Boyd v. Schneider
Court of Appeals for the Seventh Circuit
Appeal from the Circuit Court of the United States for the Northern Division of the Northern District of Illinois. The bill was by appellant, a depositor of the National Bank of Illinois, •on behalf of himself and all others who might join him, against appellees, directors of the hank, to recover losses to the assets of the hank, otherwise distributable to the depositors and creditors, alleged to have been brought about by the negligence and misconduct of such directors.
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Appeal from the Circuit Court of the United States for the Northern Division of the Northern District of Illinois. The bill was by appellant, a depositor of the National Bank of Illinois, •on behalf of himself and all others who might join him, against appellees, directors of the hank, to recover losses to the assets of the hank, otherwise distributable to the depositors and creditors, alleged to have been brought about by the negligence and misconduct of such directors. The bill shows that the National Bank of Illinois, organized in 1871, and ■granted an extension of corporate existence in…
1Opinion of the CourtGrosscup, Circuit Judge
We do not deem it necessary to pass on the question whether, between directors of a national bank and its depositors, there subsists such a trust relation as would bring this case, as one arising out of a trust, under equitable cognizance; nor need we pass upon appellants’ contention that the receiver of a national bank, being a trustee for the depositors, who has refused to bring action, courts of equity on that ac*226count are clothed with jurisdiction to proceed against the directors at the suit of the depositors. In our judgment the case stated in the bill is one of equitable cognizance, but…
2Cases cited7 opinions
- Briggs v. SpauldingSupreme Court of the United States · 1891
- Kennedy v. GibsonSupreme Court of the United States · 1869
- Walker v. WhiteheadSupreme Court of the United States · 1873
- Washington Nat. Bank v. EckelsU.S. Circuit Court for the District of Washington · 1893
- Taylor v. KeelerSupreme Court of Connecticut · 1862
2 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Hughes v. ReedCourt of Appeals for the Tenth Circuit · 1931
- Cunningham v. Commissioner of BanksMassachusetts Supreme Judicial Court · 1924
- Noble v. MartinWashington Supreme Court · 1937
- Knox National Farm Loan Ass'n v. PhillipsSupreme Court of the United States · 1937
- Browne v. HammettSupreme Court of South Carolina · 1926
21 more not listed; retrieve them via the Exa API.