The Supreme Court case Bowden, Receiver, etc., v. Johnson and another was a significant decision that addressed the issue of fraudulent transfer of bank stock.
The case involved George E. Bowden, the receiver of the First National Bank of Norfolk, Virginia, who brought a suit in equity against Jacob C. Johnson and Mrs. B. Valentine. Bowden alleged that Johnson, who owned 130 shares of the bank's capital stock valued at $100 each, transferred those shares to Mrs. Valentine in order to exonerate himself from liability to the bank's creditors. The Supreme Court ultimately ruled that this transfer was fraudulent and that Johnson remained liable to the bank's creditors despite the transfer of his shares to Mrs. Valentine.