Seabury v. Green, 294 U.S. 165 (1935)

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Seabury v. Green

No. 434

Argued December 11, 12, 1934
Decided February 4, 1935
294 U.S. 165

CERTIORARI TO THE COURT OF COMMON PLEAS FOR

SUMTER COUNTY, SOUTH CAROLINA

Syllabus

1. The liability of a decedent’s estate to be assessed as stockholder of a national bank for the debts of the bank depends upon the federal law, Title 12 U.S.C. §§ 64, 66, and a ruling of a state court against such liability necessarily depends upon a construction of that law and is reviewable under § 237(b) of the Judicial Code. P. 168.

2. For want of capacity, a minor is not subject to assessment on national bank shares sought to be distributed to him as part of a decedent’s estate, though in form they were transferred to his name on the books of the bank. The estate continues to be liable as stockholder under Title 12 U.S.C. § 66. P. 168.

3. Under Title 12 U.S. § 66, a decedent’s estate is liable for assessments on national bank shares left by the decedent and which have not been validly assigned by final distribution or otherwise, including assessments made after the stockholder’s death, and the liability is not limited to property actually in the hands of the personal representative when the bank became insolvent and when the assessment was made, but may be enforced against property which has been distributed and is held by distributees. P. 168.

4. Discharge of the executor did not, in this case, extinguish the estate. P. 169.

5. The enforcement of liability imposed by § 66, supra, may not be thwarted or impeded by state law. P. 169.

173 S.C. 235, 175 S.E. 639, reversed.

Certiorari, 293 U.S. 549, to review the reversal of a judgment recovered by the Receiver of a national bank on an assessment made by the Comptroller of the Currency.