Robinson v. Gardiner
Supreme Court of Virginia
After the termination of the late war, the banks of circulation in the State were insolvent; their remaining assets were not sufficient to discharge their indebtedness; and their capital stock was worthless; they, therefore, generally commenced to wind up their affairs. To facilitate this process, and also to regulate it, the General Assembly, on the 12th of. February, 1866, passed an act entitled “An act requiring the banks of this Commonwealth to go into liquidation.”
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After the termination of the late war, the banks of circulation in the State were insolvent; their remaining assets were not sufficient to discharge their indebtedness; and their capital stock was worthless; they, therefore, generally commenced to wind up their affairs. To facilitate this process, and also to regulate it, the General Assembly, on the 12th of. February, 1866, passed an act entitled “An act requiring the banks of this Commonwealth to go into liquidation.” See Sess. Acts 1865-66, p. 204. The first section of this act provides, that the president and directors of any bank of…
1Opinion of the CourtJovnes, J.
The only question presented by this appeal is, whether the president and directors of the Farmers’ Bank had authority to convey the assets of the bank by the deed of January 19, 1867, in trust for the benefit of the noteholders, in preference to depositors and other general creditors of the bank.
The plaintiff claims to be a creditor of the bank by virtue of a general deposit. It is well settled, and the principle has not been controverted in this case, that a general deposit of money in a bank creates the relation of debtor *and creditor between the bank and the depositor. Though we call it a…
2Cited by14 opinions
- Wood v. American National BankSupreme Court of Virginia · 1902
- Exchange Bank v. KnoxSupreme Court of Virginia · 1870
- Pendleton v. CommonwealthSupreme Court of Virginia · 1909
- Farmers' Bank v. WillisWest Virginia Supreme Court · 1873
- Bank of the Valley v. MarshallSupreme Court of Virginia · 1874
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