Page:Federal Reporter, 1st Series, Volume 8.djvu/74

60 FEDERAL REPORTER. �In the latter character the constitution and the statute make him liable to the creditors, to an amount equal to liis stock, or to his just proportion of that amount, if the wliole is not required; but as a creditor he is entitled only to a dividend in proportion to the other creditors. In case of a deficiency in means to pay all the debts, he must take his dividend pro rata. But if he could set off his claim as a creditor against his liability as a stockholder, he might be paid in full, while the otiier creditors would receive only a part of the amount due them." �And Morse, in his excellent treatise on Banks and Banking, (p. 500,) in stating the different defences in suits against shareholders, says : �" Where One is a creditor as well as a stockholder he cannot avail himself of the debt owing to him by the bank by way of set-off to diminish his con- tributory share. His liability as a contributor for the beneflt of creditors must be distinguished from his character as a simple contract debtor to the bank upon ordinary business transactions." �Upon authority, as well as principle, the demurrer to the plea is �sustained. ���Faembbs' Loan & Tbost Co. o. Genteal Eailboad of Iowa. {Oirmit Court, D. Iowa. May 26, 18S1.) �1. BECErrER— Extba Compensatioii. �■ In case the duties of a receiver prove to be more arduous than he or the court expected, or in case he performs duties in addition to those ordinarily required of a receiver, in either case, provided he has faithfully administered his trust without intentional error or f raud, he is entitled to compensation in addition to that flxed by the order under whioh he was appointed. �2. Samb— Sale bt, of His Owk Pbopertt, to Cohporation. �Under the circumstances surroundiag the salea, hdd, that certain sales by the receiver to the corporation, of property of which he v?as a sole or part owner, were not fraudaient in such a sense as to deprive him of just compensation for services rendered. �3. Same— Instetjctions to, Constbued. �Instructions in v?riting aceompanying the order ot apportionment, which directed as follows : " It is not expected that you will serve as superintendent. You will continue the present superintendent, or employ another, as your judg- ment dictates, on the best terms that will secure a good man,"— were not in tended to prohibit the receiver from dischargmg, in person, the duties of supei intendent. �Before MoCeaby and Nelson, JJ. �MoCraey, g. J. J. B. Grinnell, petitioner, was appointed by thia court receiver of the Central Eailroad of Iowa on or about the fif- teenth day of January, 1876, to sueceed one D. M, Pickering, and his compensation was fixed by the order of appointment at |3,000 per annum. Aceompanying the order of appointment were instructions ��� �