Terry v. Tubman - 92 U.S. 156 (1875)
U.S. Supreme Court
Terry v. Tubman, 92 U.S. 156 (1875)
Terry v. Tubman
92 U.S. 156
1. Where the charter of a bank contained a provision binding the individual property of its stockholders for the ultimate redemption of its bills in proportion to the number of shares held by them respectively, the liability of the stockholders arises when the bank refuses or ceases to redeem and is notoriously and continuously insolvent.
2. Such insolvency having occurred prior to June 1, 1865, an action against a stockholder, not commenced by Jan. 1, 1870, is barred by the statute of limitations of the State of Georgia of March 16, 1869.