Niles v. Olszak

Citations

• 87 Ohio St. (N.S.) 229

Syllabus

<p>Stockholder in savings and loan association — May set off against its assignee — Money on deposit against stock subscription — Respective rights of creditors and stockholders.</p> <p>1. A stockholder in a savings and loan association organized under the laws of this state, is entitled, when the association becomes insolvent, to set off, as against its assignee for the benefit of creditors, a claim for money which he has on deposit with the association, against his liability for the unpaid part of his stock subscription.</p> <p>2. The assets of a corporation, including unpaid subscriptions t.o its capital stock, constitute a trust fund for the-benefit of its creditors, which cannot be disposed of by it, without consideration, or fraudulently, to the injury of such creditors.</p>