Branch Bank at Montgomery v. Crocheron
Supreme Court of Alabama
Whit of Error to the Circuit Court of Montgomery county. This action is by the Bank, against the defendants, as parties to a bill of exchange. The defence relied on was, that its purchase was unwarranted by the charter of the Bank, and its consideration illegal and against public policy.
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Whit of Error to the Circuit Court of Montgomery county. This action is by the Bank, against the defendants, as parties to a bill of exchange. The defence relied on was, that its purchase was unwarranted by the charter of the Bank, and its consideration illegal and against public policy. The facts were these: The Wetumpka and Coosa Rail Road Company, had frequently applied to the Bank for a loan, to enable it to carry on the contemplated improvements, but without success; it finally proposed to accept a loan in the notes of the Montgomery and West Point Rail Road Company, of which the Bank…
1Opinion of the CourtGoldthwaite, J.
The rules of law by which the several charges given, and refused, by the circuit court, are to be tested, can be better considered by ascertaining what acts each of these corporations was authorised to perform, with reference to the matters in evidence.
The proviso of the 2d section of the charter of the Montgomery Rail Road Company declares, “ that it shall not be lawful for the said corporation to use any part of its capital stock or funds for banking purposes, nor to emit, for circulation, any notes or bills, or to make contracts for the payment of money, except under its corporate seal,…
2Cited by6 opinions
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- McGehee v. PowellSupreme Court of Alabama · 1846
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