Page:Federal Reporter, 1st Series, Volume 8.djvu/508

 48A FBDEBAIi BEPOBTBB. �'againet estch shareholder his personal liability, as such, to said ex- tent; that the defeadant -was, at the time of said suspension and failure of said bank, a shareholder of its capital stock to the amount of 1^ shares, of the par value of $100 per share, and held, or was entitled to hold, in her possession or control, the usual stock cer- tiflcate as such shareholder; and that, therefore, the defendant is liable to the plaintiff for $1,200, with interest from July 14, 1880, the date of the order of assessment. �The defendant has put in an answer to the complaint. One of the separate defences set up in the answer is that the defendant, in De- cember, 1852, became and ever since has been, and still is, the wife of Henry W. Johnson, who, at the time of the commencement of this action, was, and still is, a resident and citizen of the state of New York; that the said 12 shares were purchased by her, through her duly-con stituted agent, in the state of New Jersey, while she was such married woman, and the certificate therefor was delivered to her said agent within that state ; and that she never became or was the owner of any of the shares of the said bank otherwise than in the manner above stated. To that defence the plaintiff demurs, on the ground that it is insufficient in la-yp; upon the face thereof. �It is provided by seMion 12 of said act of 1864 — �" That the capital stock of any association f ormed under this act siiall be divided into shares of $100 each, and be deemed personal property and trans- ferable on the bocks of the association in such manner as may be prescribed in the by-laws or articles of association; and every person becoming a share- holder by such transfer shall, in proportion to his shares, suceeed to all the rights and liabilities of tfae prior holder of such shares. * * * The shareholders of each association formed under the provisions of this act * for another, for all eontracts, debts, and engagements of such association, to the extent of the amount of their stock, therein, at the par value thereof, in addition to the amount invested in such shares." �It is provided by the act of the legislature of the state of New Jersey, approved MarCh 27, 1874, (Eev. St. New Jersey of 1874, p. 469, §5,)— �'iThat any married wOraan shall, after thp passing of this act, have the right to bind herself by contract in the same manner and to the same extent as though she were uumarried, and which eontracts shall be legal and obligatory, and may be enforce.l.at law or in equity by or against such married woman, in her own name. apart from her husband: provided, that nothing herein shall enable such married woman to become an accommodation indorser, guarantor. or surety, nor shall she be liable on any promise to pay the debt, or answer for the default or liability, of any other person." ��� �
 * * shall he held individnally responsible, equally and ratably, and not one