Smith v. Bank of the State

The Bank of the State of Indiana, for the Lawrenceburgh Branch, sued Smith, Stevenson, and Bradley, on bills of exchange.

The defendants answered:

1. Denying that the Board of Directors of the bank was legally constituted in this; that one of said directors, who was also president of the board, was ineligible to the office.

2. That the bank had not taken out brokers’ license.

3. Usury.

4. That the bills were not discounted by a quorum of the directors of the branch bank, pursuant to the requirements of the charter.

The Court sustained demurrers to the 1st, 2d, and 4th defences, and issue of fact…