Smith v. Bryan
Illinois Supreme Court
Writ of Error to the Circuit Court of McLean county; Hon. John M. Scott, Judge, presiding. In July, 1856, the Lafayette Bank in McLean county was incorporated and went into operation under the general laws, and in July, 1861, was put into liquidation.
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Writ of Error to the Circuit Court of McLean county; Hon. John M. Scott, Judge, presiding. In July, 1856, the Lafayette Bank in McLean county was incorporated and went into operation under the general laws, and in July, 1861, was put into liquidation. The defendant in error, at the March term, 1863, of the McLean circuit court, obtained a judgment against this bank, in an action of assumpsit, for one hundred and thirty-one fro dollars, and on the twenty-sixth day of August thereafter, sued out a scire facias against the plaintiffs in error, as stockholders in that bank, to show cause why…
1Opinion of the CourtJustice Breese
The plaintiffs in error contend that the general banking law of 1851 cannot be altered except by a vote of the people, and by section 38 of that law the assets of the bank must first be exhausted before a stockholder can be made liable.
We do not think, when this subject is considered, that this grave constitutional question can properly arise.
What does th’e constitution provide, and what are the provisions of the act in question ? Section five of article ten of the constitution of this State contains the following provision: “ Uo act of the general assembly authorizing corporations or…
2Cases cited2 opinions
- Bronson v. KinzieSupreme Court of the United States · 1843
- Bank of Republic v. County of HamiltonIllinois Supreme Court · 1858
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- Templeton v. HorneIllinois Supreme Court · 1876
- Kendall v. FaderIllinois Supreme Court · 1902
- People Ex Rel. McDonough v. CesarIllinois Supreme Court · 1932
- National Bank v. WilliamsSupreme Court of Florida · 1896
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