Samuel Blatchford

“ This is the very meaning of the word 'liquidation."
It was proper for the circuit court, after the decision of this court, to permit the claim of the People's Bank to be re-examined, to ascertain whether it was a valid claim against the stockholders of the Manufacturers' Bank. It is true that on the 31st of May, 1880, the People's Bank recovered in the circuit court a judgment against the Manufacturers' Bank for $67,277, in an action brought against the latter as guarantor of the eight notes ”

“ Those creditors who made settlements after the bank was put into liquidation, and received from the president in that settlement paper of the bank, or, as in some cases, the individual notes of Holmes himself, indorsed or guarantied in the name of the bank, are not to be considered as creditors of the bank, entitled to subject the stockholders to individual liability. The individual liability of the stockholders, as imposed by and expressed in the statute, is, indeed, for all the contracts, debts, and engagements of such association ”

“ It is not within the power of the officers of the bank, without express authority, by such means to prolong indefinitely an obligation on the part of the shareholders which is imposed by the statute only as a means of securing the payment of debts by an insolvent bank when it is no longer able to continue business, and for the purpose of effectually winding up its affairs. ”