PAGE

Will v. Village of Mendon, 108 Mich. 251.

136

William Rogers Manfg. Co. v. Rogers & Spurr Manfg. Co., 11

Wolf v. City of Lansing, 63 Mich. 367.

Winfield v. Dodge, 45 Mich. 355.

Winship v. Bank, 5 Pet. 529.

Wolcott v. Judge of Superior Court, 112 Mich. 311.

Wood v. Bigelow, 115 Mich. 123.

v. Parsons, 27 Mich. 163.

Woodbridge v. Allen, 12 Metc. (Mass.) 470.

Woodruff v. Snedecor, 68 Ala. 437..

Worcester v. Worcester, 101 Mass. 128.

Wright v. Starks, 77 Mich. 221.

426

289

316, 317

48

638

55

377

489

277

202

Wyke v. Rogers, 1 De Gex, M. & G. 408.

Wyscaver v. Atkinson, 37 Ohio St. 80.

520

565

Yarnold v. City of Lawrence, 15 Kan. 126, 131.
Young v. Blaisdell, 60 Me. 272.

v. Collett, 63 Mich. 331..

Youth's Temple of Honor, in re, 73 Minn. 319.

Zabel v. Harshman, 68 Mich. 270..

233

618

436

343

538, 689

APRIL TERM, 1899.*

FOSTER v. ROW.1

1. BANKS-INSOLVENCY-EX PARTE ORDERS.
The circuit court has jurisdiction, upon a showing by the
receiver of an insolvent bank that its assets are insufficient
to pay depositors, to ascertain ex parte the amount required
to meet the deficit, and to direct the institution of proceed-
ings to enforce the statutory liability of the stockholders.
2. SAME

LIABILITY OF STOCKHOLDERS TO DEPOSITORS-EXHAUS-
TION OF ASSETS.

The liability imposed by 3 How. Stat. § 3208e5, upon the stockholders of an insolvent bank for the benefit of its depositors, is not a mere collateral undertaking, or penal in its nature, but is contractual, and immediately enforceable when a deficiency in the other assets is ascertained, without such assets' being first exhausted.

3. SAME--CONSTITUTIONAL LAW-BANKS OF ISSUE.

Article 15, § 3, of the Constitution, which makes the stockholders of every banking association issuing bank notes" individually liable for "all debts" of the association to the amount of their respective shares, is not contravened by 3 How. Stat. § 3208e5, limiting the liability of stockholders in banks organized under the state banking law to debts due depositors, since that law applies only to banks not of issue.

4. SAME-WHAT STOCKHOLDERS, LIABLE.

The stockholders who are liable are those who are such.
when the bank becomes insolvent, without reference to the
time when the deposits were actually made.

5. SAME--DEFENSES-FRAUDULENT REPRESENTATIONS.
One who purchases bank stock six months before the bank
becomes insolvent, and during such period appears as the
registered holder of the stock, cannot avoid responsibility in
an action by the receiver to enforce the statutory liability of

* Continued from Vol. 119.

Rehearing (defendant Chatterton's application) denied June 28,

1899.

120

s123 352