Anderson v. Philadelphia Warehouse Co.
Supreme Court of the United States
IN ERROR TO THE CIRCUIT COURT OF THE UNITED STATES FOR THE EASTERN DISTRICT OF PENNSYLVANIA. This suit was brought by the receiver of the First National Bank of Allentown, an insolvent national bank, to recover an assessment made by the Comptroller of the Currency on the shareholders to pay debts, and the only question presented for determination is whether, upon the facts the Philadelphia Warehouse Company was in law a shareholder of the bank at the time of its failure, and…
Read the full summary
IN ERROR TO THE CIRCUIT COURT OF THE UNITED STATES FOR THE EASTERN DISTRICT OF PENNSYLVANIA. This suit was brought by the receiver of the First National Bank of Allentown, an insolvent national bank, to recover an assessment made by the Comptroller of the Currency on the shareholders to pay debts, and the only question presented for determination is whether, upon the facts the Philadelphia Warehouse Company was in law a shareholder of the bank at the time of its failure, and as such liable to creditors. The facts, as shown jiy the undisputed testimony, or found by the jury, are these: From…
1Opinion of the CourtChief Justice Waite
He stated the facts in the foregoing language, and continued :
It is well settled that one who allows himself to appear on the books of a national bank as an owner of its stock is liable to creditors as a shareholder, whether he be the absolute owner or a pledgee only, and that, if a registered owner, acting in bad faith, transfers his stock in a failing bank- to an irresponsible person, for the purpose of escaping liability, or if his transfer is colorable only, the transaction is void as to creditors. National Bank v. Case, 99 U. S. 628; Bowden v. Johnson, 107 U. S. 251. It is, also,…
Also in this document: Dissent.
2Cases cited2 opinions
- National Bank v. CaseSupreme Court of the United States · 1879
- Bowden v. JohnsonSupreme Court of the United States · 1883
3Cited by39 opinions
- Pauly v. State Loan & Trust Co.Supreme Court of the United States · 1897
- Matteson v. DentSupreme Court of the United States · 1900
- Whitney v. ButlerSupreme Court of the United States · 1886
- Forrest v. JackSupreme Court of the United States · 1935
- Ohio Valley National Bank v. HulittSupreme Court of the United States · 1907
34 more not listed; retrieve them via the Exa API.