Savings-Bank v. St. Louis Stoneware Co.
Missouri Court of Appeals
Appeal from St. Louis Circuit Court. Corporations, where not restrained by their charters, may adopt all reasonable modes in the execution of their business that a natural person may adopt in the doing of like business.
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Appeal from St. Louis Circuit Court. Corporations, where not restrained by their charters, may adopt all reasonable modes in the execution of their business that a natural person may adopt in the doing of like business. Hence they may adopt, as a mode of borrowing money for their own use, the practice of endorsing and discounting negotiable paper made by some one else for accommodation. , The limit on their power is in the endorsing of paper for the accommodation of others. — Hening v. United States Ins. Co., 47 Mo. 432 ; Aug. & Ames on Corp., sec. 257 ; Harty. Missouri Mutual Ins. Go., 21…
1Opinion of the CourtBakewell, J.
This is an action against respondent as endorser of a negotiable promissory note for $1,300, dated September 18, 1873, at sixty days, payable to the order of respondent. The note is endorsed, “ E. T. Merrick, Treas., Merrick & Sticlmey.” The plaintiff dismissed as to Thompson & Co., the makers of the note, and there was a default as to Merrick & Stickney, the last endorsers. The answer of defendant, the St. Louis Stoneware Company, was verified by their secretary, and denied all the allegations of the petition, which were those usual in a suit by the holder before *279maturity of negotiable…
2Cases cited6 opinions
- Goodman v. SimondsSupreme Court of the United States · 1858
- New York & New Haven Railroad v. SchuylerNew York Court of Appeals · 1865
- Hamilton v. MarksSupreme Court of Missouri · 1876
- Monument National Bank v. Globe WorksMassachusetts Supreme Judicial Court · 1869
- Lafayette Savings Bank v. St. Louis Stoneware Co.Missouri Court of Appeals · 1876
1 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Barnard State Bank v. FeslerMissouri Court of Appeals · 1901