STUDEBAKER V. PERRY, 184 U. S. 258 (1902)

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U.S. Supreme Court

Studebaker v. Perry, 184 U.S. 258 (1902)

Studebaker v. Perry

No. 122

Argued January 17, 20, 1902

Decided February 24, 1902

184 U.S. 258


The single question for the determination of the court in this case is whether the Comptroller of the Currency, acting under the national banking laws, can validly make more than one assessment upon the shareholders of an insolvent national banking association, and it is held that be can, the language of the statutes on that subject being plain and free from doubt.

On November 9, 1899, in the Circuit Court of the United States for the Northern Distract of Illinois, John Perry, as receiver of the National Bank of Kansas City, brought an action against Clement Studebaker to recover an assessment made by the Comptroller of the Currency on stock held by the defendant in said bank.

The declaration set forth the incorporation of the National Bank of Kansas City; the ownership by the defendant of 189 shares of its capital stock of the par value of $100 each; the insolvency of the bank; an assessment by the Comptroller of the Currency on February 11, 1896, of sixteen percent on the stock; the payment by the defendant of said assessment; a finding by the Comptroller of the Currency on February 25, 1899, that the first assessment was insufficient, and the necessity of an additional assessment of seven percent; the levy of said second assessment; the direction by the Comptroller to the receiver to collect it, and the refusal of the defendant to pay.

A demurrer was filed raising the question of the sufficiency in law of the declaration. The demurrer was overruled, and, the defendant electing to stand by his demurrer, judgment was rendered for the amount of second assessment upon the stock owned by the defendant. A writ of error was allowed, and the cause was taken to the Circuit Court of Appeals of the Seventh Circuit, where the judgment of the circuit court was affirmed.

Page 184 U. S. 259

102 F.9d 7. The case was then brought to this Court by a writ of error duly allowed.

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