Bank of Commerce v. Hart
Nebraska Supreme Court
Error from the district court of Douglas county. Tried below before Doane, J. The cashier of the bank had no authority to buy shares: of stock in the insurance company and pay for the same, with funds of the bank, or to accept the same in payment of a note not due.
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Error from the district court of Douglas county. Tried below before Doane, J. The cashier of the bank had no authority to buy shares: of stock in the insurance company and pay for the same, with funds of the bank, or to accept the same in payment of a note not due. (Sandy River Bank v. Merchants & Mechanics Bank, 1 Bissell [U. S.], 146; Lamb v. Cecil, 25 W,. Ya., 288; United States v. City Bank of Columbus, 21 How. [U. S.], 356.) One corporation cannot buy stock in an-, other corporation unless the power to do so is clearly con-; ferred by statute. (Franklin Bank v. Commercial Bank, 36, O.…
1Opinion of the Court
Ragan, C.
The Bank of Commerce sued Hart on a note for $20,000, executed and delivered by him to the bank. The defense of Hart, so far as the same is material here, was, that on March 30, 1888, he paid on said note $14,105.46, with which' payment the bank has not credited him. Hart claims to have made this payment by the sale of certain shares of stock in an insurance company to the bank through one Johnson, its cashier, who promised at the time to credit the note when it should be returned from New York, where it then was. The bank claims that the sale of said stock, if made, was' to Johnson…
2Cases cited6 opinions
- West St. Louis Savings Bank v. Shawnee County BankSupreme Court of the United States · 1877
- Merchants' Bank v. RudolfNebraska Supreme Court · 1877
- The Nassau Bank v. . JonesNew York Court of Appeals · 1884
- Mechanics & Working Men's Mutual Savings Bank v. Meriden Agency Co.Supreme Court of Connecticut · 1855
- Lee v. SmithSupreme Court of Missouri · 1884
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- Schofield v. Goodrich Bros. Banking Co.Court of Appeals for the Eighth Circuit · 1899
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