Putnam v. Chase

There is authority for the proposition that if the bank itself had been the plaintiff, the defense last herein interposed could have been maintained: Agricultural Bank v. Robinson, 24 Me. 274; First Nat. Bank v. Felt, 100 Iowa, 680 (69 N. W. 1057).

It seems, howéver, to be well settled by the great weight of authority that where a bank commissioner or other statutory receiver takes over the assets of an insolvent bank for the purpose of liquidation, such defense is not available and the maker. of a note given, as this one confessedly was, to deceive the bank examiner into a false finding as to…