Barings v. Dabney
Supreme Court of the United States
Error to the Supreme Court of South Carolina; the case being thus: In 1812, the legislature of South Carolina, by a legislative act, created a bank by the name of the Bank of the State of South Carolina. The capital was to consist of various stocks, bonds, and securities specified, then belonging to the State; the same being in fact all the stocks, bonds, and securities which the State owned. The bank thus belonged to the State.
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Error to the Supreme Court of South Carolina; the case being thus: In 1812, the legislature of South Carolina, by a legislative act, created a bank by the name of the Bank of the State of South Carolina. The capital was to consist of various stocks, bonds, and securities specified, then belonging to the State; the same being in fact all the stocks, bonds, and securities which the State owned. The bank thus belonged to the State. The president and directors were to be elected by the legislature, and were made a corporation and body politic. The faith of the State wTas pledged for the support…
1Opinion of the CourtJustice Bradley
delivered the opinion of the eourt.-
The first question for us to decide is whether the eleventh section of the act of 1865 did, as alleged, amount to, or did become, a contract with the appellants.
When that act was passed the bauk was hopelessly insolvent. The section referred to was intended to prescribe the manner in which its assets were to be distributed and its affairs wound up. The State was the sole stockholder, and the bank, as a corporation, could not complain of any course of action which the legislature saw fit to adopt or prescribe. In relation to the State, it was alter et idem.…
2Cited by16 opinions
- McCall v. BatsonSupreme Court of South Carolina · 1985
- Adirondack League Club v. Board of Black River Regulating DistrictNew York Court of Appeals · 1950
- McKee v. LamonSupreme Court of the United States · 1895
- Pyles v. Furniture Co.West Virginia Supreme Court · 1887
- McCall ex rel. Andrews v. BatsonSupreme Court of South Carolina · 1985
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