As already seen, section 5152, Revised Statutes of the United States, exempts from personal liability as national bank stockholders persons holding stock as executors, administrators, guardians or trustees. The statute does not in express terms require the books to show the trust relation of the stockholder toward his beneficiary. No case has yet held that the fact cannot be shown contrary to the books of the bank. In one case it is implied that such fact could be shown.1 It follows that if the proper orders as to the transfer have been given to the bank officers and the trustee is

5Bundy v. Jackson, 24 Fed. R 628. But stock held by the cashier as cashier is not chargeable against him personally. Baker v. Old Nat. Bank, 86 Fed R 1008. This case is clearly wrong unless the words "as cashier" would be notice of the trusteeship.

6Bowden v. Santos, 1 Hughes, 158, Fed. Cas. No. 1716.

7 Lewis v. Switz, 74 Fed. R 381; Davis v. First Baptist Society, Fed. Cas. No. 3633; Welles v. Larrabee, 36 Fed. R 866.

8 Burt v. Bailey, 73 Fed. R 693, 36 U. S. App. 676. This case seems to be correct, for the canceled stock ceased to be stock, its place being taken by the new stock. If the old certificates had been sold to a bona fide purchaser, he would not have obtained stock by the over-issue. It seems plain, too, that he could not have been held as a stockholder. Scovil v. Thayer, 105 U. S. 143.

1 Horton v. Mercer, 71 Fed. R 153. A pledgee is personally liable only on the ground of negligence or not otherwise estopped, or if he has not known of the transfer to himself, in neither case could he be held liable.2 The same section 5152 of the Kevised Statutes of the United States makes the trust estate liable.3 Where the- deceased died, being a stockholder, it would seem to be certain that, under this statute, the executor would be liable as an executor out of the funds of the estate.4 It has been held that the executor would be so liable even though the deceased in his life-time had made a transfer but the transfer had not been registered.5 But where the executor has made a transfer of the bequeathed stock to the devisee the estate can no longer be held liable.6 But a legatee who has received a legacy ordered to be paid to her before but actually delivered after the insolvency of the bank is liable on the testator's shares to the amount of the assets received;7 but the same case holds that in an action to charge the legatee with assets, the legatee would not be held where the delivery of the legacy was made before the liability of the estate as stockholder was incurred.8 In the case of a guardianship under a state statute it was held that the estate of those minors who had reached majority at the time of the decree could not be held in an action against the guardian.9