Bank v. Lanier
Supreme Court of the United States
In error to the Circuit Court for the District of Iudiana; the case being thus: The 36th section of the National Currency Act of 1863,* under which the National banks were organized, and which provides for, the distribution of the'stock into shares, and for its being assignable, contained-this restriction, to wit, that no shareholder should have power to sell or assign his shares, so long as lie should be- liable to the association either as principal, debtor, or surety, or…
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In error to the Circuit Court for the District of Iudiana; the case being thus: The 36th section of the National Currency Act of 1863,* under which the National banks were organized, and which provides for, the distribution of the'stock into shares, and for its being assignable, contained-this restriction, to wit, that no shareholder should have power to sell or assign his shares, so long as lie should be- liable to the association either as principal, debtor, or surety, or otherwise, for any-debt that should have become due, while it remained unpaid. The 12th section of the National Currency…
1Opinion of the CourtJustice Davis
It is unnecessary to decide whether the first and third pleas would answer the declaration, if the transaction pleaded 'were lawful, because the directors of the bank were forbidden by law from dealing with Culver in the manner they did. At the time this proceeding took place the Currency Act of 1863 had been superseded by the act of June 3,1864, which expressly repealed the former act. It is, therefore, by the provisions of the latter act that the conduct of banking associations must be governed, whether they were organized before or after it became a law. And in looking into • this act, we…
2Cited by107 opinions
- National Safe Deposit, Sav. & Trust Co. of DC v. HibbsSupreme Court of the United States · 1913
- Drug, Inc. v. HuntSupreme Court of Delaware · 1933
- Johnston v. LaflinSupreme Court of the United States · 1881
- Moores v. Citizens' Nat. Bank of PiquaSupreme Court of the United States · 1884
- Guilford v. Western Union Telegraph Co.Supreme Court of Minnesota · 1894
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