First Nat. Bank of Charlotte v. National Exchange Bank of Baltimore
Supreme Court of the United States
Error to the Court of Appeals of the State of Maryland. The plaintiff, a national bank organized under the laws of the United States, and doing business at Charlotte, N.C., desiring to increase its capital stock, and for that purpose to deposit with the treasurer of the United States at Washington $50,000 in bonds of the United States, employed Bayne & Co., of Baltimore, as its agent, to procure and deliver them at the treasury.
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Error to the Court of Appeals of the State of Maryland. The plaintiff, a national bank organized under the laws of the United States, and doing business at Charlotte, N.C., desiring to increase its capital stock, and for that purpose to deposit with the treasurer of the United States at Washington $50,000 in bonds of the United States, employed Bayne & Co., of Baltimore, as its agent, to procure and deliver them at the treasury. Not having money to pay for them at the time, the plaintiff sent its president, Wilkes, to Baltimore, with a certificate previously prepared in Charlotte, as follows:…
1Opinion of the CourtChief Justice Waite
The question presented for our consideration in this case is, whether a national bank, organized under the National Banking Act, may, in a fair and bona fide compromise of a contested claim against it growing out of a legitimate banking transaction, pay a larger sum than would have been exacted in satisfaction of the demand, so as to obtain by the arrangement a transfer of certain stocks in railroad and other corporations; it being honestly believed at the time, that, by turning the stocks into money under more favorable circumstances than then existed, a loss, which would otherwise accrue…
2Cited by109 opinions
- California Bank v. KennedySupreme Court of the United States · 1897
- Aldrich v. Chemical National BankSupreme Court of the United States · 1900
- Concord First National Bank v. HawkinsSupreme Court of the United States · 1899
- Western National Bank v. ArmstrongSupreme Court of the United States · 1894
- Michelsen v. PenneyCourt of Appeals for the Second Circuit · 1943
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