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Free Books / Finance / The Law Of Banks And Banking / | ![]() |
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Sec. 65. Who Can Enforce Liability |
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This section is from the book "The Law Of Banks And Banking", by John Maxcy Zane . Also available from Amazon: The law of banks and banking.
This statutory liability, being imposed for the benefit of creditors, belongs primarily to them.1 Unless it is so provided by statute, impliedly or expressly, the suit upon this statutory liability cannot be brought by the corporation, nor by its receiver or assignee suing for it.2 Since the obligation is a quasi-contract, as pointed out in section 62, 'ante, and is double the stock subscription, a close analysis would show that it is simply a doubling of the stock subscription, and therefore the other party to the contract is the corporation. But the other idea is too firmly rooted to be disturbed. In the case of national banks it was originally held that the receiver of the bank was the proper party to bring the suit;3 but this rule has now been changed by statute and it may be brought by creditors 4 as well as the receiver. But if the receiver refuses to bring the suit the creditors may do so,5 even though the state statute gives the right to the receiver or some one else.
 
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