The Laws of the State of New York Relating to Banks, Banking, Trust Companies, Loan, Mortgage And Safe Deposit Corporations : Also the National Bank Act And Cognate United States Statutes.

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The requirement that receiver shall bring suit applies when permanent re- ceiver had been appointed before enactment of section 52. Persons v. Gardner, 42 App. Div. 490, 56 N. Y. Supp. 822, 59 N. Y. Supp. 463.
37. Laws 1897, ch. 441, amending section 52, that all actions against stock- holders to enforce their personal liability must be brought by receiver, does not apply to actions pending at lime of amendment. Stockholder's liability is limited to par value of his stock, but when his liabilit
...y is ascertained, interest runs as on an ordinary judgment. Mahoney v. Bernhard, 45 App. Div. 499, 63 N. Y. Supp. 642.
38. Section 52 is constitutional in so far as it increases or extends liabilities of stockholders of bank heretofore existing; and does not violate U. S. Const, pro- hibiting legislation impairing obligation of contracts. Deposits payable on de- mand are "debts payable within two years." Barnes v. Arnold, 62 N. E. 1093, 169 N. Y. 611. See also S. C. 45 App. Div. 314, 61 N. Y. Supp.


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