Rawlings v. Ray, 312 U.S. 96 (1941)

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Rawlings v. Ray

No. 327

Argued January 17, 1941
Decided February 3, 1941
312 U.S. 96

CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE EIGHTH CIRCUIT

Syllabus

1. The state statute of limitations applies in an action by the receiver of an insolvent national bank against a stockholder to collect a Comptroller’s assessment. P. 97.

2. In such an action, the question when the cause of action accrued, as a complete and present cause of action, is a federal question turning upon the construction of the assessment and the authority of the Comptroller to make it under applicable federal legislation. P. 98.

3. In making a stockholders’ assessment, the Comptroller is authorized to fix a later date for its payment. P. 99.

4. In an action by the receiver of an insolvent national bank in Arkansas to collect a Comptroller’s assessment, held that the three-year statute of limitations of Arkansas began to run not on the day when the assessment was made, but on a later day on or before which it was expressly made payable. P. 98.

111 F.2d 695 reversed.

Certiorari, 311 U.S. 627, to review the affirmance of a judgment sustaining a plea of the statute of limitations in a suit by the receiver of a national bank to collect an assessment from a stockholder.