Mott v. United States Trust Co.
New York Supreme Court
THIS was a motion for an injunction against the Trust Company, as receiver of the Knickerbocker Savings Institution, to prevent the prosecution of a note made by Mott to the Savings Institution. Mr. Mott, one of the directors of the Knickerbocker Bank, borrowed $10,200 of the Savings Institution, on the pledge of some shares of the Knickerbocker Bank Stock, giving his note for the amount.
Read the full summary
THIS was a motion for an injunction against the Trust Company, as receiver of the Knickerbocker Savings Institution, to prevent the prosecution of a note made by Mott to the Savings Institution. Mr. Mott, one of the directors of the Knickerbocker Bank, borrowed $10,200 of the Savings Institution, on the pledge of some shares of the Knickerbocker Bank Stock, giving his note for the amount. He now moves the court for an injunction prohibiting the defendant, as receiver, from prosecuting said note, on the ground that the Savings Bank was prohibited by its charter from making loans of such a…
1Opinion of the CourtRoosevelt, J.
This is a controversy arising out of the incongruous alliance and subsequent very natural bankruptcy of the Knickerbocker Bank and the so called Knickerbocker Savings Institution. It illustrates in a ’manner calculated to strike, and even to shock all notions of fair dealing, the tendency of the one to prey upon the vitals of the other, and then upon its own. The plaintiff, it appears, in his character of a member of the Banking Association, on the 21st of March, 1854, obtained from the funds of the Savings Institution—and it will be borne in mind that the chief .managers of the former, as…
2Cited by6 opinions
- State Board of Agriculture v. Citizens Street Railway Co.Indiana Supreme Court · 1874
- Hazlehurst v. Savannah, Grippin & North Alabama RailroadSupreme Court of Georgia · 1871
- Pancoast v. Travelers InsuranceIndiana Supreme Court · 1881
- Littlewort v. DavisMississippi Supreme Court · 1874
- Elder v. First National BankSupreme Court of Kansas · 1873
1 more not listed; retrieve them via the Exa API.