Third National Bank v. St. Charles Savings Bank
Supreme Court of Missouri
Appeal from Boone Circnit Court. — Eon. Nick M. Bradley, Special Judge. (1) The finding for the plaintiffs on the special count was proper, because the defendant ratified and adopted the unauthorized guaranty by collecting, retaining and appropriating the proceeds of the certificates of deposits issued to it by plaintiff, after full knowledge that such certificates had been obtained on the strength, and by means of the guaranty, (a) The defendant bank had the corporate power…
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Appeal from Boone Circnit Court. — Eon. Nick M. Bradley, Special Judge. (1) The finding for the plaintiffs on the special count was proper, because the defendant ratified and adopted the unauthorized guaranty by collecting, retaining and appropriating the proceeds of the certificates of deposits issued to it by plaintiff, after full knowledge that such certificates had been obtained on the strength, and by means of the guaranty, (a) The defendant bank had the corporate power to raise money, either by direct borrowing, or by endorsing or guaranteeing the note of a third person. Lyons v. Bank,…
1Dissent
DISSENTING OPINION.
WOODSON, J.
The facts of this case are few, simple and undisputed and the principles of law governing them are plain and well understood, and there should be no difficulty in applying them to the facts, by court or counsel.
On and prior to October 13, 1904, one "W. J. Baird was indebted to the St. Charles Savings Bank in the sum of about $65,000, which was evidenced by his several promissory notes, held by the bank. In order to reduce that indebtedness, he and A. F. Mispagel, the cashier of the bank, arranged to go to St. Louis and have Baird borrow $20,000 from the plaintiff…
2Cases cited49 opinions
- Dermott v. JonesSupreme Court of the United States · 1865
- The BANK OF COLUMBIA v. PATTERSON’S Adm’rSupreme Court of the United States · 1813
- Williams v. Chicago, Santa Fe & California Railway Co.Supreme Court of Missouri · 1892
- People's Bank v. National BankSupreme Court of the United States · 1880
- Auten v. United States Nat. Bank of NYSupreme Court of the United States · 1899
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