Greeley v. Smith
U.S. Circuit Court for the District of Maine
[This was an action at law by Philip Greeley and others against Joseph Smith and the Exchange Bank.] This case was formerly before the court upon a plea to the jurisdiction, which having been overruled, Rand for the defendants suggested, that by an act of the legislature of Maine, passed on the 7th of -, 1840, the surrender of its charter by the Exchange Bank (one of the defendants,) was accepted, and thereupon it was declared, “that the same shall terminate when the act…
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[This was an action at law by Philip Greeley and others against Joseph Smith and the Exchange Bank.] This case was formerly before the court upon a plea to the jurisdiction, which having been overruled, Rand for the defendants suggested, that by an act of the legislature of Maine, passed on the 7th of -, 1840, the surrender of its charter by the Exchange Bank (one of the defendants,) was accepted, and thereupon it was declared, “that the same shall terminate when the act shall take effect;” and it was further enacted, that “the bank shall continue its corporate capacity during the term of two…
1Opinion of the Court
STORY, Circuit Justiee.
The question comes shortly to this, that, during the pend-ency of the suit, the corporation becomes extinct by a voluntary surrender of its charter, and an acceptance of the surrender by the legislature. Under such circumstances it is asked, what is to be done, the corporation being defunct by operation of law? It was certainly a very unwise act for the legislature to accept a surrender of the charter, and not at the same time to save the rights of action of third persons against the corporation, and to continue the existence of the corporation quoad such rights. But…
2Cited by15 opinions
- Chicago Title & Trust Co. v. Forty-One Thirty-Six Wilcox Bldg. Corp.Supreme Court of the United States · 1937
- Imperial Film Exch. v. General Film Co.District Court, S.D. New York · 1915
- Sinnott v. . HananNew York Court of Appeals · 1915
- Attorney General v. Chicago & Evanston RailroadIllinois Supreme Court · 1884
- Combes v. KeyesWisconsin Supreme Court · 1895
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