Johnston v. Talley
Supreme Court of Georgia
Statute of limitations. Bank-bills. Corporations. Stockholders. Before Judge Tompkins. Chatham Superior Court. October Term, 1878. Johnston and others, stockholders in the Marine Bank of Georgia, filed their bill against Champion, the president, and others, the directors, setting up, in substance, that the bank had surrendered its charter to the state on the 29th of January, 1877, which surrender was duly accepted, February 20th, 1877; that at the time of the surrender the…
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Statute of limitations. Bank-bills. Corporations. Stockholders. Before Judge Tompkins. Chatham Superior Court. October Term, 1878. Johnston and others, stockholders in the Marine Bank of Georgia, filed their bill against Champion, the president, and others, the directors, setting up, in substance, that the bank had surrendered its charter to the state on the 29th of January, 1877, which surrender was duly accepted, February 20th, 1877; that at the time of the surrender the officers were in possession of undisposed of assets; that the bank had openly and notoriously ceased trading and banking…
1Opinion of the Court
Bleckley, Judge.
As to the bare question of the application of the limitation act of 1869, to bank-bills which ceased to circulate as currency prior to June 1st, 1865, this case is controlled by that in 49 Ga., 419. Holders of the stagnant bills should have brought suit upon them by the first of January, 1870. The bank did not surrender its charter until 1877, so that the ordinary period allowed by the Code, §2917, for instituting actions on promissory notes, bills of exchange or other simple contracts in writing, had run out whilst the bank could have been sued, even after the time fixed by…
2Cases cited2 opinions
- Epps v. StateSupreme Court of Georgia · 1855
- Kimbro v. Bank of FultonSupreme Court of Georgia · 1872
3Cited by5 opinions
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- South Penn Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1930