Pierson v. Bank of Washington
U.S. Circuit Court for the District of District of Columbia
Action on the case for damages for not permitting the plaintiffs, as executors of Robert Brent, to transfer to one John Coyle, 20 shares of stock in the Bank of Washington, standing in the name of them testator, which they'had sold to Coyle for $1,000. The defendants justified under the 11th section of their charter of February 15,1811, which enacts that the shares of the capital stock shall be transferable only on the' books of the bank, “ but all debts actually due and…
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Action on the case for damages for not permitting the plaintiffs, as executors of Robert Brent, to transfer to one John Coyle, 20 shares of stock in the Bank of Washington, standing in the name of them testator, which they'had sold to Coyle for $1,000. The defendants justified under the 11th section of their charter of February 15,1811, which enacts that the shares of the capital stock shall be transferable only on the' books of the bank, “ but all debts actually due and payable to the bank, (days of grace for payment being past,) by a stockholder requesting a transfer, must be satisfied…
1Opinion of the Court
The CouRT (nern. con.) refused to give the instruction as prayed ; but instructed the jury that the evidence aforesaid was not sufficient in law to entitle the plaintiffs to recover in this action; and further instructed the jury, that if they should be satisfied by the evidence that the plaintiffs, as executors of the said Robert Brent, were, at the time when they demanded the transfer, indebted to the bank, the latter had a right, under the eleventh section of their charter, to refuse to suffer the transfer to be made. And although the bank may, at that time, have claimed more than was due,…
2Cases cited2 opinions
- Seaman v. PattenNew York Supreme Court · 1805
- Imlay v. SandsNew York Supreme Court · 1804