105 Kan. 69 | Kan. | 1919
The opinion of the court is .delivered by
In these two' cases, the bank commissioner of Arkansas seeks to recover from the defendants on their individual liability as stockholders of an insolvent bank. In 1912, the defendants acquired certain shares of stock in the Bank of Huntington, Ark. In 1913, the legislature of Arkansas enacted a statute (Kirby and Castle’s Digest of the Statutes of Arkansas, ch. 13, 1916 ed.), imposing a double liability on stockholders of state banks. In May, 1914, the bank commissioner took charge of the Bank of Huntington because of its actual or impending insolvency. Thereafter the bank com
These defendants failed or declined to pay, and this action was filed against them on September 5, 1917. In defense, the statute of limitations and certain constitutional objections were successfully interposed in bar of plaintiff’s recovery in the trial court, and he appeals.
First, as to the statute of limitations: The Arkansas statute provides that the stockholders of a bank shall be held individually responsible, equally and ratably, for all the contracts, debts, and engagements of the bank, “to the extent of the amount of their stock therein, at the par value thereof, in addition to the .amount invested in such stock” (Kirby and Castle’s Digest of the Statutes of Arkansas, ch. 13, § 537). The statute defines insolvency (§ 552), and provides that when the commissioner has ascertained the fact that the bank is insolvent, he shall require the stockholders to pay a sufficient sum to restore its solvency (§ 553), and when he takes possession of such a bank—
“The commissioner is authorized to collect moneys due it and do such other acts as are necessary to conserve its assets and business, and shall proceed to liquidate the affairs thereof as hereinafter provided. The commissioner shall collect all debts due and claims belonging to it . . . and if necessary to enforce the liabilities of its stockholders.” (§ 554.)
In view of these statutory provisions, when did the liability of these defendant stockholders accrue? The statute fixed the liability upon the fact of insolvency; and the commissioner ascertained the fact of insolvency when he had completed his investigation of the bank’s affairs on August 18, 1914. Whether an earlier date for fixing the stockholders’ liability might be logically reasoned out, need not be decided. Was the liability complete and absolute on August 18? We find nothing in the statute giving the commissioner power to defer the maturity of the liability; nothing to suggest that the date when payment upon the liability should be made was dependent upon his grace, courtesy, or forbearance. It is argued that
In our examination of the decided cases, we note that some of the actions to recover on stockholders’ liabilities are based upon their contracts, either express or implied, to pay their assessments on call. In such cases, of course, the “call” date fixes the time when the statute of limitations begins to run (Note and citations in 96 Am. St. Rep. 984) ; but where the liability is imposed by statute, and the statute is silent as to the date when payment, is due, an action on that statute accrues as soon as the fact of liability is ascertained. (Bennett v. Thorne, 36 Wash. 253, 68 L. R. A. 113, and citations.)
In view of the foregoing, it must be held that the present actions to recover on the liabilities imposed on these defendants by the Arkansas statute, which were begun more than three years after the causes of action accrued, were barred by the statute of limitations. (Civ. Code, § 17, Gen. Stat. 1915, § 6907.) This conclusion renders it unnecessary to consider the constitutional questions so ably discussed in the briefs of counsel.
The judgment is affirmed.