McDonald v. Thompson (184 U.S. 71)

by Henry Billings Brown

United States Supreme Court

184 U.S. 71

McDonald  v.  Thompson

 Argued: January 13, 14, 1902. --- Decided: February 3, 1902

This was a bill in equity originally filed May 20, 1898, in the circuit court for the district of Nebraska, by Kent K. Hayden, receiver of the Capital National Bank of Lincoln, Nebraska (of whom the present appelant is the successor in office), against David E. Thompson, to recover defendant's proportion of an assessment upon the stockholders of the bank to the amount of the par value of their shares. The bank failed on January 23, 1893, and a receiver was shortly thereafter appointed. On June 10, 1893, the Comptroller of the Currency ordered the assessment, which was made payable July 10, 1893.

The bill alleged Thompson to have been the owner of 210 shares of the capital stock, which he had acquired upon subscription to such stock and as a part of the original issue; that he, knowing the bank to be in a failing condition and practically insolvent, and in anticipation of its approaching failure, had sold and caused such stock to be transferred to certain irresponsible parties, and that such transfer was made with intent to defraud the bank, its depositors and creditors.

Defendant demurred upon the ground that it appeared by the bill that the cause of action was barred by the statute of limitations. The demurrer was sustained, the bill amended, another demurrer interposed and sustained, and the bill dismissed. An appeal was taken to the circuit court of appeals, which affirmed the judgment of the circuit court.

Messrs. J. R. Webster, John H. Ames, and Andrew E. Harvey for appellant.

Messrs. Halleck F. Rose and C. E. Magoon for appellee.

Mr. Justice Brown delivered the opinion of the court:

Notes