Continental National Bank v. Farris
Missouri Court of Appeals
Appeal from the Ray Circuit Court. — Hon. E. J. Broaddus, Judge. (1) The cashier of a bank has no authority to borrow money for his bank, execute its note therefor, and pledge the notes and assets of the bank as collateral security for the same, without the consent of the board of directors of the bank. R. S. 1889, secs. 2748, 2759; 1 Morawetz on Priv. Corp. [2 Ed.], sec. 540; Bank v. Hughes, 62 Mo. App. 576; Bank v. Sailor, 63 Mo. 24; Ringling v. Kohn, 6 Mo.
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Appeal from the Ray Circuit Court. — Hon. E. J. Broaddus, Judge. (1) The cashier of a bank has no authority to borrow money for his bank, execute its note therefor, and pledge the notes and assets of the bank as collateral security for the same, without the consent of the board of directors of the bank. R. S. 1889, secs. 2748, 2759; 1 Morawetz on Priv. Corp. [2 Ed.], sec. 540; Bank v. Hughes, 62 Mo. App. 576; Bank v. Sailor, 63 Mo. 24; Ringling v. Kohn, 6 Mo. App. 333; Fleckner v. Bank, 8 Wheat. (O'. S.) 338; Bank v. Armstrong, 152 U. S. 346; s. o., 38 L. Ed. 470. (2) An action for fraud and…
1DissentSmith, P. J.
(dissenting). — This is an action which was brought to recover damages for deceit.
statement.
The Farmers Bank of Orrick, a savings bank organized under the statute of this state, on the twenty-fifth day of May, 1895, through its cashier, l. P. Parish, by letter requested of the plaintiff bank, a national bank doing business at Chicago, in the state of Illinois, a loan of $1,500 for sixty days. The plaintiff bank, through its vice-president, by letter of date May 27, 1895, informed the said Parish, cashier of the said Farmers Bank, that it would make to the latter bank the loan requested if the…
2Cases cited11 opinions
- Curtis and Others v. . LeavittNew York Court of Appeals · 1857
- Fleckner v. President of the Bank of the United StatesSupreme Court of the United States · 1823
- Jeffries v. Life InsuranceSupreme Court of the United States · 1875
- Western National Bank v. ArmstrongSupreme Court of the United States · 1894
- Wild v. Bank of PassamaquoddyU.S. Circuit Court for the District of Maine · 1825
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