the act of Congress creating the liability of .stockholders of national banks, fixing a limitation of time for commencing actions to enforce it, the statute of limitations of the particular State is applicable.</p> <p>Although a statutory liability may be contractual, or gtiosi-contractual in its nature, an action given by statute is not necessarily to be regarded as brought on simple contract, or breach of simple contract.</p> <p>The liability of stockholders of national banks- is conditional, and the right to sue does not obtain until the Comptroller of the Currency has acted; his order is the basis of the suit, and the statute of limitations does not commence to run until assessment made, and then it runs as against an action to enforce the statutory liability and not an action for breach of contract.</p> <p>As the statute of limitations of Washington has been construed by the courts of that State the time within which such an action must be brought • is two years under § 4805, Ballinger’s Code, arid not within three years under subd. 3 of § 4800.</p>