Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Gravy v. Wilder

March 27, 1941

GRAVY
v.
WILDER ET AL.



Appeal from the District Court of the United States for the Northern District of Illinois, Eastern Division; Michael L. Igoe, Judge.

Author: Evans

Before EVANS and KERNER, Circuit Judges, and BRIGGLE, District Judge.

This action was brought to collect interest on an assessment made by the Comptroller of Currency against two owners of stock of the Waukegan National Bank, which failed June 18, 1931. The Comptroller levied a one hundred percent, assessment payable "by September 29, 1932." The two stockholders paid the face of the assessment, August 11, 1936, but denied liability for interest thereon. The suit was begun in February, 1940, more than five years after the assessment.

When defendants paid their assessments two receipts were given, alike in all respects, save the amount and number of shares. Herewith is a copy of one receipt:

"Waukegan, Ill. August 11th, 1936

"Received from Josie B. Wilder Three Thousand and no/100 . . . Dollars In full payment of the principal amount of her stock assessment on thirty (30) shares of the capital stock of The Waukegan National Bank. Interest on said principal amount of said assessment still remaining due and unpaid.

"The Waukegan National Bank

"Melvin B. Ericson, Receiver "$3,000.00 Per Ellen Yager"

Judgment was entered for the defendants and the complaint was dismissed.

EVANS, Circuit Judge.

Plaintiff relies chiefly on Casey v. Galli, 94 U.S. 673, 24 L. Ed. 168. He also asserts that a statutory bank stock liability is contractual in nature and that the Illinois statute provides (R.S. '39, Chap. 74, Sec. 2) for accrual of interest at 5% on liquidation of accounts and that the declaration of an assessment's due date is the equivalent of the settlement of accounts.

Appellees contend that the Federal statutory obligation for a national bank assessment does not draw interest; that no action may be maintained for interest where the principal has been satisfied by payment in full; that the Illinois decisions (in which state this action was brought) do not permit recovery of interest on Illinois bank stockholder's liability; that the interest liability herein, if any existed, is barred by the Illinois statute of limitations. Smith-Hurd Stats. c. 83, § 16.

The National Banking Act, 12 U.S.C.A. § 64, made no mention of interest on bank stockholders' assessments. It provided:

"The stockholders of every national banking association shall be held individually responsible for all * * * debts * * * of such association * * * to the amount of his ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.