Kendrick State Bank v. First Nat. Bank of Portland
District Court, D. Oregon
At Law. Action by the Kendrick State Bank against the First National Bank of Portland, Prior to June, 1910, the Kendrick State Bank of Jdalio had been a correspondent of the defendant, the First National Bank of Portland, Or. J. VV.
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At Law. Action by the Kendrick State Bank against the First National Bank of Portland, Prior to June, 1910, the Kendrick State Bank of Jdalio had been a correspondent of the defendant, the First National Bank of Portland, Or. J. VV. Bradbury, who was the president of the former bank, was the owner of the capital stock thereof to the amount of 828,000 out of an entire capitalization of 8*25,000. In practical reality, he was ¡lie owner and manager of the bank, and transacted its business affairs very much as if no one else were interested with him. About the litli day* of June. 1910, the…
1Opinion of the CourtWolverton, District Judge
(after stating the. facts as above). It is admitted on the part of plaintiff’s counsel that if the loan made by the Portland Bank was to the Kendrick Bank, and not to Bradbury individually, and can be so treated in legal contemplation, then the Portland Bank was legally authorized to charge off the balance standing to the credit of the Kendrick Bank against the Bradbury note, and thus protect itself against loss on account of the failure of the Kendrick Bank to that extent. The vital question depends upon whether, in an action at law, the defendant will be permitted to show that the debt…
2Cases cited3 opinions
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- Antrim Lumber Co. v. Oklahoma State BankSupreme Court of Oklahoma · 1916
- Reichert v. Bay City BankMichigan Supreme Court · 1933
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