(1)The shareholders of every state
bank shall be held individually responsible, equally and ratably, and not for another,
for all contracts, debts, and engagements of said bank, to the extent of double the
amount of their stock therein, at the par value thereof, in addition to the amount
invested in such shares.
(2)The term shareholder shall apply not only to such persons as appear on
the books of the bank as shareholders, but also to every owner of stock, legal or
equitable, although the stock may stand on such books in the name of another
person, but not to a person who holds the stock as collateral security for the
payment of a debt.
(3)Any shareholder of any state bank who has transferred the shareholder's
shares or caused such transfer to appear on the books of the bank
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(1) The shareholders of every state
bank shall be held individually responsible, equally and ratably, and not for another,
for all contracts, debts, and engagements of said bank, to the extent of double the
amount of their stock therein, at the par value thereof, in addition to the amount
invested in such shares.
(2) The term shareholder shall apply not only to such persons as appear on
the books of the bank as shareholders, but also to every owner of stock, legal or
equitable, although the stock may stand on such books in the name of another
person, but not to a person who holds the stock as collateral security for the
payment of a debt.
(3) Any shareholder of any state bank who has transferred the shareholder's
shares or caused such transfer to appear on the books of the bank within sixty days
immediately preceding the capital inadequacy of such bank, or who has made such
transfer with knowledge of such impending capital inadequacy, is liable to the same
extent that the transferee or subsequent transferee fails to meet such liability. This
section shall not be construed to affect in any way any recourse that such
shareholder might otherwise have against those in whose names such shares
appear upon the books of the bank at the time of such capital inadequacy.
(4) If the capital of any state bank becomes inadequate, and its assets and
affairs have been taken possession of by the banking board pursuant to this code,
and the banking board is of the opinion that it will become necessary in the course
of liquidation of such bank to resort to the liability of the shareholders as provided
for in this section, in order to make good the contracts, debts, or engagements of
such bank, it shall be lawful for the banking board to file in the office of the county
clerk and recorder of any county in this state, wherein any real estate belonging to
any shareholder of such bank is situated, a statement in writing to the effect that
such person is a stockholder of such bank (naming it) and that such bank is in
process of liquidation, and stating the number of shares held by such shareholder
and their aggregate par value and the extent of such shareholder's liability under
this code.
(5) Such statement shall be duly endorsed as filed by such county clerk and
recorder, giving the date of filing, and shall be indexed with the name of the
shareholder as grantor and the name of the bank as grantee, and shall be recorded
as mortgages of real estate are required to be recorded, and from the date of filing
of such statement the same shall be a lien upon any real estate of such shareholder
located in such county.
(6) If such shareholder thereafter deposits with the banking board an
amount of money equal to double the amount of the par value of the stakeholder's
shares, to be held by the banking board as security for the shareholder's liability
under this section, then the banking board shall execute and file with such county
clerk and recorder a release of such lien and, upon completing the liquidation of
such bank, shall return to such shareholder any excess of such deposit, if such
shareholder's ultimate liability shall prove to be less than the amount so deposited
with the banking board; and in all cases where the liability of the shareholder has
been satisfied, either as the result of litigation or otherwise, such liens so filed shall
be released by the banking board. The expense of filing and recording such liens
and releases of the liens shall be paid out of any assets of the bank in the
possession of the banking board.
(7) The liability imposed by this section shall not extend to shareholders in
any bank that has become a member of the federal deposit insurance corporation;
but if any bank that has become a member of the federal deposit insurance
corporation ceases to remain a member thereof, the double liability mentioned in
this section shall extend to the shareholders in any such bank as provided in this
section.
(8) A stockholder of a state bank shall not set off against the stockholder's
liability any claim the stockholder may have as a depositor in or creditor of any
insolvent bank.