Seligman v. Charlottesville Nat. Bank
U.S. Circuit Court for the District of Western Virginia
In covenant. 1. The true construction of the transaction, upon the face of the papers set out in the declaration, is that the proceeds of the letter of credit were to go into the hands of the bank, and were to' be .used when so realized in discounting from time to time, as realized, so much of the “good business paper” hy-pothecated by the Flanagans. 2. In this (the true) view of the transaction, the question resolves itself into the inquiry whether a national bank can…
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In covenant. 1. The true construction of the transaction, upon the face of the papers set out in the declaration, is that the proceeds of the letter of credit were to go into the hands of the bank, and were to' be .used when so realized in discounting from time to time, as realized, so much of the “good business paper” hy-pothecated by the Flanagans. 2. In this (the true) view of the transaction, the question resolves itself into the inquiry whether a national bank can borrow money? 3. It seems to be conceded (as it must bet that, under certain circumstances, a national bank can borrow money,…
1Opinion of the Court
BOND, Circuit Judge.
The declaration i» this cause sets out that J. & W. Seligman &■ Co., of New -York, are bankers; tbat-on the-14th -day of May, 1875, B. C. Flanagan &■ Son made a proposition to the Charlottes-ville National Bank, in writing, to this effect : “In consideration of the guarantee of a letter of credit to the extent say of (£5,000>-five thousand: pounds sterling, to be issued by J. & W. Seligman &. Co., of New Yorlv we propose to deposit with the Charlottes-ville National Bank business paper to the extent of $35,000. . For snch amounts of said .letter of credit «a we may use, we…
2Cited by6 opinions
- State Ex Rel. Barrett v. First National BankSupreme Court of Missouri · 1923
- First National Bank v. American National BankSupreme Court of Missouri · 1903
- Bowen v. Needles Nat. BankU.S. Circuit Court for the District of Southern California · 1898
- Howard & Foster Co. v. Citizens Nat. BankSupreme Court of South Carolina · 1926
- International Harvester Co. of America v. State BankNorth Dakota Supreme Court · 1918
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