Newport National Bank v. Board of Education
Court of Appeals of Kentucky
Case 12 — Action by Newport Natipnal Bank against Newport Board of Education for Breach of Contract for Purchase of Bonds. — October 81. APPEAL FROM CAMPBELL CIRCUIT COURT. Judgment for Defendant and Plaintiff Appeals. Reversed. The sole question arising on the demurrer, is whether or not the contract set out in the petition is or is not ultra vires.
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Case 12 — Action by Newport Natipnal Bank against Newport Board of Education for Breach of Contract for Purchase of Bonds. — October 81. APPEAL FROM CAMPBELL CIRCUIT COURT. Judgment for Defendant and Plaintiff Appeals. Reversed. The sole question arising on the demurrer, is whether or not the contract set out in the petition is or is not ultra vires. The National Bank Act gives to a national bank the power “to exercise by its board of directors, or duly authorized officers or.agents, subject to law, all such incidental powers as shall be necessary to carry on the. business of banking; by…
1Opinion of the Court
Opinion of the court by
JUDGE HOBSON
— Reversing.
In the month of February, 1900, the board of education of the city of Newport, being in debt in the sum o:f $27,200, decided to issue for the purpose of funding the debt its bonds of that amount, maturing at the end of 40 years, redeemable after 20 years at' its option, and bearing interest at the rate of 4 per cent, per annum. The Newport National Bank bid for all the bonds, and offered therefor $27,945. This offer the defendant accepted, and agreed to deliver the bonds to the bank, but thereafter refused to carry out its contract, and sold the…
2Cases cited5 opinions
- Third National Bank v. BoydCourt of Appeals of Maryland · 1876
- First National Bank v. PiersonSupreme Court of Minnesota · 1877
- Yerkes v. . National BankNew York Court of Appeals · 1877
- Leach v. HaleSupreme Court of Iowa · 1870
- First Nat. Bank of North Bennington v. BenningtonU.S. Circuit Court for the District of Vermont · 1879
3Cited by2 opinions
- Service Employees International Union, Local 199 v. State of Iowa, Iowa Board of RegentsSupreme Court of Iowa · 2019
- Service Employees International Union, Local 199 v. State of Iowa, Iowa Board of RegentsSupreme Court of Iowa · 2019