State of Ohio v. Citizens National T. & S. Bank

WOOD, J.

Defendant appeals from a judgment rendered in

plaintiff’s favor in an action upon a rejected claim filed against the estate of Ella A. Stanley, deceased. During her lifetime the decedent was a stockholder of the First-Central Trust Company, a state bank of Akron, Ohio. The bank became insolvent and was taken over by the superintendent of banks of Ohio who caused an assessment to be levied upon the stockholders of record in the sum of $50 for each share. The decedent owned 100 shares of the stock and the assessment which was levied upon this stock was in the sum of $5,000 with interest at 6 per cent on any amount remaining unpaid after September 23, 1933. A written plan for resumption of banking business was put into effect by the various stockholders and this was signed by the decedent during her lifetime. Under its terms she paid the sum of $500 and agreed that the balance: “or such part as may be necessary, shall be

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collected by the superintendent three years after the time of resumption of business by the bank in the event that any sum then remains owed to the depositors and creditors of the present bank”. The bank resumed business January 15, 1934. The plan contained the following provision: “All the stockholders of the bank consenting to this plan agree as a part thereof that property and assets now owned by them will not be conveyed or transferred during said three year period, except for value, and that all said property and assets or anything received in exchange therefor will be subject to the payment of such part of their unpaid assessment as may be necessary to discharge completely any amount owed to the depositors and creditors of the present bank.”

Defendant notified plaintiff of the death of Ella A. Stanley and asked for details of any transactions pending at the bank. Plaintiff answered on October 8, 1935, and enclosed a claim against the estate in the sum of $4,500, setting forth among other things the date of maturity as January 15, 1937. Plaintiff expressed lack of familiarity with the presentation of claims against estates in California and suggested that if the claims presented were not satisfactory plaintiff would be glad to be advised in order to meet with the California requirements. Plaintiff also enclosed in its letter of October 8, 1935, a copy of the plan for resumption of banking business, to which was attached the consent which had been signed by Ella A. Stanley. The claim was accompanied by an affidavit setting forth the facts. Under date of October 18, 1935, defendant’s attorney wrote to plaintiff asking for additional information as to when the balance of the assessment would be due. To this letter plaintiff replied on November 7, 1935, enclosing an additional affidavit in verification of its claim, sworn to under 'date of October 30, 1935. The claim was rejected by the executor and on November 21, 1935, the claim bearing the word “rejected” was filed with the clerk of the court.