9-1915. Deposits or debts while insolvent; liability.
9-1915
9-1915. Deposits or debts while insolvent; liability.
It shall be unlawful for the president, director, managing officer,
cashier or any other officer of any bank to assent to the reception of
deposits or the creation of any debt by any bank after such person has
knowledge of the fact that such bank is insolvent. It hereby is made the
duty of every such officer or managing officer to examine into the affairs
of every such bank and know its condition if possible. Upon failure to
discharge such duty such person shall be held to have had knowledge of the
insolvency of such bank or that it was in failing circumstances, for the
purposes of this act. Every person who shall violate the provisions of this
section shall be responsible individually for such deposits so received and
all debts so contracted, except that any director or officer who may have
paid more than such person's share of the liabilities mentioned in this
section shall have the proper remedy at law against such other persons as
shall not have paid their full share of such liabilities.
History: L. 1947, ch. 102, § 123; L. 1989, ch. 48, § 52; July 1.