National City Bank of Chicago v. Kalamazoo City Sav. Bank
Court of Appeals for the Sixth Circuit
Appeal from the District Court of the United States for the Western District of Michigan; Clarence W. Sessions, Judge. Suit in equity by the Kalamazoo City Savings Bank against the National City Bank of Chicago. Decree for complainant, and defendant appeals.
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Appeal from the District Court of the United States for the Western District of Michigan; Clarence W. Sessions, Judge. Suit in equity by the Kalamazoo City Savings Bank against the National City Bank of Chicago. Decree for complainant, and defendant appeals. The Michigan Buggy Company, a corporation, suspended payment August 1, 1913. It had been doing business with the Kalamazoo City Savings Bank, a corporation under the Michigan banking law, and Palmer, one of the Buggy Company’s officers, had guaranteed the bank against loss on the company matters. Palmer had been continuously a stockholder…
1Opinion of the CourtDenison, Circuit Judge
(after stating the facts as above). This statute has been accepted, by the Supreme Court of Michigan, as providing that the pledgee or purchaser of bank stock, who presents the certificates to the bank for transfer on its books, has an absolute right to such transfer as against any claim by the bank against, its stockholder, unless such claim is upon a debt which is “due'’ in the sense of being past due; in other words, “due” and “matured,” in different parts of the section, are synonymous. That court has also considered the respective rights of the bank and the pledgee in the cases later…
2Cases cited6 opinions
- Just v. State Savings BankMichigan Supreme Court · 1903
- Oakland County Savings Bank v. State BankMichigan Supreme Court · 1897
- Citizens' State Bank v. Kalamazoo County BankMichigan Supreme Court · 1896
- Michigan Trust Co. v. State BankMichigan Supreme Court · 1896
- Hotchkiss & Upson Co. v. Union Nat. BankCourt of Appeals for the Sixth Circuit · 1895
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