Mahony v. Bank of the State
Supreme Court of Arkansas
This was an action of debt, determined in the Pulaski Circuit Court, in May, 1842, before the Hon. John J. Clendenin, one of the circuit judges. The Bank sued Mahony and his securities, on a promissory note, executed June 18, 1840, due six months after date, for ‡140. Pike, one of the defendants, pleaded nul tiel corporation, and a plea of usury.
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This was an action of debt, determined in the Pulaski Circuit Court, in May, 1842, before the Hon. John J. Clendenin, one of the circuit judges. The Bank sued Mahony and his securities, on a promissory note, executed June 18, 1840, due six months after date, for ‡140. Pike, one of the defendants, pleaded nul tiel corporation, and a plea of usury. The latter presented, with all the necessary aver-ments, and in proper form, the simple fact, that the Bank discounted the note, taking interest in advance at the rate of seven per cent, per annum, when, by law, she was only entitled to six. Demurrer…
1Opinion of the Court
By the Court,
Lacy, J.
The. plaintiffs in error have put in the plea of mil tiel corporation; and the inquiry is, does this plea constitute a valid defence to the action? Admitting the plea to be good in : form, and we take it to be so, it then properly raises the question J whether the Bank of the State be a corporation or not. It is certainly true, that there can be no act of incorporation unless there be corpo-rators. There can be no body without members. The distinguish-\ ing feature of a corporation is that by which a perpetual succession of j a corporate body may be kept up, so that it…
2Cited by6 opinions
- North Troy Graded School District v. Town of TroySupreme Court of Vermont · 1907
- Hammett v. Little Rock & Napoleon RailroadSupreme Court of Arkansas · 1859
- In re Carthage Lodge, No. 365, I. O. O. F.District Court, N.D. New York · 1916
- Hay v. Bank of the StateSupreme Court of Arkansas · 1843
- In Re EdwardsIdaho Supreme Court · 1928
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