Pollard v. Bailey
Supreme Court of the United States
Error to the District Court for the'Middle District of Alabama. By an act passed in 1854, the legislature of Alabama chartered a bank to be called the Central Bank of Alabama. The capital was $900,000, divided into shares of $100 each. The charter made certain provisions in case of the insolvency of tlie bank, or of its suspension qf payments in specie.
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Error to the District Court for the'Middle District of Alabama. By an act passed in 1854, the legislature of Alabama chartered a bank to be called the Central Bank of Alabama. The capital was $900,000, divided into shares of $100 each. The charter made certain provisions in case of the insolvency of tlie bank, or of its suspension qf payments in specie. They "were thus : “Section 16 (Article 2). individual stockholders, having shares in said bank, shall be bound respectively for all the debts of the bank in proportion to their stock holden therein. “ Section 20. If any debt due from said bank…
1Opinion of the Court
The CHIEF'JUSTICE
delivered the opinion of the court.
The right of Bailey to maintain his action against Pollard depends upon the construction to be given to the charter of the bank; Pollard does not deny his liability to the creditors, .but insists that it cannot be enforced in this maimer.
He is one of the stockholders of the bank and Bailey one of its creditors. Stockholders are, by article two, section sixteen of the charter, “ bound respectively for all the debts of the bank in proportion to their stock holden therein.” The action below was at law, by one creditor against one stockholder,…
2Cited by177 opinions
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- Harrigan v. GilchristWisconsin Supreme Court · 1904
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