Kennedy v. Cal. Sav. Bank
California Supreme Court
Appeal from a judgment of the Superior Court of San Diego County, and from an order denying a new trial. The facts are stated in the opinion of the court. A banking corporation cannot purchase stock in other corporations unless expressly authorized by its charter or by law to do so. (First Nat. Bank v. National Bank of Baltimore, 92 U. S. 122; Mutual Sav. Bank etc. Assn. v. Wilcox, 24 Conn. 153, 159; Weckler v. First Nat.
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Appeal from a judgment of the Superior Court of San Diego County, and from an order denying a new trial. The facts are stated in the opinion of the court. A banking corporation cannot purchase stock in other corporations unless expressly authorized by its charter or by law to do so. (First Nat. Bank v. National Bank of Baltimore, 92 U. S. 122; Mutual Sav. Bank etc. Assn. v. Wilcox, 24 Conn. 153, 159; Weckler v. First Nat. Bank, 42 Md. 581, 590, 591; Berry v. Yates, 24 Barb. 199, 210; Central R. R. Co. v. Collins, 40 Ga. 628; Hazlehurst v. Savannah etc. R. R. Co., 43 Ga. 57; Franklin Co. v.…
1Opinion of the Court
Harrison, J.—
During the year 1891 the plaintiff deposited with the California Savings Bank, one of the defendants herein, different sums of money, for which the said defendant issued to him its several certificates of *497deposit, amounting in the aggregate to forty-five thousand dollars. On the 12th of November, 1891, the plaintiff demanded of the savings bank payment of the amount of said certificates, and, upon its refusal, brought this action, making the' other defendants parties to the action, for the purpose of recovering from them their proportion of said indebtedness as stockholders in…
2Cases cited4 opinions
- National Bank v. CaseSupreme Court of the United States · 1879
- Miners' Ditch Co. v. ZellerbachCalifornia Supreme Court · 1869
- Mitchell v. BeckmanCalifornia Supreme Court · 1883
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3Cited by13 opinions
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- Knowles v. SandercockCalifornia Supreme Court · 1895
- Watts v. Equitable Mutual Life Ass'nSupreme Court of Iowa · 1900
- Banker's Mutual Casualty Co. v. First National BankSupreme Court of Iowa · 1906
- Hunt v. Hauser Malting Co.Supreme Court of Minnesota · 1903
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