12 U.S.C. § 66
Personal liability of representatives of stockholders
Persons holding stock as executors, administrators, guardians, or trustees, shall not be personally subject to any liabilities as stockholders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or person interested in such trust funds would be, if living and competent to act and hold the stock in his own name.
Notes of Decisions
Cited in 39
cases (2 in the last 5 years), 1929–2023 · leading case: Laurent v. Anderson
Laurent v. Anderson (1934)
“The trust estate had no property or funds other than the stocks of the National Bank of Kentucky and the Louisville Trust Company. The sole question for determination is whether Banco is liable to respond as a stockholder in the National Bank of Kentucky as the real and…”
Continental Nat. Bank & Trust Co. v. O'Neil (1936)
“* * That the defendant * * * as successor Trustee under Trust Agreement * * * at the time of said failure * * * was the owner and holder of 100 shares * * Had appellant been sued in the first instance by appellee, there can be no doubt that, under 12 U.”
Drain v. Stough (1932)
“(12 USCA § 66), as follows: “Persons holding stock as executors, administrators, guardians, or trustees, shall not be personally subject to any liabilities as stockholders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the…”
Heiden v. Cremin (1933)
“§ 5152 [12 USCA § 66]), authorizes the holding of stock by a trustee.”
Riley v. Bondi (1933)
“^ Persons hold“S stock as f ecutay, administrators,, guard- or titees shall not be Personally subJf* ^ habilite as stockholders; but the estates and funds m them hands shall be hab e in bke “Tf® to same terested in gueh trugfc f^ds wuld b y, ^ ^ tent to aet ^ bold the stoek .”
Schram v. Poole (1938)
“* * * " In 12 U.S.C.A. § 66 , it is provided: “Persons holding stock as executors, administrators, guardians, or trustees, shall not be personally subject to any liabilities as stockholders; but the estates and funds in their hands shall be liable in like manner and to the same…”
Lucking v. Schram (1941)
“, 12 U.S.C.A. § 66 . Appellants counterclaimed, praying for rescission and equitable relief.”
McNair v. Darragh (1929)
“Both parties agree that, if 12 USCA § 66, is applicable, the trial court correctly determined the matter.”
Anderson v. Abbott (1945)
“This claim is asserted by reason of Revised Statutes, section 5152, 12 U.S.C.A. § 66 , which is as follows: “Persons holding stock as executors, administrators, guardians, or trustees, shall not be personally subject to any liabilities as stockholders; but the estates and funds…”
Pottorff v. Stafford (1935)
“In the Heiden Case the same court as in the McNair Case, in construing the same section (12 USCA § 66), said: “It is a well-established rule of law, applicable to corporations generally, that a transfer of stock must be made to one not only legally capable of holding stock but…”
Schram v. Robertson (1940)
“” The complaint alleges and the answer admits that First National was “organized” under the laws of the United States.”
O'Keefe v. Pearson (1934)
“Section 5152 of the Revised Statutes (12 USCA § 66) does not relieve the defendant of his obligation to pay the assessment.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.