Concord First National Bank v. Hawkins
Supreme Court of the United States
ERROR TO THE CIRCUIT COURT OF APPEALS FOR THE FIRST CIRCUIT. In May, 1895, Edward Hawkins, as receiver of the Indianapolis National Bank, brought a suit, in the Circuit Court of the United States for the District of New Hampshire, against the First National Bank of Concord.
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ERROR TO THE CIRCUIT COURT OF APPEALS FOR THE FIRST CIRCUIT. In May, 1895, Edward Hawkins, as receiver of the Indianapolis National Bank, brought a suit, in the Circuit Court of the United States for the District of New Hampshire, against the First National Bank of Concord. At the trial a jury was waived, and the court found the following facts: “ The plaintiff is receiver of the Indianapolis National Bank of Indianapolis, which bank was duly organized and authorized to do business as a national „banking association. The bank was declared insolvent and ceased to do business on the 24th day of…
1Opinion of the CourtJustice Shiras
The-questions presented for our consideration in this case are whether one natiohal bank can lawfully acquire and hold the stock of another as an investment, and, if not, whether, in the case of such an actual purchase, the bank is estopped to deny its liability, as an apparent stockholder, for an "assessment on such stock ordered by the Comptroller of the Currency.
' By section 5136 of the Bevised Statutes a national banking-association-is authorized “to exercise by-its board of directors, or duly authorized officers and agents, subject to law, all such incidental powers as shall be necessary…
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