Spear v. Ladd
Massachusetts Supreme Judicial Court
Assumpsit on a promissory note for 2000 dollars, dated April 23, 1808, made by the defendant, jointly and severally with two others, to the president, directors, and company, of the Coos Bank, or their order, by them endorsed * to one J. H. [ * 95 1 Crane, or his order, and by him to the present plaintiffs.
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Assumpsit on a promissory note for 2000 dollars, dated April 23, 1808, made by the defendant, jointly and severally with two others, to the president, directors, and company, of the Coos Bank, or their order, by them endorsed * to one J. H. [ * 95 1 Crane, or his order, and by him to the present plaintiffs. The cause was tried on the general issue, before Parker, J., at the last November term in this county, and a verdict returned for the plaintiffs, subject to the opinion of the Court upon the judge’s report of the trial. The note was endorsed thus: “ The president, directors, and company,…
1Per curiam
The question reserved is, whether Montgomery, the president of the bank to which the note was given, had authority, by virtue of his office, or by the vote of the directors for that purpose, to transfer the same by his endorsement. And we have no doubt upon the question.
The act of incorporation gives the general management of the property and concerns of the bank to the directors; and they have, by their vote, authorized the president to endorse this note. This power in the directors may be essential to the interests of the bank; and is certainly not more hazardous than the power, which they…
2Cases cited3 opinions
- Osborn v. Bank of United StatesSupreme Court of the United States · 1824
- Fleckner v. President of the Bank of the United StatesSupreme Court of the United States · 1823
- Randall v. Van VechtenNew York Supreme Court · 1821
3Cited by5 opinions
- Merchants' Bank v. RawlsSupreme Court of Georgia · 1849
- Lamb v. CecilWest Virginia Supreme Court · 1884
- Bulkley v. Derby Fishing Co.Supreme Court of Connecticut · 1817
- Alexander v. HornerUnited States Circuit Court · 1879
- Coker v. WynneCourt of Appeals of Virginia · 1878