Show NATIONAL BANK shareholders atte ALL LIABLE FOR assessment ON STOCK chicago jan 4 A new point alic statute which holds n shareholder in a national bank liable tor assess on the stock is made in a decision handed down in the united states circuit court of appeals by judges boods bunn and alien the ruling was on tho appeal of E T receiver of tho first national bank 01 helena against the merchants loan A trust co of chicago find the judges affirm tho decree of the lower court which absolved the t ruit company aiom liability the original action was begun in the united states circuit court by the receiver of the first national bank of helena who sought to recover an assessment ses of a shar on shares ot the stock of the april 15 1893 shirley C ashley president of the helena national bank borrowed of the trust company and gave as collateral security certificates for shares of the capital stock of the bank in tho following july ashley assigned and resigned the presidency of the bank being succeeded by E U edgerton in april 1893 the helena national bank was consolidated with the first national bank of that city and an allowance of 80 per cent on their stock was granted to shareholders of the former bank by this arrangement the shares of ashley were converted into shares though it is claimed this was done by the trust company without his consent the court holds that it Is not shown that thia conversion was not effected by the authority of ashley |