President of Hallowell & Augusta Bank v. Hamlin
Massachusetts Supreme Judicial Court
This was assumpsit by the plaintiffs, a banking company, incorporated by an act passed June 23, 1812, in * which they declared upon a promissory note made and subscribed by the defendants, dated February 25, 1811, for 549 dollars, payable in fifty-seven days, with grace, to the president, directors, and company, of the Hallowell and A.ugusta Bank, incorporated by an act passed March 6, 1804, and upon an en dorsement thereof to the plaintiffs by the corporation last named,…
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This was assumpsit by the plaintiffs, a banking company, incorporated by an act passed June 23, 1812, in * which they declared upon a promissory note made and subscribed by the defendants, dated February 25, 1811, for 549 dollars, payable in fifty-seven days, with grace, to the president, directors, and company, of the Hallowell and A.ugusta Bank, incorporated by an act passed March 6, 1804, and upon an en dorsement thereof to the plaintiffs by the corporation last named, under the hand of Benjamin J. Porter, president thereof, duly authorized for that purpose. At the trial, which was had…
1Opinion of the CourtParker, C. J.
In this case, by the facts reported, the plaintiffs have a right to recover, if they have proved a regular assignment of the note to them.
The assignment appears to have been made by Porter, the president of the old bank ; but as he had not, ex officio, the power to transfer their property or securities, his special authority to do it in this case must be proved by legal evidence. This authority could only emanate from the stockholders or company directly, or indirectly through the directors, to whom, by the by-laws, is committed the management of the affairs of the bank ; but in either case…
2Cited by6 opinions
- United States Nat. Bank v. First Nat. BankCourt of Appeals for the Eighth Circuit · 1897
- Walworth County Bank v. Farmers' Loan & Trust Co.Wisconsin Supreme Court · 1861
- State Bank v. Magraw, Kerfoot & Co.Supreme Court of Minnesota · 1924
- Freeman v. ThayerSupreme Judicial Court of Maine · 1851
- Pittsfield v. BarnsteadSupreme Court of New Hampshire · 1860
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