Watterson v. Masterson

Citations

• 15 Wash. 511
• 46 P. 1041
• 1896 Wash. LEXIS 236

Syllabus

<p>APPEAL — NOTICE — BANKS — ENFORCEMENT OF STOCKHOLDERS LIABILITY — RECEIVERS.</p> <p>The fact that notice of appeal has been given but not served on all who had appeared in the action, will not preclude the parties not served from themselves giving notice of appeal and serving same upon all necessary parties; and, in such case, there is nothing objectionable in the abandonment of the first appeal, by those attempting it, and a joinder by them in the second one.</p> <p>The fact that a banking corporation is insolvent and in the hands of a receiver will not entitle creditors to proceed against its stockholders upon their secondary liability, but such liability constitutes a part of the receiver’s trust fund, which the court is authorized to direct him to enforce for the benefit of all the creditors. (Wilson v. Book, 13 Wash. 676, followed.)</p> <p>The fact that an action by creditors against the stockholders of an insolvent bank includes the receiver of the bank as a party, will not entitle the creditors to enforce the contingent liability of the stockholders by a direct proceeding against them.</p>