59 Kan. 555 | Kan. | 1898
This is a proceeding by S. Sleeper, a depositor and creditor, to enforce the liability of S. N. Norris as a stockholder of the Pawnee County Bank, of Larned, which failed and made a general assignment on July 3, 1893. Sleeper filed his claim with the assignee, in good time and as the law provides, and later he received and accepted from the assignee a dividend of ten per cent, upon his claim. Afterward, and while the assignment was pending, he brought an action against the bank, in the District Co'urtpand, on September 17, 1895, recovered a judgment against the bank for $2411. On September 19, 1895, an execution was duly issued upon the judgment, and the return made thereon by the sheriff was — “No goods or chattels, lands or tenements of the said defendant, the Pawnee County Bank, found whereon to levy.” Sleeper thereupon, and on November 7, 1895, brought this action in the District Court to charge the defendant as a stockholder. He-first filed a petition setting up the deposits and the original indebtedness upon which the judgment was obtained, as well as the judgment, and the issue and return of the execution. Upon a motion of the defendant, the plaintiff was compelled to state whether his cause of action was based upon the certificates of deposit or upon the judgment;
In addition to the facts already stated, it was agreed that the assignee still had a portion of the corporate assets in his hands which were of less value than the total amount of the bank’s indebtedness ; and, further, that the indebtedness exceeded the value of the assets by at least the amount of the plaintiff’s judgment. There was a further stipulation that the bank had transacted no business since the date of the assignment, in July, 1893, and that the indebtedness upon which the plaintiff’s judgment against the bank is' based was a valid indebtedness.
The case was submitted upon the pleadings and agreed statement of facts, upon which the court rendered judgment in favor of the defendant. Do the facts stated warrant the enforcement of the liability of Norris as a stockholder in the insolvent bank, and were the proceedings taken sufficient for that purpose?
The nature of the liability and the time and mode
The judgment obtained appears to be valid in every respect. An execution was issued thereon, which was returned nulla bona. The defendant is unquestionably