Case ID: vt_72/html/0107-01.html
Source: Caselaw Access Project
Author: {"author": "Taet, C. J.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

George H. King, Receiver, v. Alex Cochran.
    October Term, 1399.
    Present: Taft, O. J., Rowell, Tyler, Munson, Thompson, Start and Watson, JJ.
    Opinion filed January 29, 1900.
    
      Action at law by a receiver — Mwrtey, Receiver, v. Allen, VI Yt. 377, determines the question in this case.
    Action oe debt. Heard on demurrer to the declaration. Caledonia County, June Term, 1899, Thompson, J., presiding. Demurrer overruled pro forma and without hearing, and declaration adjudged sufficient. The defendant excepted.
    The declaration alleged, among other things, the incorporation of the Washington Savings Bank of Seattle, under the laws of the State of W ashington, its subsequent insolvency, the due appointment of the plaintiff as its receiver by a court of that state, an order of said court directing the receiver to levy an assessment against the stockholders of said bank of seventy per cent of the par value of their stock, and the necessity and propriety of the levy.
    It further set out that by a law of the state of Washington the stockholders of a bank there organized are individually responsible equally and ratably for its indebtedness to the amount of the par value of their stock in addition to the amount invested in their shares, and that the defendant was a stockholder of said bank subject to assessment under said order of court and said law.
    
      T. J. Deavitt and E. H. Demitt for the plaintiff.
    
      Dunnett & Slack for the defendant.
   Taet, C. J.

The question determinative of this cause was decided in Murtey, Receiver, v. Allen, 71 Vt. 377, adversely to the plaintiff.

Judgment reversed, demurrer sustained, declaration adjudged insufficient, and judgment for the defendant.