United States Congressional Serial Set Volume 4305

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1901 Excerpt: ...N. F., 301. 110. The assets of an insolvent national bank are not brought under the control or protection of the Federal courts by being taken into custody by a receiver appointed by tho Comptroller of the Currency, nor by their transfer from the receiver to an agent of the shareholders appointed pursuant to the act of Congress to wind up the affairs of the bank. Snohomish County v. Fuget Sound National Bank (C. C), 81 Fed. Hep., 518. 111. Unless it voluntarily appears, a foreign corporation can not be made a party defendant to a suit in a Federal court by one of its creditors, who seeks the appointment of a receiver, an accounting, and to enforce the individual liability of stockholders who are within the jurisdiction of the court. Elkhart National Bank v. Nortlnvestern Vuarantxi Loan Companyet al.,87Fed. Rep., 253. 112. The corporation and all its stockholders are necessary parties defendant to a creditor's suit for the appointment of a receiver, an accounting, and to enforce the personal liability of stockholders, and, if the corporation can not be brought in, the suit must be dismissed, lb. 113. A receiver of an insolvent national bank, appointed by the Comptroller of the Currency, against whom an action is brought in a State court to recover less than $2,000, has no right to remove the same to a Federal court. Folletl v. Tillinghasl, &'.' Fed. Sep., 241. 114. A suit by a national bank against its former managing officers to charge them with losses sustained by reason of their having made loans to one individual in excess of 10 per cent of tho capital stock, and other loans without personal security, in violation of the national banking statutes, the right of recovery being claimed under Rev. St., § 5239, is one arisiug under the laws of the Un...