Clay County Bank v. Keith
Missouri Court of Appeals
Appeal from the Clay Circuit Court. — Hon. E. J. Broaddus Judge. (1) The court erred in admitting evidence as to the agreements made by the cashier with the directors by which the note in suit and other notes were not to be paid, but were tp be held for another purpose. He had no.power to do so. Morse on Banks and Banking (3 Ed.), sees. 152, 167; Barde v. Hill, 148 Mo. 380, loe. cit. 392. (2) Declaration number 4, refused, should have been given.
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Appeal from the Clay Circuit Court. — Hon. E. J. Broaddus Judge. (1) The court erred in admitting evidence as to the agreements made by the cashier with the directors by which the note in suit and other notes were not to be paid, but were tp be held for another purpose. He had no.power to do so. Morse on Banks and Banking (3 Ed.), sees. 152, 167; Barde v. Hill, 148 Mo. 380, loe. cit. 392. (2) Declaration number 4, refused, should have been given. It declares that the cashier did not have power, by secret agreement, to invalidate the obligations of the directors, whose servant he was. Morse on…
1Opinion of the CourtEllison, J.
— This action is on a promissory note alleged to be in possession of defendant. The judgment in the trial court was for defendant.
It appears that defendant and four others were directors of the plaintiff bank. That the bank had impaired its capital to the amount of $850 and the state bank examiner was about to make examination of the bank. Not desiring to make an assessment on the stockholders and in order to prevent the examiner from discovering the bank’s condition, the directors, one of them being the cashier, concluded to execute their note to the bank for $850, the amount of impairment…
2Cases cited2 opinions
- Hamilton v. Scull's AdministratorSupreme Court of Missouri · 1857
- Fenton v. HamSupreme Court of Missouri · 1865
3Cited by2 opinions
- Anamoose National Bank v. DockterNorth Dakota Supreme Court · 1927
- Central National Bank v. WalterscheidMissouri Court of Appeals · 1920