Catlin v. Eagle Bank of New-Haven
Supreme Court of Connecticut
This was a bill in chancery. The Eagle Bank is a corporation, established, by an act of the legislature, in October, 1811, for banking purposes, with the usual powers of such an institution ; the charter being, at all times, subject to alteration, amendment or revocation, by the General Assembly. (a) The plaintiff is a creditor of this corporation to the amount of between 90,000 and 100,000 dollars. The bank, on the 15th September, 1825, failed, and was in fact insolvent.
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This was a bill in chancery. The Eagle Bank is a corporation, established, by an act of the legislature, in October, 1811, for banking purposes, with the usual powers of such an institution ; the charter being, at all times, subject to alteration, amendment or revocation, by the General Assembly. (a) The plaintiff is a creditor of this corporation to the amount of between 90,000 and 100,000 dollars. The bank, on the 15th September, 1825, failed, and was in fact insolvent. Among its creditors was The Savings Bank of New-Haven, a corporation, empowered to receive deposits from individuals, for…
1Opinion of the Court
Hosmer, Ch. J.
It is an undoubted principle, that the powers of a corporation are solely derived from its charter, which is the law of its nature ; and that it is invested with such powers only, as are expressly delegated, or which are necessary, to *241carry the express delegations into effect. The New-York Firemen Insurance Company v. Ely & al. 5 Conn. Rep. 560. By the act of incorporation, the Eagle Bank had authority to purchase, hold and convey property, with the usual banking powers superadded ; and the directors of the bank were authorized to dispose of and manage its monies, credits and…
2Cases cited6 opinions
- Hendricks v. RobinsonNew York Court of Chancery · 1817
- Vose v. GrantMassachusetts Supreme Judicial Court · 1819
- New-York Firemen Insurance Co. v. ElySupreme Court of Connecticut · 1825
- Attorney-General v. Utica InsuranceNew York Court of Chancery · 1817
- Riggs v. MurrayNew York Court of Chancery · 1817
1 more not listed; retrieve them via the Exa API.
3Cited by36 opinions
- Buell v. Buckingham & Co.Supreme Court of Iowa · 1864
- Thornton v. LaneSupreme Court of Georgia · 1852
- Coats v. . DonnellNew York Court of Appeals · 1883
- Cosmopolitan Trust Co. v. S. L. Agoos Tanning Co.Massachusetts Supreme Judicial Court · 1923
- Crandall v. LincolnSupreme Court of Connecticut · 1884
31 more not listed; retrieve them via the Exa API.