101 F. 391 | 1st Cir. | 1900
It seems quite unnecessary to add anything to the dear and conclusive reasoning of Judge Brown, in the court, below, with respect to the questions presented by this record. See (C. C.) 86 Fed. 1006.
Certain shares of the Merchants’ National Bank of Seattle were held by the Old National Bank of Providence, R. I., as collateral security to indebtedness of one Barker. The shares stood upon the records in the name of “F. A. Cranston, cashier Old National Bank, Providence, R. I.”; but they were in fact owned by Barker, and in fact were pledged as collateral security to indebtedness from Barker to the bank.
The primary purpose of the statutory assessment law whs to secure member's of the public dealing with corporations, by creating an assessment liability upon the owner of the stock. That is where the primary burden should rest, and there is where legal rules jdaee