(Download) "Cook v. Cook" by Mississippi Supreme Court ~ Book PDF Kindle ePub Free
eBook details
- Title: Cook v. Cook
- Author : Mississippi Supreme Court
- Release Date : January 17, 1998
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 51 KB
Description
Banks and Banking — Insolvency — Stockholders Liability — Limitation of Actions — Statutes and Statutory Construction. Banks and Banking — Insolvency — Stockholders Liability — Limitation of Actions. 1. An action by a depositor in an insolvent bank to recover on the statutory liability of its stockholders is not one against the bank and therefore the provision of section 9046, Revised Codes, that in actions against banks, trust companies, etc., "there are no limitations" has no application. Same — Stockholders Liability — Limitation of Actions — Statute Applicable. 2. While the double liability of stockholders in state banks is contractual in nature, the five-year limitation on contracts not in writing (sec. 9030, Rev. Codes 1921) does not apply in an action on such liability, but, the liability being one created by law, the provision of section 9061, that an action of that nature must be brought within three years after it was created, applies. Same — Stockholders Liability — When Action may be Commenced. 3. Where an insolvent state banking corporation is shown not to have any assets, a creditor may proceed against the stockholders on their double statutory liability without first bringing an action against the corporation to determine that it is without assets from which his claim might be satisfied. Same — Stockholders Liability — Limitation of Actions — Time of Discovery of Conditions of Bank Immaterial. 4. Under section 9061, Revised Codes of 1921, an action by a depositor in an insolvent bank to enforce the stockholders liability must be commenced within three years after the liability was Page 302 created by law, without reference as to when plaintiff made discovery of the facts in the case. Statutory Construction — Statute Adopted from Another State — Rule. 5. Where a statute, adopted from another state, is silent as to its construction, it will be presumed that the legislature in adopting it intended that the construction given the statute by the courts of the state from which it was adopted should be followed. Same — Placing of Commas of Little Import. 6. In the construction of statutes, no great weight is to be given to the placing of a comma, and if it can be construed by any other means, resort to commas should not be had. Same — Intent of Legislature to be Carried Out. 7. Statutes should be given an interpretation best calculated to carry out the actuating thought in the mind of the legislature at the time of its passage. Banks and Banking — Insolvency — Stockholders Liability — When is Liability Created. 8. Quaere: When is the double statutory liability of a stockholder in a state bank "created" within the meaning of section 9061, Revised Codes of 1921, fixing a limitation of three years; was it created at the time the creditor made the deposit in question, or at the time the corporation was shown to be without assets?