National Bank of Commerce v. Equitable Trust Co.
Court of Appeals for the Eighth Circuit
Appeal from the District Court of the United States for the Eastern District of Missouri; David P. Dyer, Judge. Suit in equity by the Equitable Trust Company of New York against the National Bank of Commerce in St. Louis. In the fall of 1806 and for sometime theretofore George E. Nicholson was and had been engaged in the manufacture of cement at Iola, Kansas. Ho was a man of large affairs and had property then worth about one million dollars.
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Appeal from the District Court of the United States for the Eastern District of Missouri; David P. Dyer, Judge. Suit in equity by the Equitable Trust Company of New York against the National Bank of Commerce in St. Louis. In the fall of 1806 and for sometime theretofore George E. Nicholson was and had been engaged in the manufacture of cement at Iola, Kansas. Ho was a man of large affairs and had property then worth about one million dollars. One of his competitors was a New Jersey corporation which owned and operated a plant there, ail of its stock being at that time owned by the Iola…
1Opinion of the CourtLewis, District Judge
(after stating the facts as above). [1] 1. The law which determines the rights of the parties as to the dividends *531may be briefly stated: (a) A pledgee of corporate shares may recover from the corporation declaring a dividend thereon such dividend to the extent of the interest of the pledgee under the pledge, Thompson on Corporations, § 2181; Cook on Corporations (4th Ed.) § 468; Gemmell v. Davis, 75 Md. 546, 23 Atl. 1032, 32 Am. St. Rep. 412; Guarantee Co. v. Town Co., 96 Ga. 511, 23 S. E. 503, 51 Am. St. Rep. 150; Bank v. Wilder, 32 Neb. 454, 49 N. W. 369; Bank v. Mosher, 63 Neb. 130, 88 N.…
2Cases cited33 opinions
- Cary v. CurtisSupreme Court of the United States · 1845
- Oelrichs v. SpainSupreme Court of the United States · 1872
- Sullivan v. Portland & Kennebec RailroadSupreme Court of the United States · 1877
- Clews v. JamiesonSupreme Court of the United States · 1901
- Casey v. CavarocSupreme Court of the United States · 1878
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3Cited by21 opinions
- Pierce v. National Bank of CommerceCourt of Appeals for the Eighth Circuit · 1920
- Morton v. Morton Realty Co.Idaho Supreme Court · 1925
- Portsmouth Cotton Oil Refining Corp. v. Fourth Nat. Bank of MontgomeryDistrict Court, M.D. Alabama · 1922
- Railroad Credit Corporation v. HawkinsCourt of Appeals for the Fourth Circuit · 1936
- In Re Philadelphia & Reading Coal & Iron Co.Court of Appeals for the Third Circuit · 1941
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