Article Text
BANK RECEIVER LOSES SUIT AGAINST NINE STOCKHOLDERS
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agreement, Mr. Kuder said, contained a notation that each was liable for only one-ninth of the total. The nine also made a note for $30,000 to the New Rochelle bank. His counsel presented a memorandum signed by the nine in which it was stated that each was liable for only one-ninth of the amount borrowed from the bank.
It was then revealed that no trace of the subscription agreement has been found. Mr. Cahn stated that Mr. Meeker has made a search of all the bank's records without finding any trace of it. The plaintiff's counsel declared it his belief that there was no such agreement and said this inference comes from the fact that while the defendants state they signed agreements for their independent subscriptions there is no ants are not related. He declared it beyond all the probabilities that it was intended as a joint tenancy and added it is improbable to expect that in the case of the death of one it was intended that the remaining members of the group should receive his interest rather than the decedent's heirs.
Judge Patterson directed the judgment against each defendant include interest from the date of the assessment. Mr. Cahn moved for costs but Mr. Smith pointed out that according to the civil code the defendants, having agreed to a judgment with interest in the manner adjudicated, are entitled to the costs from that time, while the plaintiff is only entitled to costs up to that date. Judge Patterson directed that the costs be assessed in that manner.
When the defendants offered to accept judgment for a one-ninth share each Mr. Meeker moved to strike out their answer and for judgment on the pleadings. This motion was argued before Federal Judge John C. Knox who ruled the question should be determined by a trial.