Harlan F. Stone

“ In the absence of an authoritative construction by the state court of the statutes in force when appellant acquired his stock, we cannot say that he was not personally liable for his pro rata share of any impairment of the bank's capital assessed against him while he remained a stockholder, whether his stock was sold under section 9248-a1, or not, or that the later statute, which provided a remedy for enforcing such liability, infringed his constitutional rights. ”

“ And in general the liability of stockholders to assessment under local statutes is deemed transitory in nature, enforceable by common-law remedies in states other than that of the corporation, although special statutory forms of remedy given by the local statute could not be resorted to elsewhere. ”

“ In strictness, appellant presents no question of impairment of the obligation of contract for it is not insisted that either party has been deprived by legislative action of any right or remedy secured by the statute in force when appellant acquired his stock. ”

“ Appellee, an Iowa banking corporation, brought suit in the courts of that state to enforce the personal liability of appellant, its stockholder, for an assessment made under the Iowa statutes, which provide for the restoration of any impairment of capital of a bank, by assessment pro rata of the stockholders. ”

“ These sections exhibit an unmistakable purpose to maintain the banks of the state in a solvent condition with capital unimpaired, which is specifically given effect by sections 9246-9248 of the 1927 Code. ”