Noah Haynes Swayne

“ This action on his part is indispensable, whenever the personal liability of the stockholders is sought to be enforced, and must precede the institution of suit by the receiver. The fact must be distinctly averred in all such cases, and if put in issue must be proved.
The liability of the stockholders is several and not joint. The limit of their liability is the par of the stock held by each one. ”

“ The facts necessary to warrant the appointment of a receiver are sufficient set forth. It is averred, that he 'has already ascertained that the assets and credits of the association are wholly insufficient to pay its debts and liabilities, and that it will be necessary to the complete and entire administration of the trust reposed in him, that recourse shall be had to the personal liability imposed upon the stockholders;' that two thousand shares of the capital stock, amounting to $200,000, were issued by the bank to its stockholders ”

“ The 59th section of the act of February 25th, 1863, provides that all suits by or against such associations may be brought in the proper courts of the United States or of the State. The 57th section of the act of 1864, relates to the same subject, and revises and enlarges the provisions of the 59th section of the preceding act. In the latter, the word by in respect to such suits is dropped. The omission was doubtless accidental. It is not be supposed that Congress intended to exclude the associations from suing in the courts where they can be sued. ”

“ This would greatly protract the final settlement, and might be attended with large losses by insolvency and otherwise in the intervening time. The amount must depend in part upon the solvency of the debtors and the validity of the claims. ”