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March 23, 2023

Double Liability for Bank Shareholders, Officers, and Directors: Protecting the Public Purse from Plunder

For 75 years after the Civil War in the United States, a bank's officers, directors, and shareholders had personal liability in excess of the value of their shares. If a bank were to be declared insolvent by the regulator, they were required to make up the shortfall in insolvency with their personal...

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