Shuey v. Adair

Citations

• 24 Wash. 378
• 64 P. 536
• 1901 Wash. LEXIS 543

Syllabus

<p>BANKS- — - INSOLVENCY SUPERADDED LIABILITY OF STOCKHOLDERS HOW DETERMINED.</p> <p>There being no provision in the constitution or statutes for the method of determining the superadded liability imposed by art. 12, § 11, of the constitution upon stockholders in hanking corporations, the method of its enforcement is necessarily left to he determined by the courts.</p> <p>SAME-COLLATERAf. ATTACK.</p> <p>Where a receiver has been appointed by the court to take charge of an insolvent 'banking corporation, the court has jurisdiction, in an application by the receiver, to make an order fixing the total amount of the superadded liability to be imposed upon the stockholders, and it is within the discretion of the court to find the amount of the deficiency in the assets to meet the claims of creditors before the actual application of the assets to the satisfaction of such claims, and such an order is binding on the stockholders, as against collateral attack, in so -far as it determines the amount which may be charged to them as a whole.</p> <p>SAME-ACTION AGAINST STOCKHOLDERS-DEFENSES.</p> <p>When the court charged with the administration of the estate of an insolvent hanking corporation has made an order fixing the superadded liability of the stockholders, it has authority to direct the receiver to proceed against the stockholders to enforce the pro rata share of each, and in such' action any stockholder may set up any defense personal to himself.</p> <p>SAME — COMMUNITY LIABILITY.</p> <p>Where a subscription by the husband to the capital stock of a banking corporation was for the benefit of the community, the superadded liability imposed on stockholders in eases of insolvency is one which may be enforced against community property.</p>