Seeley v. New York National Exchange Bank
New York Court of Common Pleas
Appeal from a judgment for plaintiff, entered upon a decision rendered at the trial of the cause by the court, and upon the confirmation of the report of a referee to assess damages.
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Appeal from a judgment for plaintiff, entered upon a decision rendered at the trial of the cause by the court, and upon the confirmation of the report of a referee to assess damages. The action was brought by the plaintiff, as owner of twenty-five shares of the full paid capital stock of the defendant, upon the following facts : A meetirig of the stockholders had passed a resolution that the capital stock be reduced from $500,000 to $300,000 by returning $100,000 to the stockholders, and that the latter be required to relinquish two-fifths of their stocks pro rata, according to their amounts.…
1Opinion of the Court
The following opinion was delivered at special term by
Van Hoesen, J.:
*402“ Section 5148 of the Revised Statutes of the United States provides that a national hanking association may reduce its capital stock. The principal question in this case is, whether a national hank may, after reducing the amount of its capital stock, retain, as a surplus or for other purposes, the whole or any portion of the money which it received for the stock that is retired. The defendant reduced its capital stock from five hundred thousand to three hundred thousand dollars. What is to become of the two hundred thousand…
2Cases cited4 opinions
- Sternberger v. . McGovernNew York Court of Appeals · 1874
- Bradley v. . AldrichNew York Court of Appeals · 1869
- Kortright v. Buffalo Commercial BankNew York Supreme Court · 1838
- Bank of Attica v. . Manufacturers' and Traders' BankNew York Court of Appeals · 1859
3Cited by18 opinions
- Roberts v. . Roberts-Wicks Co.New York Court of Appeals · 1906
- Hiscock v. LacyNew York Supreme Court · 1894
- Strong v. . Brooklyn Cross-Town R.R. Co.New York Court of Appeals · 1883
- Cogswell v. Second National BankSupreme Court of Connecticut · 1905
- Michael v. Cayey-Caguas Tobacco Co.Appellate Division of the Supreme Court of the State of New York · 1920
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