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Banks And Banking - Stockholder's Statutory Liability For Additional Assessment - Statute Of Limitations, Charles F. Dugan

Michigan Law Review

The plaintiff, receiver of the Bank of Saginaw, a Michigan state bank, sought to collect an assessment of one hundred per cent on ninety-six shares of stock of the bank, held by the respondent as trustee for Gardner Grout Rose. On August 31, 1933, the Commissioner of the Michigan State Banking Department, with the approval of the Governor, ordered the then conservator to levy an assessment on stockholders of the bank. On October 31, 1933, the conservator was replaced by a receiver. On September 5, 1934, the Michigan State Banking Commissioner, also with the approval of the Governor, made an …