Commonwealth v. President of the Phœnix Bank
Massachusetts Supreme Judicial Court
This was a process, instituted by the bank commissioners, under St. 1838, c. 14, § 5. An injunction was issued, restraining the Phœnix Bank from further proceeding with its business; receivers were appointed to take possession of its property and effects; and its charter was repealed by St. 1845, c. 106, which enacted that the receivers already appointed should have the same powers, in all respects, as though they had been appointed under the provisions of the Rev. Sts. c.…
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This was a process, instituted by the bank commissioners, under St. 1838, c. 14, § 5. An injunction was issued, restraining the Phœnix Bank from further proceeding with its business; receivers were appointed to take possession of its property and effects; and its charter was repealed by St. 1845, c. 106, which enacted that the receivers already appointed should have the same powers, in all respects, as though they had been appointed under the provisions of the Rev. Sts. c. 44. At the last November term, the receivers presented to the court a representation and petition, in substance as…
1Opinion of the CourtShaw, C. J.
At the time of the proceedings for appointing receivers of the Phœnix Bank, the Commonwealth were indebted to that bank for money borrowed under authority of law, in the sum of $6000. On a call by the receivers for this amount, as part of the assets of the bank, the Commonwealth object, and claim that, either by law or upon principles of equity, they are entitled to set off demands held by them, or for their use, against the bank ; and they claim that the balance onlr is the true debt, on either side.
*1351. The first claim was the bank tax due a few days after '.he injunction issued, being $1500…
2Cases cited18 opinions
- United States v. FisherSupreme Court of the United States · 1805
- People ex rel. Attorney General v. Utica InsuranceNew York Supreme Court · 1818
- United States v. State Bank of NCSupreme Court of the United States · 1832
- Thelusson v. SmithSupreme Court of the United States · 1817
- United States v. TingeySupreme Court of the United States · 1831
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