United States Supreme Court Cases & Opinions

U.S. Supreme Court

United States v. Knox, 102 U.S. 422 (1880)

United States v. Knox

102 U.S. 422

Syllabus

1. Where, in order to discharge the liabilities of an insolvent national banking association, the Comptroller of the Currency assessed against the several shareholders a sufficient percentage upon the par value of the stock by them respectively held, he has no power to direct a further assessment to supply the deficit caused by the inability of the receiver to enforce payment from such as are insolvent or beyond the jurisdiction.

2. "In addition to the amount invested in the shares," the holders thereof, after the exhaustion of the assets of the association, are, to a sum not exceeding the par value of the shares, "individually responsible, equally and ratably, and not one for another," for its outstanding debts. The liability is several, and is not affected by the failure of any other shareholder to pay the amount assessed against him.

The facts are stated in the opinion of the Court.