Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-08-25

that separate actions at law will not
be against them.
But John Johnston was not stock
commencement of this action, and he
and the stockholders are sought to be
made liable under chapter 223 of the
laws of 1880, as amended by chapter
AL of the laws of 1889. 1t is also
sought to bring in the estate of Alex
ander Mitchell, by virtue Of certifi-
cate of liability filed by him in his
lifetime and never formally rescinded
by him or his executor.
This statute provides in substance
that the stockholders, owners and part
owners of any bank organized under
our banking laws may file with the
state treasurer n declaration consent
ing and agreeing to hold themselves
individually responsible for al the
debts Of the bank, and that thereafter
during the life Of the declaration they
shall be and remain so responsible.
Alexander Mitchell, David Ferguson
and John Johnston filed such a decla-
ration under this statute on July 6,
lSSD AIeAdHItI Slltcuell tlled ApTll
10, 1887, and neither he nor his exc
cutor ever attempted to terminate his
liability by any declaration as provided
by law. John l.. Mitchell filed a dec
laration of personal liability Feb. 6,
1889, which remains unrescinded.
John Johnston transferred his stock
to John l.. Mitchell and filed a declara-
infan1a6 to fol. TO inl
yidual liability JAN Is, 1893; which, by
the terms Of the act left him liable
for all debts contracted by the bank
prior to July 13 1893. Stockholders
Murphy and Becker have never filed
any declaration Of personal liability
under this act.
Thus an action may be brought
against the bank for any debt SO Sc
cured by declaration of individual Ii
ability; any one or more of all the
stockholders who have signed such
declaration may be joined as defend
ants. Provided that nothing herein
shall be construed to prevent any ac-
ton from being maintained against
said bank or banking association alone,
or against the said stockholders, own
erS Or part owners or either OF any Of
them"
ct has been suggested that this pro
viso saves to each creditor a right of
action at law against each stakeholder,
even after the bank has been sequeSt-
cred and put into the hands of 4 re-
ceiyer.
Il cannot so cOnstrue the law. Moth
ing in this act is relied upon or sought
to he SO construed as to prevent such
actions being maintained. The con
cuton Of such actions are equitable
and outside Of the statute. They are
the same considerations which stand
as the reasons for the decision in Cole
man VS.. White and the cases follow
ing it and the additional reasons grow
ing ont of the fact that this case has
many complications which did not eX-
list in that and which furnish strong
III gllmcntS for the withdrawal of this
ing into this suit in equity the numer-
GUS and intricate questions among the
parties in interest
The prayer of this petition will be
granted and beyond that the parties
who have already commenced actions
at law against the stockholders will be
restrained from proceedings with such
actions.
Il do not pass upon the liability of
the Mitchell estate | only let it be
brought in as q party defendant in
order that its alleged liability may be
fairly and fully litigated, if it should
become necessary"