Louisa Nat. Bank v. Sparks

Opinion op the Court by

Judge Clay

Affirming.

Mrs. M. B. Sparks brought this suit against the Louisa National Bank to recover on a contract by which the bank agreed to make loans out of her checking account and be responsible for them. The bank defended on the ground that the cashier who made the contract was without authority to make it, and that the transaction was ultra vires. To this defense Mrs. Sparks interposed a plea of estoppel, based on the ground that the bank received and retained the entire benefit of the transaction. By agreement the cause was submitted to the court and judgment…